RBC plans to invest up to $1 billion through new Canadian growth fund

Royal Bank of Canada plans to deploy up to $1 billion over the coming years to ​form a growth fund and make equity investments ‌to support homegrown companies. THE CANADIAN PRESS/Sean Kilpatrick

TORONTO — The head of RBC says the bank plans to launch a growth fund to invest up to $1 billion in Canadian companies in the coming years.

Speaking at the bank’s annual general meeting, chief executive Dave McKay said the fund will help companies build and scale in Canada.

He says that too often Canadian entrepreneurs feel they need to leave the country to find enough capital to grow.

McKay says the bank will also be hiring and expanding in key areas of national importance including its defence sector practice, infrastructure and project finance capabilities and helping more Canadian companies expand abroad.

The expansion plans come as RBC estimates that Canada will need $1.8 trillion in capital over the next decade to finance major projects and meet its economic potential.

McKay says the push on major projects is leading to foreign direct investment in Canada at levels not seen in nearly two decades, but that the country can’t let up.

“Global investors are signalling that they see Canada as a stable, reliable partner in a volatile world,” said McKay.

“I believe Canada can become the world’s premier destination for long-term investment, but only if it moves with purpose, urgency and speed in a race for capital that’s never been more intense.”

McKay did not provide specifics on when the fund would launch, or make firm spending commitments, but he said the bank will be sharing more details in the coming months.

This report by The Canadian Press was first published April 9, 2026.