Ontario’s Exempt Market: A review of capital raised in Ontario through prospectus exemptions since 2017

In 2019, approximately 3,200 corporate (non-investment fund) issuers reported $88.6 billion in capital raised, through prospectus exempt distributions, from approximately 35,200 Ontario investors. This report1 highlights the key drivers of Ontario’s private or “exempt market” activity since 20172, including the types of issuers that raised capital and the investors they raised it from.

Since 2017, there has been a marginal decline in the amount of capital raised each year. However, the number of issuers raising capital in Ontario’s exempt market3 has remained relatively stable and investor participation, primarily among individuals4, has increased considerably over the same period.

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Source: Ontario Securities Commission

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