Govt of Canada – Social Finance Fund Announcement
Canada Announces Milestone $800M Social Finance Fund
Assets (formerly Purpose Capital) applauds the Canadian government’s
commitment of $800 million to a new ten-year Social Finance Fund. This
fund will support the creation of a strong “social finance market” that
will allow more investors to support and finance solutions that tackle
our country’s greatest social and environmental challenges.
The Social Finance Fund is an important and necessary step towards closing the capital financing gap faced by organizations that deliver positive social outcomes. It is consistent with our strategy at Rally Assets which is responding to the increasing number of people and organizations who are seeking to align their investments with their values. There has been significant growth in the sector, however systemic gaps remain. This fund could be a key driver in bringing needed investable opportunities to Canadian investors.
The Social Finance Fund makes sense socially, environmentally and economically; it is expected to “support innovative solutions on a broad range of social challenges through a competitive, transparent and merit-based process,” while generating “up to $2 billion in economic activity, and help create and maintain as many as 100,000 jobs over the next decade.”
The fund, as part of a broader set of recommendations on the development of a social innovation and social finance strategy, was the result of a structured and rigorous process led by the Social Innovation and Social Finance Strategy Co-Creation Steering Group. As a market leader in the space for the past eight years, the team at Rally Assets has been pleased to participate in several rounds of consultation. Norm Tasevski, a co-founder of Purpose Capital, was a member of this Steering Group and contributed to the development of the strategy and recommendations for this fund.
We are grateful to everyone that worked on the initiative and want to give a special congratulations to our friends and colleagues who were members of the Steering Group: Ajmal Sataar, Allyson Hewitt, Brenda Zurba, Carl Pursey, Catherine Scott, David LePage, David Upton, Don Palmer, Francine Whiteduck, James Tansey, Lauren Dobell, Marie J. Bouchard, Nancy Neamtan, Norm Tasevski, Roselyne Mavungu, Stephen Huddart, and Tania Carnegie.
Stay tuned for additional details on the Social Finance Fund expected in early 2019. For further details, click the button below and scroll to”The Social Finance Fund” section of the Fall Economic Statement 2018.