IMPACT INVESTMENT TEAM IN CANADA
Staff and advisorS
Senior Leadership Team
Upkar Arora, FCPA, FCA, ICD.D
Chief Executive Officer
Kelly Gauthier, MBA
President
Marc Foran, MBA, CFA
Chief Investment Officer
Investment Team
Lars Boggild, CFA
Portfolio Manager, Realize Fund I
Karolina Iaydjieva, CFA, CAIA
Portfolio Manager, Custom Impact Portfolios
Alexandra Lee, CFA, CPA, MBA
Portfolio Manager, Custom Impact Portfolios
Chelsea Longaphy, CIM
Portfolio Manager, Custom Impact Portfolios
Ammara Shirazi, MBA
Head, Investment Research
Pierre-Laurent Macridis, MSc
Manager, Private Investment Research
Skye Noh
Junior Associate, Private Investment Research
Company Operations
Ragen Mangal, CPA, CGA
Head, Finance, Operations and Compliance
Monika Anand
Manager, Operations
Guillermo Zepeda
Senior Portfolio Administrator
Tarini Sharma
Portfolio Administrator

Aiman Hashmi
Accountant
Ben Rabinovitch, MBA
Head, Relationship Management
Johny Maung, MBA
Manager, Community Investing and Market Building
Bharat Maheshwari
Associate, Market Building
Sahil Arora
Associate, Operations
Ryan Clancy, CPA, MPPAL
Head, Impact Management
Kate Gatto, MEd
Manager, Impact Management
Sohailia Saywack, MGA, MA
Senior Associate, Impact Management
Ashley Mutasa
Senior Associate, Impact Management
Estelle Taylor
Head, Reporting and Communications
Stéphanie Bernier-Monzon
Senior Associate, Communications
Sila Agiroglu, MES, MSc
Senior Associate, Impact Reporting
Katerina Nieboer
Associate, Impact Reporting
Interns
As part of our commitment to supporting a diverse, strong impact investing sector, we regularly host interns in the summer. This program is part of the Good & Well internship program.
Our Advisors
Our advisors augment the work of the board. This group of respected impact investing advisors and champions are committed to helping our clients get the most out of their investments.

Alexandra Baillie
President, Good & Well

Bernie Li
Partner, Antler Canada

Bill Young
Founder and President, Social Capital Partners

Bruce Shewfelt
President, Acuity Sales Inc.

Christie Stephenson
Executive Director, Dhillon Centre for Business Ethics, UBC Sauder School of Business

Ken McKinnon
Managing Director and Head of Real Estate Corporate Banking at TD Securities

Komal Bhasin
Founder, Insayva Inc.

Michael Sacke
20+ years of financial services experience

Nicholas Parker
Chairman, Parker Venture Management

Nilofer Ahmed
VP, Sales, Marketing & Insights, Motif FoodWorks

Sarah Doyle
Chief of Staff to the Director of UCL’s Institute for Innovation and Public Purpose

Ted Larkin
Over 40 years’ experience at senior levels in international finance, investment and sustainability

Upkar Arora, FCPA, FCA, ICD.D
Chief Executive Officer and Chief Compliance Officer
As the founder and CEO, Upkar is responsible for the overall strategy and vision of Rally, and nurturing the right culture to enable our people to flourish and deliver systems-changing impact, in alignment with our mission.
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 active in investing, financing, operating and advising companies, using innovative investment structures in the public and private markets. Over his career, he has worked directly with some of Canada’s most successful and well-known families and philanthropists.
Upkar is an FCPA, FCA and holds the ICD.D designation from the Institute of Corporate Directors. Upkar has extensive governance experience, having served on the boards of organizations such as Meridian Credit Union, 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
President
As President, Kelly is responsible for leading the team and managing the business to enable Rally to grow. Kelly anchors Rally’s impact thought leadership both internally and externally.
For two decades she has helped clients create impactful portfolios. She has worked with a range of asset owners to design and implement their approach to responsible and impact investing, strategically aligning their investment and portfolio strategies with positive outcomes for people and the planet. Before joining Rally in 2012, Kelly was with Mercer in the responsible investing team. Kelly is an Investment Committee member for Prospera International Network of Women’s Funds and Coralus’ Venture.Fund. She is a former board member of the Responsible Investment Association.
“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.”

Marc Foran, MBA, CFA
Chief Investment Officer
Marc is responsible for Rally’s investment management services. He leads Rally’s multi-asset portfolio strategies and investments and is portfolio manager of the Rally Funds. He ensures our investment process is structured to deliver strong impact and financial performance.
With two decades of experience in the financial services industry, Marc has a diverse background in managing global funds and portfolios consisting of direct and fund investments in public equities, bonds, alternative investment strategies and assets, and private equity investments. Prior to Rally, Marc was a Senior Portfolio Manager with British Columbia Investment Management Corporation, responsible for managing the firm’s $1.5 billion Global Thematic Fund.
“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.”

Karolina Iaydjieva, CFA, CAIA
Portfolio Manager, Custom Impact Portfolios
Karolina leads engagements with Rally’s clients, including design, implementation, measurement and management of impact investment mandates. She serves as Portfolio Manager for clients with a Custom Impact Portfolio. Karolina’s previous impact investing experience includes working on the Sustainable Investing team at Addenda Capital, a large institutional asset management firm, as well as being an investment consultant for HNW families with impact investing mandates.
- Credentials: CFA Charterholder; CAIA Charterholder; SASB FSA credential holder; BCom Honours in Investment Management, McGill University
- Impact Outside Work: Chapter Leader, Toronto Chapter, Women Investing for a Sustainable Economy

Chelsea Longaphy, CIM
Portfolio Manager, Custom Impact Portfolios
Chelsea leads engagements with Rally’s clients, including design, implementation, measurement and management of impact investment mandates. She serves as Portfolio Manager for clients with a Custom Impact Portfolio. Before joining Rally in 2017, Chelsea worked as a consultant to help social enterprises leverage impact investing, sold community bonds at the Centre for Social Innovation and worked in ESG investment research at Corporate Knights Capital.
- Credentials: Chartered Investment Manager (CIM); Sustainable Investment Professional Certificate (SIPC); BCom, McGill University
- Impact Outside Work: Board member, Greenest City

Ben Rabinovitch, MBA
Head, Relationship Management
Ben helps to grow Rally’s business by supporting the team to develop and strengthen relationships with investors, advisors and partners from the financial services and impact investing sectors. Over the last 10 years, Ben has worked across the impact sector in social services, health and environmental organizations, with experience in fundraising, relationship management and operations. Most recently, he led the operations for Canada’s first Social Impact Bond in the healthcare sector.
- Credentials: MBA, Schulich School of Business, York University; BSc, University of Guelph
- Impact Outside Work: Steering Committee Member, Nature Investment Hub; Advisory Committee Chair, YMCA of Simcoe/Muskoka

Ammara Shirazi, MBA
Head, Investment Research
Ammara has been spearheading our investment research since joining us in 2017, focused on centring equity within investment decision-making processes. Having developed extensive outbound origination channels, strong relationships with product issuers and highly refined due diligence skills, she leads her team to source and monitor high-quality deals that enable our clients to place their capital in line with their investment goals. Prior to joining Rally, Ammara worked at Grand Challenges Canada and CIBC.
- Credentials: MBA, Schulich School of Business, York University
“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.”

Estelle Taylor
Head, Reporting and Communications
Estelle is responsible for our public communications and client reporting, 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 the whole of her 30-year career strengthening values-based organizations, in the environmental, international development and social services fields.
Credentials: Bachelor of Journalism, Carleton University
“My Rally teammates are demonstrating how we all can invest in alignment with our values, and so create large positive impact. I love sharing their work and communicating that message.”

Sahil Arora
Associate, Operations
Sahil supports our operations team in building effective systems for business development, fundraising and personnel management.
Impact has been the central focus of Sahil’s career, previously working with Canadian and international social enterprises, development organizations and nonprofits including the World University Service of Canada, Agova and JDRF.
- Credentials: Bachelor of Public Affairs and Policy Management (Development Studies), Carleton University
- Impact Outside Work: Operations Coordinator, Shukrana Foundation

Laurel Dao
Public Investment Research Associate
Laurel supports our investment team, researching public investments, analysing financial information and identifying investment opportunities that fit into our impact themes. Laurel’s experience includes working on emerging markets and Canadian equities mandates at BCI and Fiera Capital.
Credentials: BBA in Finance from Simon Fraser University

Monika Anand
Manager of Operations
Monika oversees portfolio operations for the Custom Impact Portfolios, Realize Fund I and the Rally Funds. She joined Rally in 2023, bringing seven years of experience in the Canadian wealth management industry. With a diverse background in various operational roles, she is dedicated to developing and refining operational processes for client success.
- Credentials: BSc., University of Toronto
“I joined Rally to do my part in helping expand the impact made with capital. There is a lot of learning and growth needed in this space and I am inspired to join that effort.”
Monika is on parental leave.

Sila Basturk Agiroglu, MES, MSc
Senior Associate, Impact Reporting
Sila plays a key role in impact data collection and analysis. Sila helps our research teams and our clients to understand the impact of individual investment products and full portfolios, through varied impact measurement, management and reporting tasks.
Sila joined Rally in 2023 with five years of experience in climate finance, project finance and equity research at the European Bank for Reconstruction and Development and an asset management company focused on emerging markets. Sila’s previous data analysis experience includes working on national ecological footprint and biocapacity accounts.
Credentials: Master in Environmental Studies (MES), York University; MSc in Energy Technologies and Management, Sabanci University; BA in Management, Bogazici University
Impact Outside Work:
- Common Approach to Impact Measurement, Member of the Board of Directors
- Canada Forum for Impact Investment and Development (CAFIID), Membership Engagement Committee and IMM Committee Member
“Being part of Rally Assets gives me a space to be a part of the solution to address the pressing global problems. I am excited to contribute to the journey of our clients and the wider impact investing ecosystem in Canada with robust impact reporting practices.”

Ryan Clancy, CPA, MPPAL
Head, Impact Management
As Head of Impact Management, Ryan leads the integration of social and environmental performance into our decision-making. He drives the development of impact frameworks to advance our leadership in impact measurement and management within the impact investing space.
With over 15 years of experience working across business, finance, government and nonprofits, Ryan has a deep understanding of how to align investment strategies with measurable positive outcomes. His expertise as a CPA and policy evaluator enables him to ensure that impact is measured with the same rigor as financial performance.
Ryan anchors thought leadership on impact, sustainability and ESG, helping organizations leverage their impact to drive long-term value.
- Credentials: Chartered Professional Accountant; Master’s Degree in Public Policy, Administration, and Law (with a formal focus on policy and program evaluation), York University.
“We must elevate social and environmental impact to the same level of importance as financial performance if we are to create meaningful, sustainable change.”

Lars Boggild, CFA
Portfolio Manager, Realize Fund I
Lars is the Portfolio Manager for Realize Fund I, our mandate under the Social Finance Fund. Lars is responsible for private investment research, portfolio construction and strategy and portfolio management across this private market fund.
Lars brings over a decade of experience to this role from both the demand and supply sides of the impact investing market. He’s built products and raised meaningful capital, and also been an investor allocating and deploying capital. Lars was most recently an Impact Investment Manager at Vancity, where he was responsible for managing a diverse portfolio of investments in Canadian impact-focused funds.
- Credentials: CFA Charterholder; BA Honours in Environment, Sustainability, and Society and Political Science, Dalhousie University; Graduate Diploma in Social Innovation, University of Waterloo
“I am excited by the potential of Realize Fund I, and Rally’s work as a whole, to contribute to a vibrant Canadian sector delivering more socially just and environmentally sustainable outcomes for communities across the country.”

Alexandra Lee, CFA, CPA, MBA
Portfolio Manager, Custom Impact Portfolios
Alexandra leads engagements with Rally’s clients, including design, implementation, measurement, and management of impact investment mandates. She serves as Portfolio Manager for clients with a Custom Impact Portfolio. Alexandra brings over two decades of investing experience in private equity and leverage finance, working at leading banking and non-banking financial institutions as well as being a consultant to small and medium-sized organizations to find ways to become more impact oriented.
- Credentials: Executive Education, Impact Investing Programme, Saïd Business School, University of Oxford; MBA, McMaster University; CFA Charterholder; Certified Public Accountant, Certified Management Accountant
- Impact Outside Work: Financial literacy volunteer with CPA Canada; board member, The Tyndale Foundation

Pierre-Laurent Macridis, MSc
Manager, Private Investment Research
Pierre-Laurent conducts private investment research for client portfolios, including deal sourcing, due diligence and post-investment monitoring activities. In addition, he anchors Rally Asset’s presence in Québec, supporting our client engagement and sector-building efforts in the province.
Prior to joining Rally in 2023, Pierre-Laurent served as Associate Principal at Fondaction where he invested in emerging impact fund managers, supported the creation of the firm’s large-scale impact asset management company and managed its underlying portfolio of six impact funds.
- Credentials: MSc – Renewable Resources, McGill University; BCom – Economics, McGill University
- Impact outside work:
-
- Réseau Capital – New Generation committee, VP Outreach, Diversity & inclusion, and sustainable finance
- Montreal Propel Impact Fund, founding investment committee member
“I’m thrilled to be able to support Canada’s growing impact investing sector. By helping bridge the gap between the supply and demand of impact capital when it matters most, I’ll be supporting emerging impact managers as they attempt to tackle social and environmental issues at scale.”

Ragen Mangal, CPA, CGA
Head, Finance, Operations and Compliance
Ragen plays a key role at Rally, responsible for ensuring strong finance, operations and compliance policies and procedures. Ragen joined Rally in 2023 with 25 years of experience in the investment management industry, having overseen all aspects of corporate finance and reporting. He has extensive experience managing regulated investment firms’ operations, projects and compliance functions.
- Credentials: Chartered Professional Accountant, Certified General Accountant, Honours BCom, Laurentian University

Skye Noh
Junior Associate, Private Investment Research
Skye helps the private investment research team to source deal flow, conduct due diligence, manage relationships with product issuers and support client engagements. Prior to joining Rally, Skye completed internships within the social innovation and finance space, most notably at InBC Investment Corp.
- Credentials: BBA – Sustainable Business (joint major with concentrations in finance and operations), Simon Fraser University
- Impact Outside work: Young Board Director, Fora’s Rise on Boards Cohort

Johny Maung, MBA
Manager, Community Investing and Market Building
Johny manages the community investing strategy for Realize Fund I, our mandate under the Social Finance Fund. By building community partnerships and investments he is supporting the development of Canada’s social purpose sector and social finance market.
Over the last 12 years, Johny has worked in emerging economies on topics such as sustainable finance, economic development and climate change adaption and mitigation. Most recently, Johny worked as an investment associate for Grand Challenges Canada and as a senior associate at Convergence Blended Finance.
- Credentials: MBA, INSEAD; Master of Development Studies, University of Melbourne; BBA, University of Dhaka

Sohailia Saywack, MGA, MA
Senior Associate, Impact Management
Sohailia plays a key role in the delivery of IMM programming within the Social Finance Fund, supporting partnership management and leading learning initiatives tailored to Social Finance Fund participants. Internally, she advances our IMM capabilities by implementing cross-functional enhancements and integrating IMM best practices into our investment operations. Prior to joining Rally in 2024, Sohailia was an Oversight Analyst for Morningstar Sustainalytics’ ESG Risk Ratings where she contributed to quality assurance and governance of ESG assessments. She brings a diverse portfolio of experience advising Canadian and international organizations on impact-driven strategy and program design. Her experience spans educational programming with an impact focus, gender-lens investment frameworks, social impact measurement and evaluation, and climate resilience strategies.
- Credentials: Master of Global Affairs (Specialization in Global Development), University of Toronto; MA, Western University
- Impact Outside Work: Director of Economy Zero Group, consultant at Openly Inc
“I’m excited to be a part of Rally’s efforts to build capacity around impact measurement and management in the Social Finance Fund. By enhancing these skills, organizations can feel empowered to more accurately assess how they are driving meaningful change for people and the planet and ensure capital is allocated to make a difference where it matters most.”

Kate Gatto, MEd
Manager, Impact Management
Kate is dedicated to advancing the practice of IMM among social finance intermediaries and social purpose organizations as part of our market-building work for the Social Finance Fund. She is leading partnerships and designing a comprehensive suite of IMM programming that is responsive and relevant to the variety of contexts across the Canadian impact investing market. Kate has deep experience in the social purpose sector, including more than a decade designing, delivering and measuring social impact programming across a variety of social issues. Prior to joining Rally, Kate was part of the ESG & Corporate Citizenship team at RBC, stewarding community investments for social impact with purpose-driven organizations across Canada and leading a suite of scholarships for equity-deserving youth.
- Credentials: MEd (specialization in the social and cultural contexts of education), Brock University
- Impact Outside Work: Board Member, The Centre for Global Education; Mentor, Map the System Canada at Humber College
“At Rally, we are working with a diversity of partners and stakeholders to change capital systems to deliver sustainability, equity and justice for all; and to deliver better outcomes and more impact. Operationalizing systems change means taking on big, bold, exciting and disruptive initiatives like the Social Finance Fund (SFF). It is a privilege to have the opportunity to listen to and learn from people at every level of the capital and impact chain in the SFF, and to work in relationship with them on our IMM programming.”

Tarini Sharma
Portfolio Administrator
Tarini supports our portfolio operations, working closely with key stakeholders to build resilient processes and deliver impactful results. She joined Rally in 2024, coming from the Spring Collective as an Investment Associate. Before making the transition to impact investing full time, Tarini was a buyer for large Canadian retailers, leading end-to-end business growth while embedding strategies of social impact within the organization. She also has extensive experience working with nonprofit and community-based organizations.
- Credentials: BA, McGill University (financial economics)
- Impact Outside Work: Business Development Committee Member, Canada Forum for Impact Investment and Development (CAFIID)
“My passion lies in bridging the gap between profit and purpose – we cannot have one without the other. Working at Rally allows me to be part of growing the impact investing space at all levels and building a regenerative economy that drives sustainable growth for all.”

Stéphanie Bernier-Monzon
Senior Associate, Communications
Stéphanie helps communicate our leadership and the value and effectiveness of our work through engaging communications and reporting. She joined Rally in 2024, bringing six years of experience in popularizing and storytelling impact measurement and impact investing at impak Finance, a Montreal-based fintech. Stéphanie also has extensive experience working with feminist nonprofits.
- Credentials: BSc. Anthropology, Université de Montréal, PG Dip. Translation, Université de Montréal and McGill University
- Impact Outside Work: La CORPS féministe Editorial Committee Member

Bharat Maheshwari
Associate, Market Building
Bharat supports the market building strategy for Realize Fund I. He works closely with emerging fund managers and capacity-building providers to support greater investment readiness in the Canadian social finance market and enable more robust capabilities for impact investing.
Before joining Rally, Bharat managed programs at Innovate Calgary, engaging with ventures in social innovation, life sciences and energy transition and contributed to investment due diligence and fund operations with the UCeed Social Impact Fund. He brings a blend of experience across social impact, purpose-driven entrepreneurship and finance.
- Credentials: BCom – Finance and Sustainability & Social Impact, University of British Columbia
- Impact Outside Work: Director of Business and Finance with AICP Foundation, a nonprofit helping low-income amputees in developing countries

Guillermo Zepeda
Senior Portfolio Administrator
Guillermo coordinates and supervises portfolio operations at Rally Assets, which he joined in 2025. With over a decade of experience in financial analysis and 18 months of experience in the impact investing sector, he is committed to optimizing and enhancing operational processes to ensure client success.
- Credentials: MIM, INCAE Business School, MBA, Bentley University, BEng

Ashley Mutasa
Senior Associate, Impact Management
Ashley supports impact measurement and management across the organization, creating meaningful pathways to data-driven decision-making that integrates social and environmental performance. Additionally, she plays a role in our IMM programming in the Social Finance Fund by leveraging her expertise to empower social finance intermediaries to drive sustainable impact. Before joining Rally, Ashley honed her data analytics skills and passion for leveraging data to create meaningful impact at Mastercard, where she also contributed to pro bono social impact initiatives, helping Canadian nonprofits strengthen their data capabilities. Additionally, Ashley brings experience from Grand Challenges Canada, where she supported the development of impact models and led monitoring and evaluation efforts for global health innovations.
- Credentials: Honours BSc (specialization in neuroscience and minor in statistics), University of Toronto
“Having grown up in Sub-Saharan Africa, I’ve seen how meaningful change comes from investing in people and communities. That’s why I’m passionate about embedding social and environmental impact into decision-making to drive lasting progress.”

Katerina Nieboer
Associate, Impact Reporting
Katerina helps develop and implement our impact data collection processes in order to produce impact results, visualizations and insights so that clients can understand the impact of portfolios. Katerina joined Rally Assets in 2025, bringing a background in ESG analysis from her previous role at Sustainable Fitch.
- Credentials: BCom – Finance, University of British Columbia