Social Finance Fund

The Social Finance Fund aims to address systemic biases and inequities historically present in financial systems and investment decisions.

Social finance intermediaries interested in accessing funds will deal directly with the selected fund managers. In most cases, social purpose organizations will apply for funding directly through a social finance intermediaries.

OBJECTIVES

The key objectives of the Social Finance Fund are to:

• Support the development of existing and emerging social finance intermediaries to create a sustainable social finance ecosystem.
• Broaden the reach of social finance to underserved populations, sectors and regions, including rural and remote communities and the North.
• Enable the sustainable growth of diverse social purpose organizations to increase their social and environmental impact.
• Help social purpose organizations innovate and scale effective solutions to complex and enduring socio-economic and environmental challenges.
• Enhance social equity practices in the social finance ecosystem.
• Advance Canada’s progress toward the United Nations Sustainable Development Goals and its Indigenous Reconciliation Commitments.

To meet these objectives, the fund managers will:

• Support existing and emerging social finance intermediaries with affordable and flexible financing, as well as technical and management expertise.
• Work with social finance intermediaries to ensure diverse social purpose organizations can access affordable and flexible financing, as well as technical and management expertise.
• Work with social finance intermediaries and social purpose organizations to implement robust impact measurement and management approaches to ensure investments contribute to measurable social and environmental impacts.
• Leverage new private investment to co-invest in social finance intermediaries and/or to invest in the proposed fund toward the target of leveraging a minimum of $2 of private investment for each $1 of Social Finance Fund contribution.
• Incorporate a social equity lens in the design and implementation of investment strategies to remove access to capital barriers faced by equity-deserving groups.
• Contribute to the Social Finance Fund’s goal of a minimum of 35% of capital deployed into initiatives promoting greater social equity, including 15% into initiatives promoting greater gender equality.

SELECTED FUND MANAGERS

The following fund managers were selected following an open and competitive call for expressions of interest:

Boann Social Impact L.P. with its project Investing in Canada’s Social Finance Market. The fund manager is is a new joint venture with the investment fund manager Encasa, and the not-for-profit trust Table of Impact Investment Practitioners, a longstanding community of practice now encompassing over 80 Canadian social finance intermediaries and partners.

Fonds de finance social – CAP Finance with its project Social Finance Fund – CAP Finance. The fund manager is a network of financial institutions and organizations that are working in Quebec and focused on the social economy and solidarity-based finance. Led by the Réseau d’investissement social du Québec and the Fiducie du Chantier de l’économie sociale, nine key investors are involved in the project. Fonds de finance social – CAP Finance will invest specifically in Quebec

Realize Capital Partners Inc. with its project Investing to Grow Social Finance and Accelerate Social Equity in Canada. The fund manager is a collaboration between the impact investment management and advisory firm Rally Assets, and the early-stage venture capital fund manager Relay Ventures..

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