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Infolettre CAFIID Newsletter
novembre / November 2025
Message de la présidente
Chers collègues,
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Je suis particulièrement ravie de lancer le rapport « État du secteur 2025 », accompagné d’événements à Toronto, à Montréal et en ligne. Nous espérons que vous vous joindrez à nous pour l’une ou l’ensemble de ces séances, alors que nous partagerons les principales conclusions et réfléchirons ensemble aux prochaines étapes pour notre écosystème. Ce rapport et ces lancements n’auraient pas été possibles sans le soutien généreux de nos commanditaires et partenaires : FinDev Canada, CRDI, Sarona, MEDA, EUMC, Kore Global, ET Jackson, Terre Plan, Supivaa et Fondaction.
Ce numéro contient de nombreuses nouvelles intéressantes de la part de nos membres, allant de nouvelles ententes et publications à des exemples inspirants de collaboration au sein de notre réseau. Nous sommes particulièrement heureux de mettre en lumière CrossBoundary, qui a partagé :
« Plus de 85 % de nos membres d’équipe sont basés dans les marchés où nous opérons et en sont principalement issus. Ce modèle ancré localement renforce la compréhension, améliore le déploiement du capital et consolide les capacités locales et les écosystèmes financiers. » Il s’agit d’un excellent exemple de la façon dont le leadership local favorise un impact mondial.Nous sommes également fiers de présenter deux de nos stagiaires, Cynthia Kutir et Mariapaz Pajares, dans une édition spéciale de notre segment«Bâtir des leaders de l’impact ». C’était notre première année à accueillir des stagiaires pour soutenir nos programmes, et leurs contributions ont déjà renforcé la capacité du CAFIID. Un Ggrand merci à elles!
Enfin, nous tenons à exprimer notre profonde gratitude à tous nos bénévoles, membres et partenaires, qu’ils contribuent à travers les communautés de pratique, les programmes ou l’engagement en ligne. Il faut une diversité de personnes et de points de vue pour connecter l’investissement d’impact canadien aux initiatives mondiales de développement durable.
Merci de faire partie de cette aventure avec nous, et au plaisir de renforcer encore davantage nos liens et notre impact collectif au cours des prochaines saisons.
Lindsay Wallace,
Présidente du conseil
Chair’s Message
Dear Colleagues,
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I’m especially excited to launch the 2025 State of the Sector Report, with events in Toronto, Montreal, and online. We hope you’ll join us at one (or all!) of these sessions as we share key findings and collectively consider the next steps for our ecosystem. This report and launch would not have been possible without the generous support of our sponsors and partners: FinDev Canada, IDRC, Sarona, MEDA, WUSC, Kore Global, ET Jackson, Terre Plan, Supivaa, and Fondaction.
This issue is full of exciting member updates, from new deals and publications to inspiring examples of collaboration across our network. We’re particularly happy to spotlight CrossBoundary, who shared “Over 85 percent of our team members are based in, and mostly from, the markets where we operate. This locally anchored model deepens understanding, enhances capital deployment, and strengthens local capacity and financial ecosystems.” — a powerful reflection of how local leadership drives global impact.
We’re also proud to feature two of our amazing interns, Cynthia Kutir and Mariapaz Pajares, in a special edition of our Building Impact Leaders segment. This was our first year hosting interns to support our programs, and their contributions have already strengthened CAFIID’s capacity - Thank you!
Finally, deep gratitude to all our volunteers, members, and partners — whether you contribute through communities of practice, programs, or online engagement. It takes a diverse range of people and perspectives to connect the dots between Canadian impact investing and sustainable global initiatives.
Thank you for being part of this journey with us - and here’s to building even stronger connections and collective impact in the seasons ahead.
Warm wishes,
Lindsay Wallace,
Board Chair
Meet a member:
CrossBoundary Group
Newsletter Archive
News
New CAFIID State of the Sector Report Finds Canadian Impact Investing in Emerging Markets Soars to over CAD 4.6 Billion
December 4, 2025 – Toronto, Canada The Canada Forum for Impact Investment and Development (CAFIID) announces the release of its 2025 State of the Sector Report, revealing Canadian impact investments in emerging markets and developing economies (EMDEs) have reached CAD 4.6 billion—a 114% increase since 2019 and a 13% CAGR based on a survey of CAFIID members.
Highlights
Key trends include:
Impact investing continues to grow despite negative headwinds.
Climate and nature-focused investing are central investment drivers.
Gender lens investing is now mainstreamed.
Impact measurement and management practices continue to standardize, but more work is needed.
Latin America (46%), Africa (34%), and Asia (16%) are key destinations for Canadian impact investors.
These trends align with broader movements among Canada’s G7 peers, many of whom, such as the UK, France, Germany, and the EU, continue to scale sustainable finance frameworks even as the United States has partially retreated from ESG-related policy. This divergence presents both a risk and an opportunity for Canada: the risk of falling behind global standards, and the opportunity to position Canadian investors as reliable partners in emerging markets, particularly as the federal government signals interest in diversifying trade and investment relationships beyond the US.
Based on the results of CAFIID’s survey, the significant growth has been driven primarily by Findev Canada and Global Affairs Canada.
FinDev Canada’s portfolio: Now exceeds CAD 1 billion, projected to reach CAD 4.8 billion by 2030.
Global Affairs Canada’s IAIP: Repayable finance portfolio expanded to CAD 849 million.
Leadership Perspectives
“We are excited to see the growth in Canadian impact investing into emerging markets, but more needs to be done to increase engagement by Canadian institutional investors.”
Lindsay Wallace, Board Chair, Canada Forum for Impact Investment and Development“Even in a challenging global context, we still have momentum and a community that believes in doing the right thing.”
Lori Kerr, CEO, FinDev Canada“You cannot think about any kind of economic development or social or physical infrastructure investment without considering blended finance and impact investing… it’s not only normalized, it is required.”
Patricia Peña, Associate Assistant Deputy Minister, Global Affairs Canada
Barriers & Call to Action
Scale Still Limited Relative to Market Size: Despite momentum, the report notes that Canada’s CAD 20 trillion financial system allocates only a small share to EMDE investments. Redirecting even 1% of national assets could unlock CAD 200 billion for sustainable development.
Policy and Market Gaps Remain: Regulatory uncertainty, market fragmentation, and outdated perceptions of EMDE risk persist, hindering broader institutional participation.
Coordinated Action Required: To accelerate capital mobilization and strengthen Canada’s global leadership, the report calls for action across five constituencies:
Government of Canada
Institutional Investors
Ecosystem Builders
CAFIID & Members
Individual Canadians
The report concludes that the foundational work is complete: blended-finance models are tested, standards are credible, and networks are strong. The next phase requires scale, coherence, and alignment amongst key players
Download the full report: www.cafiid.ca/stateofthesector
The Canada Forum for Impact Investment and Development (CAFIID) is a member-based organization with a mission to strengthen Canada’s contribution to global impact investing by connecting, sharing knowledge and advocating in Canada and internationally. With over 130 members, CAFIID seeks to increase the volume and value of Canadian impact investing into emerging markets and developing economies. For more information, please go to www.cafiid.ca
CAFIID and UNDP Forge Strategic Partnership to Advance Sustainable Finance
June 2025 – Toronto, Canada / Geneva, Switzerland — The Canada Forum for Impact Investment and Development (CAFIID) and the United Nations Development Programme (UNDP) have signed a Memorandum of Understanding (MoU) to accelerate collaboration and mobilize private capital for sustainable development.
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Together, the two organizations will:
Facilitate dialogue and knowledge exchange among global sustainable finance communities.
Co-create and co-deliver events and initiatives that promote inclusive and impactful finance.
Strengthen connections between Canadian stakeholders and global partners, especially in emerging and frontier markets.
“This partnership reinforces CAFIID’s commitment to fostering a connected and capable impact investing community,” said Lindsay Wallace, Chair of CAFIID. “We are pleased to collaborate with UNDP’s Sustainable Finance Hub to advance learning, innovation, and cross-border cooperation in support of the SDGs.”
“The SDG financing gap remains one of the greatest challenges—and opportunities—of our time,” said Şebnem Şener, Head of Private Finance for the SDGs at UNDP. “By linking Canadian impact investors with global sustainable finance ecosystems, this partnership will help unlock private capital and scale solutions that deliver measurable outcomes for people and the planet.”
UNDP works with governments, the private sector and civil society to mobilize, leverage and align capital with the SDGs. Through platforms such as the SDG Investor Platform and the SDG Impact Standards, UNDP equips stakeholders with practical tools to align financial flows with sustainable development outcomes.
CAFIID brings together a dynamic network of Canadian impact investors, development finance professionals and institutions committed to financing inclusive growth, particularly in emerging and frontier markets.
About CAFIID
The Canada Forum for Impact Investment and Development (CAFIID) is a membership-based network of Canadian professionals and organizations working to mobilize capital for sustainable development in emerging and frontier markets. CAFIID facilitates peer learning, collaboration and influence to strengthen Canada’s impact investing ecosystem.
About the UNDP Sustainable Finance Hub
The United Nations Development Programme (UNDP) is the UN’s lead development agency, working in 170 countries to eradicate poverty and reduce inequality. The UNDP Sustainable Finance Hub helps countries align public and private financial flows with the Sustainable Development Goals (SDGs), using UNDP’s global presence and policy expertise to support systems-level change in how finance supports climate, nature, and human development.
OP-ED: More impact investments to emerging markets needed to address the climate crisis and create good jobs
A major report released last December by the Canada Forum for Impact Investment and Development (CAFIID) shows significant growth in impact investing in emerging markets over the past two years. However, there is a need for even greater flows of responsible and impact investment capital to emerging markets to address the growing climate crisis and grow sustainable employment opportunities for the billions of people affected by the dual climate and COVID crises.
Éditorial: Davantage d’investissements d’impact sont nécessaires pour faire face à la crise climatique et créer des emplois décents dans les pays émergents
Un important rapport publié en décembre dernier par le Forum canadien sur l’investissement d’impact et le développement (CAFIID) révèle une croissance importante de l’investissement d’impact dans les marchés émergents au cours des deux dernières années. Cependant, il est nécessaire d’accroître encore les flux de capitaux d’investissement responsables et d’impact vers les marchés émergents pour faire face à la crise climatique croissante et créer des opportunités d’emploi durables pour les milliards de personnes touchées par la double crise du climat et de la COVID.
Press Release: A major Report confirms Canadian Global Impact Investing assets under management reached $3.5 billion in 2021
Toronto/Montreal, December 1, 2021 – A major Report released by the Canada Forum for Impact Investment and Development (CAFIID) highlights the critical importance of impact investing as a tool to leverage entrepreneurial resilience and build back better post-pandemic in emerging markets and developing economies.
CAFIID’s 2021 Report confirms an overall positive trend for Canadian impact investors with a 70 percent increase since 2019 in assets under management to $3.5 billion despite the pandemic. As in CAFIID’s inaugural 2019 Report, Sub-Saharan Africa, Latin America, and the Caribbean remain the top regions for Canadian impact investments.
Communiqué de presse: Un rapport majeur confirme les fonds d'investissement d'impact canadien à l’étranger atteignent 3,5 milliards de dollars en 2021
Toronto /Montréal, 1er décembre 2021 – Un rapport majeur publié par le Forum canadien pour l'investissement d’impact et le développement (CAFIID) souligne l'importance cruciale de l'investissement d'impact en tant qu'outil pour tirer parti de la résilience entrepreneuriale et reconstruire un meilleur avenir dans les pays émergents et en développement.
Le rapport 2021 de CAFIID confirme une tendance globale positive pour les investisseurs d'impact canadiens avec une augmentation de 70 % depuis 2019 des fonds sous gestion à 3,5 milliards de dollars, malgré la pandémie. Comme dans le premier rapport 2019 de CAFIID, l'Afrique subsaharienne, l'Amérique latine et les Caraïbes restent les principales régions pour les investissements d'impact canadiens.
Press Release: TIIP and CAFIID collaborating to reignite Canadian National Advisory Board on Impact Investing
Toronto, October 7, 2021 - Canada’s two leading impact investing umbrella organizations will collaborate to reignite a National Advisory Board on Impact Investing for Canada. Thanks to the work of the Table of Impact Investment Practitioners (TIIP) and the Canadian Forum for Impact Investment and Development (CAFIID), and others across the country including the MaRS Discovery District, which formerly convened the NAB, impact investing is growing in Canada. Building on the growing diversity and vitality of the sector, the re-launched National Advisory Board (NAB) will collaborate to advance the Sustainable Development Goals and in alignment with the UN Declaration on the Rights of Indigenous Peoples. The NAB will also enhance the presence of Canadian impact investing internationally, through its participation in the Global Steering Group for Impact Investment.
CAFIID Background Paper: The Nexus of Private Investment and International Development
Around 3,400 organizations with USD 103 trillion of Assets Under Management globally have signed up to the United Nations Principles for Responsible Investment. This signatories now represents around 30% of global financial assets. Amongst the 170 Canada-based signatories, 103 are investment managers and 54 are asset owners.
By: Chris Clubb, member of the Board of Directors of CAFIID and Managing Director of Convergence
Dealing with the COVID-19 Pandemic
Dealing with the COVID-19 pandemic and beyond is a defining imperative of our time. This thought leadership piece includes a survey of CAFIID members on the impact of the pandemic and the priorities for recovering and rebuilding to achieve sustainable and equitable growth.
Photo credit: Delaney Turney
Canadian Impact Investing in EFM
Landscape & Recommendations for Growth
CAFIID’s first Report on Canadian Impact Investing in Emerging and Frontier Markets.
A ground-breaking review of the Canadian impact investing landscape for international development; the volume of assets under management, the players, their strategies and the products.
The report also offers prescriptions for much-needed change to advance Canada’s corporate and financial market contributions to achieving the Sustainable Development Goals and the Paris Agreement on Climate Change.