The team

Upkar Arora, FCPA, FCA, ICD.D

Chief Executive Officer

As CEO and an impact investor, Upkar brings sophisticated expertise in business, capital markets and finance from working with companies of all sizes, at different stages, sectors and geographies. Over the past 35 years, he has been engaged in innovative debt, equity, and hybrid finance solutions in the public and private markets and complex mergers, acquisitions, restructurings and dispositions in excess of $20 billion.

Upkar serves or has served on the Boards of several organizations such as Vancity Community Investment Bank, University of Waterloo and Metrolinx. He is a BMW Foundation Global Responsible Leader and an adjunct lecturer at the University of Waterloo.

Kelly Gauthier, MBA

Managing Director and Partner

“I know capital markets have the power to solve today’s toughest global challenges. We are out of time and excuses – we must do better for our planet and for ourselves.”

Kelly Gauthier leads Rally’s client delivery team. She works with a range of asset owners to design and implement their approach to responsible and impact investing, strategically integrating responsible and impact investing into their existing investment and portfolio strategies. She has over 17 years of consulting experience covering both Responsible Investing and Impact Investing and has advised more than 30 market-leading investors. Before joining Rally, Kelly was with Mercer in the Responsible Investing team. 

Marc Foran, MBA, CFA

Chief Investment Officer

“I’ve seen first hand the ever-increasing need to make meaningful impact on a global scale. I joined Rally to be a part of a leading, innovative and dedicated team that can effect such change.”

Marc is responsible for leading Rally Assets’ multi-asset portfolio strategies and investments. With 18 years of experience in the financial services industry, Marc has a diverse background in managing global portfolios consisting of public stocks, fixed income, alternative assets and private equity investments. Prior to Rally, Marc was a portfolio manager with British Columbia Investment Management Corporation, responsible for managing the firm’s $1.5 billion Global Thematic Fund. He currently sits on the Board of Directors of Heirloom Investment Fund, a spinoff of Kestrel Capital.

Inya Ivkovic

Chief Compliance Officer

“Rally Assets’ passion and drive to effect real change through impact investing is infectious and truly inspiring.

Inya has over 20 years of experience in the financial industry as an investment advisor, securities industry educator, financial writer and compliance professional. Her primary focus is supervision and oversight of compliance activities on behalf of Rally Assets’ internal and external clients, the firm’s regulatory compliance, and implementation of best industry practices. Inya came to Rally after 11 years with State Street Global Advisors, Ltd., (“SSGA Canada”), where she was the firm’s Chief Compliance Officer. 

Kate Murray

Director of Impact Management

Kate is responsible for our impact management framework with a focus on impact investment strategy, portfolio development and impact management and reporting. Kate was previously the Chief Impact Officer of the Impact Investment Group, a funds management company with $730m in impact AUM, where she built the impact assessment, measurement and management framework across the firm’s investments. Kate has lived and worked in Canada, Vietnam, Australia and Zambia and is now settled permanently in Toronto, Canada.

Estelle Taylor

Marketing and Comunications Manager

“Investors and investments greatly influence people’s ability to thrive. I work here to help make that influence a positive one.

Estelle is responsible for our public communications, working to ensure we engage key audiences with compelling communications, and therefore grow the impact investing world as well as our place in it. She has spent almost her whole 25-year career strengthening values-based organizations, in the environmental, international development and social services fields. She has served on the boards of numerous community-building nonprofits.

Ammara Shirazi, MBA

Senior Consultant

“Traditional investing has not contributed to solutions that address pressing social and environmental issues. I joined Rally Assets to help asset owners and asset managers take a holistic approach to moving capital into investments that create a positive impact.”

Ammara is leading and advising clients on mobilizing their investible assets toward greater impact. Prior to joining Rally, Ammara was an Investment Analyst with the Transition to Scale team at Grand Challenges Canada and was involved in all aspects of the investment process. Before making the switch to impact investing, Ammara spent five years working at Canadian financial institutions. 

Chelsea Longaphy

Senior Consultant

Chelsea divides her time between leading client engagements in the Impact Advisory practice as well as supporting the firm’s regulatory, compliance, and client process management. Prior to Rally, Chelsea worked at the Centre for Social Innovation, where she supported the acquisition of 192 Spadina and worked on numerous Community Bond campaigns and in ESG investment research at Corporate Knights Capital. She holds a Bachelor of Commerce from McGill University.

Karolina Kosciolek, CFA, CAIA


Karolina has over five years of experience with Impact Investing, most recently at Addenda Capital Inc., a large institutional asset management firm. Previously she was an investment consultant for high-net-worth families. She earned her Honours BCom degree in Investment Management from McGill University. She also serves on the board of Arraymusic, a leading Canadian contemporary music company.

Maya Niu, CFA

Investment Research Associate

Maya supports our Chief Investment Officer in designing customized portfolio strategies across asset classes through thematic fundamental research and investment manager research. Prior to Rally Assets, Maya worked at NEI Investments where she was part of the Asset Allocation Committee and conducted investment manager research with ESG integration. Maya holds Masters of Finance and Bachelor of Commerce degrees from Queen’s Smith School of Business. 

Nikki Kwan


A recent graduate of Western University’s Ivey Business School, Nikki brings her experience in the Asian social finance space at the Asian Venture Philanthropy Network as well as in the Canadian landscape working on various projects with social enterprises, investment funds, social impact bonds, impact assessment systems, and social finance intermediaries.

Our Advisors

We work with a group of respected impact investing advisors and champions who are committed to helping our clients get the most they can get out of their investments.”

Andrea Nemtin

Andrea is a shareholder and was Rally’s Executive Director until the end of 2019 after which she continues to serve as a strategic advisor to the firm. She has an accomplished career in strategic philanthropy, impact investing and social innovation. As the Founding President and CEO of Inspirit Foundation, she led her team to launch the foundation’s first roadmap towards a 100% impact-investing portfolio. In 2017, Andrea received a Governor General’s Meritorious Service Award for her contribution to Inclusion in Canada.

Alexandra Baillie

Alexandra Baillie is President of Good & Well, a Canadian impact venture firm, where she serves as director to social purpose businesses. Prior to this, Alexandra spent several years building a renewable resources and power development company in Liberia; drove policy negotiations for the United Nation’s Convention on Biodiversity, establishing the first initiative to engage the private sector; and coordinated a pioneering partnership to green the 2002 UN World Summit on Sustainable Development. Alexandra holds degrees from Queen’s University, Yale University, and Harvard Business School. She is Co-Chair of the Board of Canadian Stage and Vice Chair of the Art Canada Institute.

Christie Stephenson

Christie Stephenson is the Executive Director of the Dhillon Centre for Business Ethics at UBC Sauder School of Business. She also serves on the boards of Canadian Business for Social Responsibility and the UBC Staff Pension Plan ($1.8B AUM), the governance committee at BlueShore Financial, and is a faculty member of Directors College, where she teaches social finance. She previously spent 15 years working in responsible investment.

Bill Young

Bill Young is the founder of Social Capital Partners (SCP), an innovative non-profit, social finance company started in 2001. Throughout its history SCP has facilitated thousands of jobs for people who face employment barriers through social enterprise and the private sector by linking community hiring to attractive financing. Before founding SCP, Bill worked in the private sector, primarily as CEO of Hamilton Computers – later sold to GE Capital – and Optel Communications Corp. He began his career as a Chartered Accountant and holds an Honours BA from the University of Toronto and an MBA from Harvard. He sits on numerous boards and advisory boards involved in social finance and social innovation and is a Member of the Order of Canada.

Michael Sacke

Michael Sacke is a South African born impact investor who resides in Toronto, Canada. Michael advises and invests in social enterprises. Michael has over 20 years of broad financial services experience acquired in Canada, Switzerland and South Africa. Michael is a thought leader in advising non-profit organizations, and charities develop alternative funding strategies to create long-term sustainability.

Michael’s expertise has been attained by working in fiduciary outsourcing, investment consulting, asset management, financial engineering and insurance. Michael has a Master’s degree in Philanthropy and Non-profit Leadership from Carleton University, an Honours degree in Investment Management from the University of Johannesburg and a Bachelor of Commerce from the University of South Africa.


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Rally Assets

141 Adelaide Street west, Suite 230

Toronto, ON M5h 3l5

416 861 1717