The Business Development Bank of Canada (BDC) has promoted Geneviève Bouthillier to executive vice president (EVP) of BDC Capital, Canada’s largest and most active venture capital (VC) investor.
The news was first reported by The Logic this morning shortly before being announced by BDC president and CEO Isabelle Hudon and Bouthillier via LinkedIn posts. A BDC spokesperson confirmed to BetaKit that Bouthillier will begin in her new position next week, effective September 16.
“I have no doubt that [Bouthillier] will leverage her flair, vision, and strategic sense to lead [the BDC Capital team] to new heights and increase our impact as a development bank.”
Isabelle Hudon, BDC
This announcement comes just over three months after BetaKit reported the departure of Jérôme Nycz as EVP and head of BDC Capital after more than a decade at the helm. Nycz left the organization in July. In the wake of his sudden and unexpected retirement, BDC CFO Christian Settano had assumed Nycz’s role. Bouthillier will take the reins going forward.
“The role that BDC Capital plays in the innovation and [VC] ecosystem in Canada is unique, both for the companies we hold in our portfolio and for the investors we collaborate with to grow this asset class in Canada,” Hudon wrote on LinkedIn.
“We are fortunate to have a seasoned team, composed of players whose talent is widely recognized. I have no doubt that [Bouthillier] will leverage her flair, vision, and strategic sense to lead them to new heights and increase our impact as a development bank. I also know that my colleagues on the Senior Management Committee are excited to see her join us.”
Bouthillier first joined BDC in March as senior vice president (VP) of growth and impact investments. She brings more than 20 years of experience in finance and investing to BDC, having previously overseen medium-sized businesses at Québec pension fund Caisse de dépôt et placement du Québec as VP, and worked as deputy chief investment officer for labour-sponsored Québec fund Fondaction.
In her new role, Bouthillier will oversee BDC’s VC portfolio, including its direct investments in startups, fund-of-fund commitments, and federal programs like the Venture Capital Catalyst Initiative.
“Above all, I am immensely proud to lead such an exceptionally strong and focused team, firmly established within Canada’s investment and technology ecosystem,” Bouthillier wrote on LinkedIn. “I am eagerly looking forward to diving into the new role and … continuing the work we’ve begun over the past few months.”
With more than $6 billion in total assets under management, BDC Capital claims to be Canada’s largest and most active VC investor. To date, BDC Capital has invested $2.2 billion into over 300 companies and $2.2 billion across more than 160 funds.
BDC, which describes itself as “the bank for Canadian entrepreneurs,” is an arm’s length Crown corporation wholly-owned by the Government of Canada that provides loans, VC funding, and advisory services to businesses across the country. While BDC supports public policy, it is also required to be financially self-sustaining.
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BDC has been mandated to support Canadian entrepreneurship—with a particular focus on small and medium-sized businesses—and operate as a complementary player in the market. In fulfilling this mandate, BDC can assume more risk than typical financial institutions.
The Government of Canada’s last legislative review of BDC—which covers 2010 through 2022—called for the bank to take more risks to finance underserved entrepreneurs. BDC has taken more steps towards doing so since then, launching big new funds for women and Black and Indigenous entrepreneurs.
Bouthillier is assuming leadership of BDC Capital at a particularly tough time for Canada’s VC market, and by extension, the country’s tech startups. As BetaKit reported this summer, the first six months of this year put 2024 on pace to be the worst year for Canadian VC fundraising in a decade, per data from RBCx.
BDC’s latest annual report reflects this: the Crown corporation marked down the value of its VC portfolio by $220 million during this time, as the performance of its VC investments dragged down its overall returns from 6.2 percent to four percent.
In the report, BDC noted that its VC portfolio’s fiscal 2024 results “were below plan, driven primarily by larger unrealized net fair value depreciation of investments than anticipated as uncertain market conditions continued to have an impact on venture capital’s investments.”
For its part, BDC expects “challenging market dynamics for venture capital” to persist in fiscal 2025, which it said “should lead to further net fair value depreciation and larger net realized losses on investments.”
Feature image courtesy BDC.