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’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.

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 delivery 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 and Access Community Capital Fund.

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.

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

“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. 

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.”

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, Canadian Business for Social Responsibility
  • 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


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Rally Assets

141 Adelaide Street west, Suite 230

Toronto, ON M5h 3l5

416 861 1717