Social Impact Investing

Fund II
$250k | Equity — limited partnership investment
Initial investment made August 2020
Health & Wellness (primary), Learning, and Environment

Amplify Capital is a venture capital fund investing in mission-driven, double-bottom-line companies that seed technologies to solve gaps in healthcare, education and clean energy.

• For every $100 invested: 1,163 students with improved outcomes; $5,160 in health costs saved; 44 patients with improved outcomes; 1,204 km of offset vehicle travel
• With their second fund, Amplify is investing in companies that improve student nutrition, are developing an app to simplify medical knowledge and leverage plant-based technology for battery manufacturing and fuel production.

$1M | Debt — loan
Loan approved, but not deployed
Arts + Culture (primary)

A brand new 65,000 square-foot, sustainably designed and purpose-built national museum will inspire Canada by canoe.

• The new cultural destination on 5 acres of waterfront land in Peterborough opens Fall, 2023.
• It features an outdoor campus with a Gathering Circle, a Canoe House, two seasonal docks and an adaptive canoe and kayak launch.
• Collaborative relations with Indigenous communities inform all aspects of the project as well as exhibits and ongoing education and programming.
• 95% of the project’s $40M campaign has been raised.

Urban economic development programs
Up to $300K | line of credit through bank guarantee
Initial loan investment made May 2022; TF bank guarentee provided Jan. 2024
Income and Wealth (primary), Work, and Housing

Canadian Urban Institute (CUI) creates national programs and initiatives that identify effective policies and best practices for developing vibrant, equitable and economically resilient cities.  

• Collaborating with community leaders, academics, and activists CUI promotes local solutions to the challenges facing Canadian cities via research, resources, conversations and programming.
• CUI plays an intermediary role with federal government to flow funds to post-pandemic urban recovery.
• TF’s loan guarantee enables a flexible line of credit that helps these government-funded programs run smoothly.

Energy Efficiency for nonprofit housing
$1M | Debt — loan
Initial Investment made June 2020 
Additional Investment made March 2023
Environment (primary), Housing  

Efficiency Capital builds the capacity of social housing providers so they are ready for capital upgrade projects, ultimately reducing energy costs and greenhouse gas emissions.

• Toronto Foundation’s investment will help activate energy efficiency and improvement projects in social housing, including nonprofit, city-owned and co-operative housing.
• One of their retrofit projects across multiple WoodGreen Community Housing buildings is the first project in Canada to achieve the internationally recognized Investor Ready Energy Efficiency certification.

Sustainable Food Fund
$350k | Equity — limited partnership investment
Initial investment made May 2019 
Environment  

InvestEco’s Sustainable Food Fund II provides investment in high growth North American companies that promote health and sustainability in the food and agricultural sector.

• As of December 31, 2021, there were nine food and agricultural companies in portfolio, based in: Ontario, British Columbia, and Quebec, as well as Colorado, New York, and California.
• Investments range between $1M and $5M; and their gross internal rate of return ranges between: -0.8% and 42.5%.

$527,083k | Debt — loan 
Initial investment made June 2023 
Housing  

Inclusive community living and wrap-around supports for people with intellectual disabilities and their attendants.

• Via a partnership with the Daniels Corporation, a new custom-built 4,000 sq. ft. home in Regent Park is now completed, providing accessible and barrier-free housing for five members and three live-in assistants.
• L’Arche’s housing complement in Toronto has been increased by 25%.

$500k | Equity — limited partnership investment
Initial investment made December 2017
Housing (primary)

New Commons Development L.P. is a community-focused nonprofit developing new affordable housing and preserving existing units.

• With a robust deal pipeline of over 2,400 units across 29 projects in Ontario (primarily GTHA) and British Columbia, projects continue to move from the early stages of feasibility through to development.
• The target is to offer rents, on average, at 80% lower than the market rate.

Raven Indigenous Capital Partners
$1M Equity – limited partnership investment in Fund I
Initial investment made January 2021
$625K Equity – limited partnership investment in Fund II 
Initial investment made February 2023
$375 Equity – limited partnership investment in Opportunities Fund 1
Initial investment made Nov., 2023
Work (primary), Environment (secondary/tertiary), Health & Wellness

The world’s first Indigenous-led and owned impact investment intermediary that addresses the equity gap for Indigenous entrepreneurs. 

• Fund I invests between $250k and $2.0M in Indigenous-owned and led companies working across technology, clean energy, sustainable foods and natural products in Canada. 
• Fund II invests between $2M and $5M in Indigenous enterprises in Canada (>51%) and the United States (<49%) across the same areas as Fund 1, as well as health. 
  
• Opportunities Fund 1 provides growth capital between $1M and $3M to a subset of the highest performing portfolio companies of Fund I.
• All Funds offer a combination of bespoke technical and managerial assistance to support a new generation of Indigenous social enterprise. 

$650k | Debt — loan
Initial investment made May 2019
Learning

The Rumie Initiative offers low-cost technology to link isolated communities to free online learning where technology and the internet are limited.

• The pandemic brought an increase in demand and the deepened need for quick and low-cost remote learning. Changes to the landscape meant adjusting Rumie’s solution and delivery model.
• Rumie has various partnerships in Ontario. Their focus has shifted to delivering directly to learners, as finding youth directly through social media and other avenues is more effective than via partnerships with organizations.

Project Home
$150k | Debt — community bond
Initial investment made March 2021
Arts & Culture (primary), Income & Wealth (secondary)

SKETECH engages homeless and marginalized youth through the arts.

• Sketch programming builds leadership and economic self-sufficiency, and catalyzes environmental and social change through the arts.
• A community bond campaign enabled SKETCH to purchase their 9,000-square-foot legacy location in the Queen West neighbourhood.

$1M | Debt – loan 
Initial investment made August 2021
Work (primary), Income & Wealth 

Windmill Microlending offers low-interest microloans to internationally trained professionals to earn their Canadian credentials.

• The repayment rate for loans to help immigrants achieve accreditation remains remarkably high at 98%. Loans result in a 3.6x average income increase for clients and a reduction in unemployment from 41% to 8%.
• Over half of Windmill’s clients are working to reaccredit in healthcare professions.

Alternative Suspension Program
$500k | Social impact bond
Initial investment made September 2021
Learning  

Program for suspended high school students with a personalized intervention plan to change behaviours and reduce risk of dropout. 

• Developed in Montreal, the program is now offered across Canada in partnership with local YMCAs, community organizations and school boards. 
• Bond funds will support the expansion of the program in 10 additional sites across Canada involving approximately 1,700 students over three years. 
• Public Safety Canada is the outcomes payer, with bond returns linked to target outcomes including change in behavior and number of students completing program.  

Rental Housing Fund II L.P.
$1M | Equity — limited partnership investment
Initial investment made January 2024
Housing (primary)

This $50M fund aims to increase affordable rental housing, ensuring that units are permanently priced to serve local incomes while generating market-rate risk-adjusted financial returns. Via partnerships, the fund will support acquiring new or substantially renovated affordable housing developments and for-profit apartments for conversion to community non-profit ownership.

Result: +2,000 units of new or preserved affordable housing in Canadian metropolitan markets, aimed at households earning, on average, <80% of the localities’ local income.