# PFM Capital

PFM Capital is a Private Equity based in Regina, Canada.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Regina, Canada
- **Region:** North America
- **Address:** 2nd Floor, The Assiniboia Club Building, 1925 Victoria Avenue, Regina, Saskatchewan S4P 0R3, Canada
- **Founded:** 1989
- **Assets under management:** Undisclosed
- **Website:** www.pfm.ca
- **LinkedIn:** https://www.linkedin.com/company/pfm-capital-inc

## Regulatory record

- **Reports private funds:** No

## About

PFM Capital is a private equity investment firm based in Regina, Canada, founded in 1989. It focuses on growth capital, management buyout, and expansion financing transactions. The firm primarily invests in consumer discretionary, energy, financials, and industrials sectors.

## Sectors

- Industrials
- Energy
- Real Estate
- AgriTech & FoodTech
- Consumer

## Offices

- Winnipeg, MB

## People

- Randy Beattie — President & Founding Partner
- Rob Duguid — Chief Executive Officer & Founding Partner
- Jeff Linner — Chief Investment Officer & Partner
- Jason Moser — Chief Compliance Officer & Partner
- Johanna Salloum — Chief Operating Officer & Partner

## Questions

### Who runs investment decisions at PFM Capital?

Jeff Linner, CFA, CBV, serves as Chief Investment Officer and Partner. He leads a twelve-person team that includes Directors Shayne Barrie and Dilan Elgert. The firm's founding partners, President Randy Beattie and CEO Rob Duguid, remain active but the CIO function is clearly delegated.

### Which sectors does PFM Capital avoid, and where does it concentrate?

PFM concentrates on industrials, energy E&P, energy services, value-added agriculture, and real estate. The firm's website and portfolio disclosures show no presence in technology, life sciences, or financial services. Its geographic focus on the Canadian Prairies also excludes sectors that cluster in Toronto or Vancouver.

### How does the firm source proprietary deal flow in the Prairies?

PFM leverages a decades-old network in Saskatchewan and Manitoba, combined with the personal reputations of founding partners Randy Beattie and Rob Duguid. By maintaining offices exclusively in Regina and Winnipeg and targeting companies too small for national platforms, the firm largely stays out of competitive auctions and constructs bilateral transactions.

### Does PFM participate in fund commitments alongside direct investing?

The firm itself is a fund manager — it raises blind-pool vehicles like the Apex series and invests that capital directly into portfolio companies. PFM is not disclosed as a limited partner in unrelated third-party funds, nor does it operate a fund-of-funds programme.

### How does PFM align its interests with outside investors?

PFM's principals invest personally in every fund the firm manages. Randy Beattie has stated publicly that the firm 'holds all of our partners and investees in the highest regard and personally invest in all of the funds that we manage.' This co-investment structure ensures GP and LP capital are exposed to the same portfolio outcomes.

## Related profiles

- [Pfingsten Partners](https://altss.com/profile/pfingsten-partners)
- [PFM Health Sciences](https://altss.com/profile/pfm-health-sciences)

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Last updated: 2026-06-03T20:00:00.000Z

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