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Investing for impact

As we transition our portfolio to 100% impact investing, we will share information about how our investments advance our mission and increase the impact of the organizations working to create positive change in our society.

Our investment portfolio

To advance our mission, we invest primarily indirectly via fund managers with strategies that have positive social and/or environmental impact at the core of their activities. Our portfolio contains a diverse set of asset classes, all with varying financial and impact risk and return profiles. The end-beneficiaries and targets of our investments are charities, non-profits, for-profit social ventures, for-profit start-ups, projects and even corporations. While our investees may vary, they are all working to deliver impact and further societal transformation on multiple levels.

We classify our investments in two categories based on their financial characteristics and degree of alignment with our programs and mission:

  •  Mission-Related Investments (MRI): MRIs are financial investments made in either for-profit or non-profit enterprises with the intent of achieving objectives aligned with our mission. They normally earning market-rate financial returns.
  •  Program-Related Investments (PRI): PRIs are investments made to charities as well as for-profit and non-profit enterprises to further the Foundation’s program objectives, but, unlike grants, they also aim to generate financial returns, with a tolerance for below-market returns.

You can learn more about our impact, including our exited investments, in our Impact Investing Reports.

Current Mission-Related Investments

AlphaFixe Capital

AlphaFixe Capital Inc.

$25,000,000
Fixed Income

AlphaFixe Capital is a leading fixed income investment manager. The Firm’s investment philosophy includes a rigorous risk management process and prioritizes flexibility and capital preservation.

Amplify Capital Logo

Amplify Capital I

$500,000
Private Equity

The Fund provides funding and support to Canadian companies pursuing social and environmental outcomes with business models that are scalable.

Amplify Capital Logo

Amplify Capital II LP

$5,000,000
Private Equity

Amplify Capital II invests in early-stage, impact focused companies that advance the UN Sustainable Development Goals and that have a B Corp rating for best practices in environmental, social and governance standards.

Area One Farms

Area One Farms Fund III

$5,000,000
Real Estate

Area One Farms operates private equity funds in the Canadian farmland sector. They partner with established farm operators to acquire off-market farmland, enabling family farms to expand and improve their financial returns while incorporating sustainable practices.

BlackRock

BlackRock Global Renewable Power Fund II

$10,000,000
Infrastructure

The fund invests a portfolio of renewable power assets, primarily focused on wind and solar, in OECD countries. It is an opportunity to participate in the transition to a lower carbon economy.

Bridges fund management logo

Bridges Fund V

$15,000,000
Real Estate

Bridges is one of the first fund managers in the world to launch an impact investing fund. The Fund invests in the real estate sector by focusing on niche markets with high development potential through direct management of corporate assets or joint venture partnerships.

Bridges fund management logo

Bridges Sustainable Growth Fund V

$10,000,000
Private Equity

Bridges is one of the first fund managers in the world to launch an impact investing fund. The Sustainable Growth Fund invests in profitable companies that have potential for positive social and/or environmental impact, with a dual shared purpose focusing on a sustainable planet and an inclusive economy.

Logo: Crossborder impact ventures

Crossborder Impact Ventures: Women’s and Children’s Health Tech Fund

$5,000,000
Private Equity

Cross Border Impact Ventures is a Canadian-based, female-led venture capital firm that has partnered with Grand Challenges Canada to launch a gender-lens health tech fund. The Fund invests in commercial stage companies scaling highly effective, lower cost health technologies addressing global market demand opportunities in women’s, children’s and adolescents’ health to generate market rate returns.

Cycle Capital Management

Cycle Capital Fund IV

$5,000,000
Private Equity

Cycle Capital is a private equity firm financing entrepreneurs with sustainable technology innovations. The Fund invests in commercialization-stage clean technology ventures in the North American market.

Eiffel logo

Eiffel Investment Group - Eiffel Energy Transition III

$20,000,000
Infrastructure

Eiffel Investment Group invests in corporates and in infrastructures, with debt and equity strategies. The firm focuses on sustainable investments and the energy transition.

Greensoil investments (includes illustration of a blue flower surrounded by three green leaves)

Greensoil Building Innovation Fund

$2,000,000
Private Equity

This Fund invests in extension-phase companies that provide products, services and technologies that make the design, building or operations of real estate and related infrastructure more energy efficient.

InvestEco

InvestEco: Sustainable Food Fund Trust

$1,000,000
Private Equity

This Fund focuses on investing in small- to medium-sized expansion-stage private companies that are promoting sustainable solutions in food and agriculture in the North American Market.

Logo for Jonathan Rose Companies

Jonathan Rose – Rose Affordable Housing Preservation Fund V

$15,000,000
Real Estate

The Rose Affordable Housing Fund intends to acquire, transform and actively manage affordable, mixed-income and workforce multi-family housing in high-demand, transit-oriented locations in the USA.

MKB: MacKinnon, Bennet & Co

MKB Partners Fund

$4,000,000
Private Equity

MacKinnon, Bennett & Co. is a Montreal-based merchant bank that structures and manages private investments in the clean technology market. The Fund invests in growth-stage companies in the renewable energy, urban infrastructure, and transportation-related sectors.

Real Ventures

Real Ventures: Real Investment Fund III

$5,000,000
Private Equity

Real Ventures is an investment platform that supports the entrepreneur-led start-up ecosystem in Montreal. The venture capital fund invests in early-stage companies that embrace the technological opportunity of artificial intelligence to disrupt existing industries and business models.

Renewal Funds

Renewal Funds: Renewal2 Social Investment Fund

$2,062,280
Private Equity

This Fund invests in expansion-phase companies at the forefront of social and environmental innovation in the North American market.

Renewal Funds

Renewal Funds: Renewal3 Trust

$3,000,000
Private Equity

This Fund invests in expansion-phase companies at the forefront of social and environmental innovation in the North American market.

Stonebridge

Stonebridge Financial – Infrastructure Debt Fund II

$15,000,000
Private Debt

By developing renewable energy projects and infrastructure across Canada, often investing in partnership with Indigenous communities, Stonebridge’s investments support more resilient and lower-carbon communities.

Windmill

Windmill One Planet Living Real Estate Impact Fund LP1

$10,000,000
Real Estate

Windmill is a real estate company that invests in community assets such as libraries, theatres and churches. It controls and develops mixed-use development and renovation sites in Canada.

Current Program-Related Investments

Batir son quartier

Batir son quartier: Fonds Investissement Montreal IV

$1,000,000
Real Estate

This debt fund allows housing cooperatives and non-profits to buy buildings and perform necessary renovations to create healthy, safe, and affordable housing for people and families in urban areas.

Caisse d'économie solidaire Desjardins

La Caisse d'Économie Solidaire Desjardins - Loan Guarantee Fund

$5,000,000
Loan Guarantee

La Caisse d’Économie Solidaire Desjardins is a financial institution dedicated to non-profits, unions, and social enterprises in Quebec. This loan guarantee program allows the Caisse to provide credit to community sector organizations at lower borrowing rates.

Community Forward Fund

CFFAC: Community Forward Fund

$2,000,000
Shares in an Evergreen loan fund

This Fund supports non-profits and charities by providing loans and financing that would otherwise be unavailable to small- and medium-sized organizations.

Efficiency Capital: Building Energy Savings

Efficiency Capital

$250,000
Loan

Efficiency Capital offers full-service project management (from scoping to implementation and management) that increases energy efficiency in buildings. Over 20 years, Efficiency Capital forecasts that this work will help reduce carbon emissions by 300,000 tonnes.

Équiterre

Équiterre: Maison du développement durable

$3,095,000
Loan Guarantee

This loan guarantee was issued to leverage financing for the organization’s demonstration green building, the first new construction to receive LEED Platinum Certification in Quebec, aiming to inspire everyone from property developers to the general public.

Fair Finance Fund

Fair Finance Fund

$250,000
Loan

The Fund supports social enterprises in the Ontario local food sector through loans, mentoring and training, enabling them to exist and grow.

Fiduce du Chantier de l'économie sociale

Fiducie - Affordable Student Housing Loan Fund I

$2,000,000
Real Estate

Fiducie manages financial tools for the Chantier de l’Economie Sociale. This fund provides debt to student housing co-operatives and not-for-profits to build and operate affordable student housing.

Fiduce du Chantier de l'économie sociale

Fiducie - Recapitalization Housing Fund

$1,000,000
Real Estate

Fiducie manages financial tools for the Chantier de l’Economie Sociale. This fund provides patient loans to not-for-profit and co-operative housing operators to repair and renovate affordable housing units.

Kaleidoscope social impact

Kaleidoscope Social Impact Fund

$250,000
Loan

Kaleidoscope invests in social real estate, offers loans for start-ups and business expansion, and other types of financing for individuals wishing to return to school or work, or those seeking to acquire affordable housing.

New Market Funds

New Market Funds: Rental Housing Fund 1 LP

$2,000,000
Real Estate

This Fund will support non-profit partners with equity capital to address the critical community need for affordable rental housing, initially, in the Greater Vancouver Area.

New Market Funds

New Market Funds – Rental Housing Fund II

$2,000,000
Real Estate

The Rental Housing Fund II supports permanent affordable rental housing development by acquiring newly constructed or renovated affordable rental housing developments, or by acquiring for-profit rental properties for conversion to non-profit, charitable, co-operative or government ownership.

New Market Funds

New Market Funds Society

$269,000
Recoverable Grant

The New Market Funds Society is a charity with the mission of improving efficiency and efficacy of charities by developing impact investing products across Canada.

Projet Collectif

Projet Collectif Immobilier

$1,000,000
Real Estate

A funding initiative consisting of three complementary funds, to enable community sector organizations and non-profits to acquire real estate assets or invest in real estate projects at affordable prices in the Greater Montreal area. The fund aims to address the problem of obtaining affordable and appropriate real estate, which has become a significant challenge for community organizations.

Raven Indigenous Capital Partners

Raven Indigenous Capital Partners – Raven Indigenous Impact Fund

$1,000,000
Private Equity

The Fund seeks to revitalize the Indigenous economy in Canada by investing venture capital in early- and growth-stage Indigenous-led enterprises. The manager supports its investees with partnerships, business guidance, and network connections in addition to financial capital.

Raven Indigenous Capital Partners

Raven Indigenous Capital Partners – Raven Indigenous Impact Fund II

$4,000,000
Private Equity

The Raven Indigenous Impact Fund II is an Indigenous venture capital fund that provides patient capital and a culturally grounded community of support to early-and growth-stage Indigenous enterprises.

Windmill Microlending

Windmill Microlending – Community Bond

$1,000,000
Private Debt

This community bond finances Windmill’s loan capital, enabling the organization to provide additional loans to skilled immigrants and refugees seeking to continue their careers in Canada and achieve economic prosperity.