Home > Social Impact Investing 2025

Social Impact Investing

All numbers as of December 31, 2025

Using our assets for impact investing creates a virtuous cycle: It leverages philanthropic capital to address inequalities and scale positive change close to home—while generating a financial return.

Since 2017, we’ve partnered with fundholders looking to accelerate social change by co-creating a social impact investment pool. You too can join us, by starting a Social Impact Investment Fund. Each investment addresses a broad range of issues impacting communities. All financial returns are re-invested into the pool to sustain and amplify our impact.

Multiracial group of young men and young women gather as volunteers to plant vegetables in community garden with mature woman project manager advice and teamwork

We have committed to a total of 31 investments and one bank guarantee since 2017. In 2025 we initiated three new investments totalling $1.2 million to support housing, the environment, and health and wellness. As our loans mature and are repaid, we have an opportunity to reinvest, allowing us to continually identify and fund social impact initiatives aligned with our mission for greater impact.

SOCIAL IMPACT INVESTMENTS IN THE LAST FIVE YEARS

*Following a period of strong early deployment, Toronto Foundation has deliberately shifted to a more strategic and disciplined approach to social impact investing. Since 2023, activity reflects a focus on building a balanced portfolio, strengthening due diligence, and aligning investments more closely with our long-term impact strategy, resulting in more targeted investments year over year.

SOCIAL IMPACT INVESTMENTS HISTORY

$16M Investments Approved

ASSET ALLOCATION

By investment type

ASSET ALLOCATION

By primary issue area

Investee Spotlight Profiles

PARKDALE'S NEIGHBOURHOOD LAND TRUST

The Preserve and Protect Guarantee Program buys rooming houses to permanently preserve local affordable housing.

RAVEN INDIGENOUS CAPITAL PARTNERS

While loans and debt-based capital are sometimes available to Indigenous entrepreneurs, Raven Indigenous Capital Partners believe a customized approach is essential.

Current Investments

Amplify Capital

Fund II
$500k | Equity — limited partnership investment
Initial investment made August 2020
Health (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.

Canadian Canoe Museum

$800k | Debt — loan
Initial investment made July 2024
Arts, Culture & Recreation (primary)

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

Opened the new cultural destination on 5 acres of waterfront land in Peterborough in May 2024.
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, ongoing education and programming.

Canadian Urban Institute

Urban economic development programs
Up to $500K | line of credit through bank guarantee
Initial loan investment made May 2022; bank guarantee 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.

Efficiency Capital

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.

InvestEco L.P.

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, 2024, there were thirteen food and agricultural companies in portfolio, based in: Ontario, British Columbia, Nova Scotia and Quebec, as well as Colorado, New York, Connecticut and California.
Investments range between $3M and $12.5M; and their gross internal rate of return ranges between: -72.5% and 140.2%.

Kensington Market Community Land Trust

Kensington Market Community Land Trust
$200k Debt – community bond
Initial investment made Dec. 2025
Housing (primary)

This nonprofit acquires properties in Toronto’s Kensington Market neighbourhood for community benefit.

Between 2006 and 2021, median residential rents in Kensington Market rose 98.6%, compared to 66.3% across Toronto, driving unaffordability and displacing residents and businesses.
This $2M asset-backed Community Bond campaign secures properties to preserve affordable housing, stable commercial spaces, and the neighbourhood’s historic, eclectic character.

Misfit Ventures

$500k | Equity – limited partnership investment in Fund I
Investment approved November 2024
Work (primary)

Canada’s first and North America’s largest LGBTQ+ Fund.

This $25M equity venture capital fund will support early-stage ventures led by LGBTQ+ founders.
Via a sector-agnostic investing approach, the fund uses a social lens to reduce traditional barriers to accessing capital for this top-performing, under-supported, and resilient demographic.

New Commons Development L.P.

$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.

New Market Funds

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.

Priorities & Choices - Public Education & Citizen Engagement

Rally Reader

$250k (USD) | Direct Equity
Initial investment approved December 2023
Learning (primary)

Low-cost education technology that boosts reading fluency by building reading, speed, and accuracy, for children grades 3 to 8.

Active, real time and reading assistance platform offering motivation, tracking, and social reward.
Access to on-demand 50,000+ e-books supported by AI for skipped or misread words.
Recently selected by Apple as an educational app.

Raven Indigenous Capital Partners

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
$375k | 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.

Spring Impact Capital

Spring Impact Capital
$500k Equity – Limited partnership investment
Initial investment made Sept. 2025
Environment (primary) Health (secondary)

This $15M early-stage venture fund supports climate and health innovations, Canadian technologies and underrepresented leadership teams.

Spring is only one of a few entirely Canadian-focused venture capital funds, aimed at sustainable growth.
Their aim is to expand capital to diverse founders that are solving critical issues with strong tailwinds to solve for climate crisis and unmet health care needs of marginalized communities.

Windmill Microlending

$750k | 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.

Repaid Investments

Artscape

Daniels Launchpad
$1M | Debt — loan
Initial investment made February 2017
Work (primary), Arts & Culture

Artscape’s Daniel’s Launchpad is a creative entrepreneurship hub dedicated to helping artists and creatives thrive.

After moving to virtual platforms during the pandemic, the Launchpad was able to reach over 10,000 participants in 2020 through a range of tailored professional development activities.
When it comes to equity, Launchpad’s goal is to ensure that 50% of facilitators/mentors, adjudication committee representatives and participants are Black, Indigenous or people of colour – and consistently meets that target.

CoPower

$750k | Debt — Green bonds
Initial investment made September 2018
Environment

CoPower is an investment platform providing loans to clean energy infrastructure projects generating financial return and measurable climate benefits.

Toronto Foundation’s investment has helped avoid half a million kilograms of Greenhouse gas emissions and contributed to over $300,000 in energy savings.
Loans have supported new solar rooftop projects in Ontario, geo-exchange thermal projects in the GTA, building retrofit and energy storage projects.

Evergreen

TD Future Cities Centre
$500k | Debt — loan
Initial investment made June 2018
Environment (primary), Learning

Evergreen’s TD Future Cities Centre is a convening space to support multi-sectoral collaborations to make cities flourish.

Toronto Foundation’s investment in the construction of the Future Cities Centre has resulted in a city-building hub. Programming engages multiple sectors to address inequality and climate change.

Habitat for Humanity GTA

L'Arche Toronto Homes

$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%.

Parkdale Neighbourhood Land Trust

Preserve and Protect Program
$150K | Debt — loan
Initial investment made April 2021
Housing (primary)

The Parkdale Neighbourhood Land Trust (NLT) aims to preserve Parkdale as an inclusive, diverse and affordable neighbourhood by redefining how land is used and developed.

By purchasing rooming houses, rental stock is preserved as permanently affordable social housing. Experienced local agencies manage the properties and provide social support to tenants as needed.
In 2021:

36 units of affordable housing were preserved via the acquisition of a low-rent residential building
the organization's advocacy work resulted in the establishment of the City of Toronto’s Multi-Unit Rental Acquisition program (a $20M fund for acquisition of affordable rental housing)

On April 1 2022, NLT acquired 153 units of affordable housing from Toronto Community Housing

Vancity Community Investment Bank

Unity GIC
$250k | Debt — loan
Initial investment made June 2020
Income & Wealth

Vancity Community Investment Bank’s Unity GIC’s offers a stable investment vehicle to organizations and, in turn, loans and financial relief to businesses and nonprofits through the pandemic and the recovery.

The Unity GIC financed new social purpose real estate projects, including new and preserved affordable housing, and provided loans to Certified B Corporations and nonprofits.

YMCA Quebec

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 supported the expansion of the program to 11 additional sites across Canada involving close to 1,700 students.
Public Safety Canada is the outcomes payer, with bond returns linked to target outcomes including change in behavior and number of students completing program.

Head over to the Meet Our Philanthropists webpage, to see the list of contributors to the Social Impact Investment Fund. This pooled fund is what makes our impact investments possible. If you’d like to join the family, you can learn more about impact investing as a fund option by contacting: agokhale@torontofoundation.ca

Find the members of our Social Impact Investment Advisory Committee here.

Interested in being considered for an investment? Learn more here.

We are the home for collective investing and impact.

Toronto's Vital Signs

Together with our fundholders

we're funding and inspiring a more community-centred future.

Home > Social Impact Investing 2025

Social Impact Investing

SOCIAL IMPACT INVESTMENTS IN THE LAST FIVE YEARS

SOCIAL IMPACT INVESTMENTS HISTORY

ASSET ALLOCATION

ASSET ALLOCATION

Investee Spotlight Profiles

PARKDALE'S NEIGHBOURHOOD LAND TRUST

RAVEN INDIGENOUS CAPITAL PARTNERS

Current Investments

Repaid Investments

Stay Connected

Stay Connected