FUNDRAISING UPDATE

Realize Fund I Attracting Private Investors

October 21, 2025

Our plan when structuring Realize Fund I was always to use the Government of Canada investment to spur on private investment. A blended private-government capital fund structure would, we felt, help to overcome some barriers for private investment, supporting systemic growth in the social finance market (our Theory of Change talks more about this).

Today we have announced a $25M investment into Realize Fund I, part of a larger private capital raise to date of $85M. These investments reflect the growing institutional interest in Canada-first impact investing and the power of a blended finance structure.

We’ve secured the largest Canadian university investment to date into a private impact fund.

The investment comes from the Concordia University Inter-Generational Fund:

“This was a big step for us. Making a $25 million investment into a private impact fund is not a decision we took lightly. But at the same time, the decision was intuitive because we are investing in the positive Canadian future that we aim to cultivate through all our university activities. As well, we are driving forward the commitment we announced last April for the endowment fund to be in 100% sustainable investments. Realize Fund I aims to deliver long-term financial security and inter-generational positive outcomes, and it aligns with our values and endowment strategy. We’re proud to have invested.”

– Marc Gauthier, Chief Investment Officer, Concordia University

Concordia’s investment reflects growing institutional interest in Canada-first impact investing

We believe this commitment from Concordia signals a tipping point. More and more, Canadian institutions are prioritizing investing in Canadian economic sovereignty and innovation in order to create a more resilient, inclusive Canadian economy.

Canadian asset owners and asset managers are under increasing pressure to invest in positively impactful ways that benefit Canadian communities and Canada’s natural environment. Within this context, some private investors are committing to impact investing for the first time – in fact, two thirds of Realize Fund I’s 17 LPs to date are first-time impact investors. These investors range from large institutions like Roynat, a division of Scotiabank, to venture investors like prominent founder and investor Patrick Lor, Managing Partner of Panache Ventures:

“I am glad to be an early investor in Realize Fund I – providing both an opportunity to affect positive long-term change in Canadian communities and with Canadian businesses, while also targeting a strong risk-adjusted return given the de-risked structure of the fund.”

– Patrick Lor, Managing Partner of Panache Ventures

So far, we’ve raised $85M from private investors. Realize Fund I will hold its final close on or before March 31, 2026. Connect with Ben Rabinovitch, Head of Relationship Management, to learn more.