Sarah Elharrar

Partner

Sarah Elharrar

Sarah Elharrar

Partner

"Sarah has an incredible work ethic. She shouldered a large portion of our fund formation work and delivered a very high-quality product to us. I enjoy working with Sarah and she is an asset to Davies."
Client – Chambers Canada 2023

Sarah regularly acts for sponsors of and investors in private equity, venture capital, debt and other closed-end funds. She advises clients on a variety of transactions, including private equity and venture capital fund formation, startup financing, mergers and acquisitions, and compensation and governance arrangements. She works with clients in a number of industries, including the private equity, venture capital and technology sectors.

As an adjunct professor at the University of Toronto Faculty of Law, Sarah teaches Financing Technological Innovation as part of the Global Professional Master of Laws program in Innovation, Law and Technology. She is a member of the Young Professionals Committee of the Canadian Venture Capital & Private Equity Association.

Sarah Elharrar

Partner

"Sarah has an incredible work ethic. She shouldered a large portion of our fund formation work and delivered a very high-quality product to us. I enjoy working with Sarah and she is an asset to Davies."
Client – Chambers Canada 2023

Sarah regularly acts for sponsors of and investors in private equity, venture capital, debt and other closed-end funds. She advises clients on a variety of transactions, including private equity and venture capital fund formation, startup financing, mergers and acquisitions, and compensation and governance arrangements. She works with clients in a number of industries, including the private equity, venture capital and technology sectors.

As an adjunct professor at the University of Toronto Faculty of Law, Sarah teaches Financing Technological Innovation as part of the Global Professional Master of Laws program in Innovation, Law and Technology. She is a member of the Young Professionals Committee of the Canadian Venture Capital & Private Equity Association.

ArcTern Partners Inc.

Acted for ArcTern Ventures in the formation of its third flagship fund, ArcTern Ventures Fund III, a US$335 million venture capital fund focused on climate technology companies around the world.

Vistara Capital

Acting for Vistara Capital in the formation of its fifth fund, Vistara Technology Growth Fund V, a US$400-million technology focused private credit fund.

Beringer Capital

Acted for Beringer Capital in its acquisition (and related bank financing) of a majority stake in Dig Insights, a Canadian tech-enabled services company that delivers consumer insights and market research consulting, tools and solutions to leading brands across a range of sectors.

Golden Ventures

Acted for Golden Ventures in the formation of Golden Ventures Opportunities Fund II, LP, its second opportunities fund.

Centrecourt Developments Inc.

Acted for Centrecourt Developments Inc. in the planning and formation of CentreCourt Platform II, a C$406-million fund to facilitate the company’s expansion.

Meta Investments

Acted for co-lead investor Meta Investments in the US$90-million Series B investment in Sygnum, a digital asset technology group with a Swiss banking license and a Singapore asset management licence.

Vistara Capital Partners

Acted for Vistara Capital Partners in connection with the formation of Vistara Technology Growth Fund IV, Vistara Capital Partners’ fourth fund, which will make structured debt and equity investments in technology companies across Canada and the United States.

Fulcrum Capital Partners Inc.

Acted for Fulcrum Capital Partners in connection with the formation of Fulcrum Capital Partners VI, Fulcrum’s sixth fund, which will make private equity investments in lower mid-market companies located in Canada.

BrandProject Capital Fund LP

Acted for BrandProject Capital Fund LP in connection with its Series B investment in Clutch Canada Inc., a Canadian online car-selling platform.

Northleaf Capital Partners

Acted for Northleaf Capital Partners in connection with the formation of an innovative evergreen opportunistic credit fund for a non-taxable US foundation.

Beringer Capital

Acted for Beringer Capital in the formation of Beringer Capital Fund IV, a private equity fund focused on investments in the media, marketing services, commerce, data and technology sectors.

Triage Technologies Inc.

Acted for Triage Technologies Inc., a leader in dermatological mobile health, in connection with the strategic equity investment and licensing agreement with Advanced Human Imaging Limited.

Terra Firma Capital Corporation

Acted for Terra Firma Capital Corporation, a real estate finance company, in the formation of its first debt fund, which will be used for financing residential land and lot inventory for developers and landowners in the growing U.S. housing market.

Blackpoynt Inc.

Acted for BrandProject in connection with the formation of BrandProject Capital Fund LP, an early-stage venture capital fund focussed on making investments in next generation consumer product, service, and technology companies across North America.

Golden Ventures

Acted for Golden Ventures in connection with the formation of its fourth fund, Golden Ventures IV, a leading seed-stage venture capital fund investing across North America, and its opportunities fund, Golden Ventures Opportunities Fund.

Sprott Resource Lending Corp.

Acting as Canadian counsel for Sprott Resource Lending Corp. in the formation of a co-branded fund with CNL Financial Group, LLC. which will focus on investments in the natural resources and precious and base metals extraction industry.

BrandProject Capital Fund LP and BrandProject LP

Acted for BrandProject Capital Fund LP and BrandProject LP in connection with their Series A investments in Felix Health Inc., a Canadian digital health company providing online prescriptions in Canada.

BrandProject Capital Fund LP and BrandProject LP

Acted for BrandProject Capital Fund LP and BrandProject LP in connection with their seed and Series A investments in Clutch Canada Inc., a Canadian online car-selling platform.

ArcTern Ventures

Acted for ArcTern Ventures in connection with the formation of its second fund, ArcTern Ventures Fund II, a cleantech fund investing across North America.

Birch Hill Equity Partners

Acted for Birch Hill Equity Partners with the formation of Birch Hill Equity Partners VI, Birch Hill's sixth fund, which will make private equity investments in mid-market companies principally located in Canada.

Birch Hill Equity Partners

Acted for Birch Hill Equity Partners in the $101.6-million acquisition and related financing of non-core midstream and power assets in Canada from AltaGas Ltd. and in the $63.4-million acquisition of a 13.3% interest in Tidewater Midstream and Infrastructure Ltd., a public company, from AltaGas.

Sprott Resource Lending Corp.

Acting as lead counsel for Sprott Resource Lending in the structuring and formation of Sprott Private Resource Lending II, a debt fund that provides credit facilities to, and invests in notes, bonds, debentures and other debt instruments of, companies or other entities in the natural resource sector on a global basis.

Golden Ventures

Acted for Golden Ventures in connection with the formation of its third fund, Golden Ventures III, a leading seed-stage venture capital fund investing across North America.

Canadian Imperial Bank of Commerce

Acted for Canadian Imperial Bank of Commerce (CIBC) in a mutual agreement with a grocery retailer regarding their long-running arrangement and the wind down of the retail on-line bank branded by that grocery retailer and provided by CIBC.

Kinepolis Group NV

Acted for Kinepolis Group NV in its $123-million acquisition of Landmark Cinemas Canada LP, Canada's second-largest movie theatre exhibition company.

Titan Mining Corporation

Acted for Titan Mining Corporation in its $52-million initial public offering of 36,950,000 common shares.

Agnico Eagle Mines Limited

Acted for Agnico Eagle Mines Limited in connection with its completed private placement of US$40-million 4.42% guaranteed senior unsecured notes due 2025; US$100-million 4.64% guaranteed senior unsecured notes due 2027; US$150-million 4.74% guaranteed senior unsecured notes due 2029; and US$10-million 4.89% guaranteed senior unsecured notes due 2032.

InstarAGF Asset Management Inc.

Acted for InstarAGF Asset Management Inc. in connection with the formation of InstarAGF Essential Infrastructure Fund with total equity capital commitments of $740 million.

Sprott Resource Lending Corp.

Acted for Sprott Resource Lending Corp. in connection with the formation of Sprott Private Resource Lending, LP., a private credit fund focused on lending to resource companies. 

Satcom Direct, Inc.

Acted for Satcom Direct, Inc., a global aeronautical communications provider, in connection with its acquisition of TrueNorth Avionics Inc.

Ironbridge Equity Partners

Acted for Ironbridge Equity Partners in connection with the first and final closing of its third private equity fund, Ironbridge Equity Partners III, LP, which raised $238 million from investors globally and surpassed its $200-million target.

Ironbridge Equity Partners

Acted for Ironbridge Equity Partners in connection with its investment in Back in Motion Rehab Inc., a provider of employment, rehabilitation and physiotherapy services.

Speaking Engagement

Host, Four-Part Interview Series with Matthew Golden and Matthew Leibowitz, “Toronto Venture Capital”; Web

Jan. 23, 2023 - Watch Full Interview.

Bulletin

Supporting Canadian Startups: BDC Launches $150-Million Bridge Financing Program

Apr. 23, 2020 - BDC Capital (BDC) announced on April 9, 2020, that it is launching the BDC Capital Bridge Financing Program, an investment matching program designed to support Canadian startups impacted by COVID-19. The program will allow BDC to match up to an aggregate of $150 million in current financing...

Chambers Canada: Canada’s Leading Lawyers for Business—Investment Funds: Fund Formation

IFLR1000: The Guide to the World’s Leading Financial Law Firms—Investment Funds (Rising Star)

Bar Admissions

Ontario, 2016

Education

University of Toronto, JD/MBA (with Distinction), 2015
McGill University, BA, 2011

Professional Affiliations

Canadian Venture Capital & Private Equity Association, Young Professionals Committee (YPC)

Teaching Engagements

Sarah is an adjunct professor at the University of Toronto Faculty of Law where she teaches Financing Technological Innovation as part of the Global Professional Master of Laws program in Innovation, Law and Technology.