Stewarding a $300M global fund for long-term public good
In 2019, the Government of Canada selected Toronto Foundation as fiduciary partner for a $300 million global fund—an unprecedented effort to create a sustainable source of capital for women’s organizations and movements advancing gender equality worldwide.
The mandate: to build, steward and ultimately transition a first-of-its-kind global investment fund—designed to generate both financial returns and long-term social impact.
Over five years, we helped move the Equality Fund from concept to fully independent entity—building the investment infrastructure, governance and partnerships required to sustain it for the long term.
What it took to stand it up
Designing an investment strategy from first principles
We developed an approach capable of delivering long-term returns while supporting a global mission, balancing risk, liquidity and impact from the outset.
Selecting and partnering with a global OCIO
We led an international search process, ultimately selecting RockCreek, a female-led outsourced chief investment officer—establishing a partnership that continues to shape our own investment approach today.
Building governance that could hold complexity
We established fiduciary and oversight structures to manage public funds responsibly while enabling innovation in how capital could be deployed.
Managing through uncertainty
We stewarded the portfolio through significant market volatility, ensuring stability while maintaining a long-term view.
Transitioning to independence
We supported the Fund’s evolution into a fully independent entity, exiting once the strategy, structures and team were in place to carry the work forward.
What this work delivered
Five-year snapshot
- $300M awarded by the Canadian government
- $96M net investment income
- $52M disbursements (for grants, startup and operational costs)
- $344M final disbursements/balance transfer
All numbers as of September 15, 2025, when the Equality Fund marked its milestone transition into full, independent financial management.
Beyond the numbers, the Fund is now operating as a self-sustaining source of capital for gender equality designed to generate returns and deploy funding over the long term.
Why it matters now
This experience fundamentally reshaped how we think about capital. It showed what’s possible when:
- investment strategy is aligned with long-term purpose
- governance enables, rather than constrains, innovation
- partnerships bring global expertise into local institutions
It also directly informed how we’ve evolved our own approach, from how we structure our Community Capital Pool to how we think about deploying capital in service of community outcomes.
Just as importantly, it built our capacity to support others in doing this work, not just managing assets, but helping design the systems and accountabilities that allow capital to serve public good over time.
In their words
Equality Fund
"We valued the key role held by Toronto Foundation as both our fiduciary partner and champion of our gender lens investment strategy, through our initial design and build phase.”
-Jessica Tomlin, CEO
RockCreek Canada
"From the beginning of our relationship we focused on designing an investment portfolio with a clear purpose—allowing us to pursue strong returns while supporting long-term, gender-first outcomes.”
-Alifia Doriwala, co-CIO, OCIO Solutions
Our perspective
We’re proud to have helped stand up what is now recognized as one of the largest feminist funds in the world.
More importantly, this work continues to shape how we think about our role as a community foundation: not just as stewards of capital—but as builders of the infrastructure that allows it to do more.