TY - JOUR T1 - PIPEs JF - The Journal of Private Equity SP - 41 LP - 49 DO - 10.3905/jpe.2005.580522 VL - 8 IS - 4 AU - Cécile Carpentier AU - Jean-François L'Her AU - Jean-Marc Suret Y1 - 2005/08/31 UR - https://pm-research.com/content/8/4/41.abstract N2 - In the U.S., private investment in public equity (PIPE) is thriving. In Canada, the PIPE market also appears to be expanding rapidly, although evidence is scarce. The Canadian institutional context has generated a large pool of public stocks, with real but relatively minor financing requirements. The regulatory structure is also distinctive since private equity is viewed by policy makers and regulators as a way to obviate the financing gap affecting young growing companies. Consequently, the Canadian institutional and regulatory contexts differ from the U.S., owing to its rapid evolution and its tendency to strongly favor the emergence of vigorous PIPE activity. Our study shows that PIPEs have been more common in Canada than in the U.S. in the last decade. PIPE issuers belong predominantly to the primary sector, are small but not the smallest listed companies, and are growth-oriented companies, but not the more growth-oriented listed companies. PIPE may be a financing mode particularly well suited to the needs of small and medium-size companies, and thus deserves in-depth analysis. ER -