Social Impact Investing

Fund II
$250k | Equity — limited partnership investment
Initial investment made July 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.

Urban economic development programs
$300K | Debt — loan
Initial investment made June 2022
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. Toronto Foundation’s investment supports: 

• National Housing Council: informing recommendations on core housing need and homelessness via stakeholder consultations. 
• Office space conversions: identifying underused offices to convert into residential units, developing policy and recommendations to scale conversions.  
• My Main Street Community Activator: helping revitalize local neighbourhoods and drive post-COVID economic recovery across southern Ontario. 
• GTHA housing data inventory: collecting housing and homelessness data to support intergovernmental policymaking and advocacy. 

Energy Efficiency Readiness Initiative
$250k | Debt — loan
Initial Investment made June 2020 
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%.

$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.

Preserve and Protect Program
$150K | Debt — loan
Initial investment made March 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

Raven Indigenous Fund L.P.

$1M Equity – limited partnership investment in Fund I

$625k – limited partnership investment in Fund II

Initial investment made December 2020
Work (primary), Income & Wealth, Environment (secondary/tertiary)

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

Raven has so far offered two limited partnership funds through which investments will flow to Indigenous enterprises.

• Fund I is focused on opportunities in technology, clean energy, sustainable foods, and natural products, all contributing toward economic reconciliation. They are screened through a unique Indigenous impact lens and the Fund focuses on deal sizes that range from $250K to $2.0M.
• Fund II will have up to 49% investments in US Indigenous-led and owned companies, with the remainder invested here in Canada, aiming for a total of 16-18 investments, with between $2M and $5M invested per company.
• Both Funds offer a combination of bespoke technical/managerial assistance to support a new and growing 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.

$250k | Debt — loan
Initial investment made April 2018; re-issued March 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.