On February 7, 2025, the Canadian Anti-Monopoly Project (“CAMP”) and Social Capital Partners (“SCP”) submitted a joint letter to the Ontario Securities Commission (“OSC”) in response to the OSC’s Consultation Paper 81-737 – Opportunity to Improve Retail Investor Access to Long-Term Assets through Investment Fund Product Structures. The comments detail deep concerns from CAMP and SCP regarding the proposals set forth in the Consultation Paper related to expanding access to private equity.
CAMP and SCP are focused, among other matters, on educating Canadians and our policymakers about the risks associated with buyout private-equity funds and the harms they can cause. CAMP published “The Private Equity Playbook: How buyout firms extract rather than build value and what to do about it” and CAMP and SCP jointly hosted a virtual talk with some of the leading private equity critics to educate Canadians about how buyout private equity operates and how it impacts our economy and communities.
The perspectives are rooted in nearly a decade of first-hand legal and exempt-market dealer industry experience, working with or advising fund managers and/or their portfolio companies. Read the letter for complete comments.
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Blame the denominator, not the economy
Over the last couple of years, there have been countless articles warning of Canada’s poor economic performance. The mic drop has increasingly been Canada’s poor performance relative to peer countries on “GDP per capita,” with growth rankings used to draw a variety of sweeping, negative conclusions about Canada’s economy. SCP CEO Matthew Mendelsohn and Policy Director Dan Skilleter draw on economist and SCP Fellow Dr. Gillian Petit's new research to explain why GDP per capita is a deeply flawed measurement for evaluating rich countries - and is easily influenced by a variety of factors having little to do with economic performance or economic well-being.
Non-Permanent Residents and their impact on GDP per capita | Summary
New research by economist and SCP Fellow Gillian Petit estimates what Canada’s GDP per capita would have been over the past decade if Canada had kept our temporary resident numbers stable. She also estimates the expected impact on GDP per capita in the coming years due strictly to planned reductions in Canada's intake of non-permanent residents. Among key findings: Canada’s GDP per capita is misleading and should not be used as if it were the sole indicator of economic well-being. Plus, if we had maintained our temporary resident numbers at two percent of the population in recent years, Canada’s GDP per capita would look much more like our peer countries: a little bit ahead of countries like Germany, the United Kingdom and Australia and a little bit lower than countries like Belgium, Sweden and France.
Non-Permanent Residents and their impact on GDP per capita | Report
New research by economist and SCP Fellow Gillian Petit estimates what Canada’s GDP per capita would have been over the past decade if Canada had kept our temporary resident numbers stable. She also estimates the expected impact on GDP per capita in the coming years due strictly to planned reductions in Canada's intake of non-permanent residents. Among key findings: Canada’s GDP per capita is misleading and should not be used as if it were the sole indicator of economic well-being. Plus, if we had maintained our temporary resident numbers at two percent of the population in recent years, Canada’s GDP per capita would look much more like our peer countries: a little bit ahead of countries like Germany, the United Kingdom and Australia and a little bit lower than countries like Belgium, Sweden and France.