The team

Upkar Arora, FCPA, FCA, ICD.D

Chief Executive Officer, Chief Compliance 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’s board service includes Vancity Community Investment Bank, University of Waterloo and Metrolinx. He is an FCPA, FCA, a BMW Foundation Global Responsible Leader, an adjunct lecturer and holds the ICD.D designation from the Institute of Corporate Directors.

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.”

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

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 oversees Rally’s advisory services and leads its client services team. For 17 years she has worked with a range of asset owners to design and implement their approach to responsible investing and impact investing. Before joining Rally, Kelly was with Mercer in the responsible investing team. Kelly is a board member of the Responsible Investment Association.

Steve Harding

Director, Relationship Development 

“After spending 35 years building relationships to help families steward their wealth for future generations, I’m now using those skills to help steward wealth to make a positive impact to ensure there is a world worth inheriting for future generations.” 

Steve oversees our business development strategies and takes a lead on developing and enhancing our client relationships.

Coming most recently from an investment advisory firm, before that Steve worked with RBC Wealth Management – International for 24 years in a variety of senior positions, using his strong communication and relationship development skills to develop trust and respect with clients, advisors and stakeholders to deliver or exceed expectations.

Steve is a member of the Society of Trust and Estate Practitioners and is currently enrolled in the Family Enterprise Advisor program with the Family Enterprise Xchange.

Karolina Kosciolek, CFA, CAIA

Manager, Client Services

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.

Nikki Kwan

Associate, Client Services

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.

Chelsea Longaphy, CIM

Director, Client Services

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.

Kate Murray

Director, 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.

May Niu, CFA

Senior Associate, Public Investment Research

“Laws and impact frameworks can only guide us; it is up to each of us to walk the talk. I believe that collectively, our efforts will make a difference.”

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. 

Ammara Shirazi, MBA

Director, Client Services

Lead, Private Investment Research

“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 investable 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. She is a board member of Access Community Capital Fund.

Estelle Taylor

Manager, Marketing and Comunications 

“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. For the past two decades she has also served on the boards of numerous community-building nonprofits.

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.

Alexandra Baillie

  • President, Good & Well
  • Co-Chair of the Board of Canadian Stage
  • Vice Chair of the Art Canada Institute.
  • Degrees from Queen’s University, Yale University, and Harvard Business School


Bernie Li

  • Venture Partner, Revel Partners
  • Co-Founder, PURE Energies (acquired by NRG Energy)
  • Past Board Member & Treasurer, Centre for Social Innovation
  • Investor and Advisor, Flow Water
  • Board Member and Investor, Vizetto Inc.


Nicholas Parker

  • Chairman, Parker Venture Management
  • Board Chairman, Drashta Ventures
  • Advisory Committee Member, GRE&T Centre, Alectra
  • Co-Chairman, Centre for Mindfulness Studies
  • Distinguished Fellow, Asia Pacific Foundation of Canada

Michael Sacke

  • 20+ years of financial services experience, advising nonprofit organizations and charities to develop alternative funding strategies to create long-term sustainability

Christie Stephenson

  • Executive Director, Dhillon Centre for Business Ethics, UBC Sauder School of Business
  • Board Member, UBC Staff Pension Plan
  • Board Member, Vancity financial cooperative
  • Past Manager, ESG Evaluation & Research, NEI Investments

Jim Wilson

  • Executive Vice President of Corporate Services and Compliance at Triovest
  • More than 25 years of business and real estate experience, including senior leadership roles and providing financial and strategic advisory services

Bill Young

  • Founder and President, Social Capital Partners
  • CEO, Hamilton Computers
  • Chairman and CEO, Optel Communications
  • MBA, Harvard Business School
  • Member of the Order of Canada


  • Drop files here or
    Accepted file types: pdf.
  • This field is for validation purposes and should be left unchanged.

Rally Assets

141 Adelaide Street west, Suite 230

Toronto, ON M5h 3l5

416 861 1717