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Investor Login6 min read October 30, 2025
Tom Kennedy, Senior Managing Director
This year, Kensington was pleased to host the Kensington Investor Conference at the Art Gallery of Ontario. The event began with remarks from Tom Kennedy, Senior Managing Director, who reflected on the firm’s journey, its resilience through market cycles and its enduring commitment to creating long-term value. He emphasized that while markets evolve, Kensington’s guiding principles remain unchanged: disciplined investing, strong partnerships, and sustainable growth.
Avery Shenfeld, Managing Director and Chief Economist, CIBC
The momentum continued with a compelling keynote from Avery Shenfeld, Managing Director and Chief Economist at CIBC, who delivered a timely overview of the current economic landscape. He noted early signs of a U.S. slowdown, with rising unemployment and continued interest rate cuts on the horizon. Shenfeld also spoke about the ripple effects of trade tariffs and tighter immigration policies, factors that may curb long-term growth even as economies operate at full employment.
On the technology front, he discussed how AI and IT investment have fueled a surge in capital spending but cautioned that this momentum may be nearing its peak. While innovation continues to reshape industries, sustainable growth requires balance. Despite these pressures, he pointed to strong potential in energy, defence, and infrastructure, with a somewhat more favourable Canadian outlook expected in 2026.
From Left to Right, Eamonn McConnell, Senior Managing Director, Kensington Capital Partners | Rick Nathan, Senior Managing Director, Kensington Capital Partners | Tom Kennedy, Senior Managing Director, Kensington Capital Partners
Following Shenfeld’s macroeconomic outlook, Kensington’s leadership shared an update on its private equity strategy amid ongoing market headwinds. Despite the sluggish M&A and IPO environment, where liquidity remains constrained, the firm is actively pursuing asset sales over the coming months.
Heather Shantora, CEO of Resolve Sleep Health
A standout highlight from the conference was the presentation by Heather Shantora, CEO of Resolve Sleep, one of Kensington’s portfolio companies. Since Kensington’s investment in 2022, Resolve Sleep has grown from a fragmented network of 72 clinics to over 120 across nine provinces, becoming Canada’s largest sleep health provider. With sleep increasingly recognized as a critical pillar of overall wellness, Resolve is expanding its services to include treatments for snoring, insomnia, and mild sleep disturbances—enhancing patient care and unlocking new growth opportunities.
From Left to Right, Patrick Poulin, CEO, Element5 | Chris Latour, President, Element5
Element5, a Kensington-backed leader in sustainable construction, was also featured. CEO, Patrick Poulin, and President, Chris Latour, highlighted the company’s evolution from a greenfield site in 2019 to the launch of its $100 million, 360,000-square-foot facility in St. Thomas, Ontario. Specializing in cross-laminated and glue-laminated timber, Element5 delivers modular, off-site building solutions that reduce construction time and carbon emissions. With support from its global partner Hasslacher, the company has doubled production capacity and now exports up to 70% of its products for projects from affordable housing to iconic builds like CAMH in Toronto.
Ari Schuler, CEO, GoTenna
The afternoon session shifted focus to Kensington’s venture capital strategy, spotlighting its growing commitment to national security and defence technologies. A session highlight came from Ari Schuler, CEO of GoTenna, who shared the company’s incredible journey and the exciting news of its acquisition by Forterra, a global leader in ground autonomy.
GoTenna’s decentralized mesh networks allow users to communicate and share locations without any external infrastructure, a game-changer for disaster zones, combat environments, and areas with zero cellular coverage. Today, GoTenna supports over 50,000 active users and maintains 30,000 square miles of permanent network coverage in some of the world’s toughest environments. As part of Forterra, GoTenna is poised to integrate its communications technology with autonomous vehicles, unlocking new frontiers for defence and rescue missions.
The final spotlight of the day featured Echodyne, another Kensington-backed company redefining radar for the modern world. CEO, Eben Frankenberg, walked the audience through how Echodyne’s proprietary metamaterials-based architecture delivers high-performance radar at a fraction of the cost of traditional systems. Its radars are now deployed across border surveillance, drone detection, remote weapon stations, and high-energy laser platforms. With global demand accelerating, Echodyne is scaling rapidly and establishing itself as a leader in autonomous defence and counter-UAS technologies.
From Left to Right, Glenn Cowan, Founder and Managing Director, ONE9 | George Hoyem, Investment Committee and Advisor, ONE9 | Rick Nathan, Senior Managing Director, Kensington Capital Partners
Following the Echodyne presentation, Rick Nathan, Glenn Cowan, and George Hoyem explored the strategic importance of dual-use technologies and the evolving landscape of venture-backed defence innovation. Glenn Cowan, a former JTF2 operator and founder of ONE9, spoke about Canada’s shifting geopolitical role and the urgent need to strengthen sovereign capabilities and societal resilience. George Hoyem, formerly head of investments at In-Q-Tel, highlighted how venture capital has become a powerful national security asset, enabling governments to rapidly identify, fund, and deploy cutting-edge technologies. In-Q-Tel’s track record speaks for itself, with co-investments of more than 600 firms and returns exceeding 35% IRR, making it one of the most successful public-private partnerships in U.S. history.
The panel also highlighted Canada’s opportunity to lead in Arctic innovation, with $500 billion earmarked for infrastructure projects, including deepwater ports, undersea fibre, and northern warning systems. With global defence spending increasing and venture investment in the sector doubling to $28 billion in the first half of 2025, the discussion reinforced the growing opportunity to invest in technologies that strengthen both national security and democratic resilience.
From Left to Right, Meaghan Kelly, Chief Marketing and Product Officer, AGF | Scott Reid, Political Analyst and Commentator
The conference concluded with a thought-provoking fireside chat featuring Scott Reid, one of Canada’s most respected crisis and political strategists. Reid characterized the current political climate as ‘the most dazzlingly complex time in modern Canadian governance,’ citing four intersecting challenges—trade, geopolitics, social cohesion, and technology—that are reshaping Canada’s global position. He emphasized that Canada’s geographic advantages now place it at the forefront of global competition, particularly in the Arctic and in its evolving trade relationships with China and the United States.
Reid also spoke to the power of narrative in leadership, noting that Prime Minister Carney’s decisive approach must be paired with clear storytelling to maintain public trust. As global risks evolve rapidly, Canada’s gradual diversification strategy may struggle to keep pace, making strategic clarity and resilience more important than ever.
We extend our sincere appreciation to all speakers and attendees for their meaningful contributions and thoughtful engagement at the conference this year. We look forward to continuing and building on these important conversations next year.