CAFIID's 2021 Sector Report tracks the scale, trends, and outlook for Canadian impact investing in developing and emerging economies in 2020, building on CAFIID's baseline 2019 Report. Impact investments aim to generate measurable social, environmental, and financial returns, most often aligned to one or more of the Sustainable Development Goals (SDGs).

The Report profiles Canada's ecosystem – the players, their geographic and sector reach, how they deploy and measure investments, and much more. We identify critical areas of national leadership. Through extensive research and interviews with thought-leaders, we also lay out the challenges to be met to mobilize additional capital to meet the SDGs and CAFIID’s commitments to growing the sector.

Letter from From Co-chairs of the Advisory Board

On behalf of the CAFIID Advisory Board, we are delighted to share the State of the Sector Report 2021. 

The findings and recommendations in this Report highlight the importance of impact investing as a tool to leverage entrepreneurial resilience and build back better, post-pandemic, around the globe. Despite the significant challenges resulting from the global COVID-19 pandemic, this Report indicates there is much to be optimistic about impact investing, particularly in emerging markets and developing economies.

Impact investments seek to generate positive, measurable, social, and environmental impact, along with a financial return. As a community, CAFIID members believe that impact investments are critical to supporting economic growth and achieving the Sustainable Development Goals (SDGs) by fostering more prosperous, inclusive, and sustainable communities. While CAFIID's focus is on emerging and developing economies, we are part of a broader continuum of sustainable, responsible investing, which incorporates environmental, social, and governance factors (ESG) into the selection and management of investments. We are pleased to note that responsible investments have boomed in recent years in Canada and abroad.  

This Report confirms a 70 percent growth in Canadian impact investments to $3.5 billion since 2019. Similar to our previous 2019 report, Sub-Saharan Africa, Latin America, and the Caribbean remain the top regions for Canadian investments. Agriculture and financial services remain the top two sectors for investment and green growth, while renewables and health sector investments are increasing. 

Our research also highlights some of the areas in which Canada is leading the way. For example, Canada is a world leader in gender-lens investing which focuses on women as owners, leaders, clients, and employees of businesses receiving investment. We know that when women have more resources, they invest more in their families and that investing in women accelerates progress towards the SDGs. 

Almost three-quarters of survey respondents noted that they employ a gender lens to investment decisions. Canada's Development Finance Institution (DFI), FinDev Canada, has become a leader in advancing gender-lens investing through the 2X Challenge, which saw the G7 and other DFIs mobilize more than $11 billion in investments for women-empowering businesses since 2018.

We are also pleased to see that women make up a significant proportion of those working in the impact investing sector here in Canada, which we believe will drive greater gender-lens investing into emerging markets.  That said, we recognize there is more work to be done to measure and advance diversity in terms of employment within the sector in Canada. Moving forward, CAFIID will focus more resources on understanding and promoting diversity in our sector.  

As in the 2019 report, our research indicates that much of Canadian impact investment capital comes from public resources. Public and philanthropic capital is deployed to reduce risk, (making the deals more attractive to institutional investors), or help companies become more sustainable, resilient, and investment-ready. The Government of Canada plays a catalytic role in funding impact investing and is a leading voice advocating globally for greater leveraging of public funds by other countries to attract private investment into emerging markets and developing economies. While we have seen some early interest, Canadian stakeholders can learn from other jurisdictions about how best to de-risk investments to attract institutional investors into the sector. Case studies included in the Report are intended to inspire greater engagement by Canada's large asset owners.

A growing area of importance within the sector is the role of impact measurement and new disclosure requirements for environmental reporting. While we see growing alignment with common external frameworks, including the Sustainable Development Goals, over half of respondents continue to use customized metrics. Similarly, while respondents reported a wider use of gender-lens investing, more than half of those surveyed applied customized metrics.

With growing interest in responsible and impact investing, some respondents noted concern regarding impact washing, where firms report impact but are not transparent about the methodology for measuring that impact.  We hope that ongoing efforts to harmonize impact measurement and management practices, and to advocate for standardization, transparency and reporting will strengthen the integrity of impact investing.

The report also notes positive movements within the Canadian social and innovative finance community.  Platforms such as the Table for Impact Investment Practitioners, reflect momentum for impact investing as a tool for transformative social and environmental investments. CAFIID looks forward to engaging with peer organizations by establishing a National Advisory Board for Impact Investing. We hope this collaboration will encourage a more conducive regulatory environment for impact investing, support standardization of impact measurement and management approaches, and educate the traditional financial community and the broader public. We are also hopeful that there will soon be accessible retail products to help more Canadians participate in impact investing in emerging markets.

This Report marks a significant step forward for CAFIID and the impact-investing sector in Canada by providing a comprehensive view of the state of the sector in 2021. However, we know there is more work to be done. We also recognize that COVID-19 has hampered progress towards the SDGs, so it is with a sense of urgency that we encourage others to work with us to help us achieve our collective climate change goals. 

We would like to acknowledge our esteemed Advisory Board members who helped guide this year's State of the Sector Report. We thank them for their time and passion and recognize their critical roles in strengthening the impact-investing ecosystem in Canada and around the world.  

Lindsay Wallace and Paul Lamontagne
Co-Chairs, CAFIID Advisory Board

Letter from Chair of the Board, CAFIID

This is CAFIID’s second landmark report on the state of Canadian Impact Investing in emerging and developing countries. While it has only been two years since the inaugural report, the sector has advanced in strides and there is much to be optimistic about. For one, despite the pandemic, the volume of Canadian investments targeting positive impacts in developing countries has grown significantly, powered by the Government of Canada's Expanded Development finance instruments, as well as by the continued growth of Canadian impact asset managers. In addition, the global enthusiasm for sustainable finance has highlighted the importance of preserving the integrity of impact investing, and the need for increased transparency and harmonization, as well as for additional private investments for development. All of this presents leadership opportunities for Canada, namely in gender-lens investing and impact management, and of the critical role of blended finance to catalyze private capital in developing countries. 

While the report findings are encouraging, with only 8 years left to meet the Sustainable Development Goals, it has never been more urgent to scale up investments towards creating a climate resilient, gender inclusive, and economically sustainable world. We are far from the level of action and financing needed. Canada can - and must - step up its contributions to the global response required. And CAFIID is committed to being part of this, bringing the Canadian impact investing community together to:

1. Grow the ecosystem and catalyze more impact investing directed to developing economies;

2. Deepen diversity, equity and inclusion in the impact investment community and advance Canadian leadership in Gender Lens Investing; and

3. Enhance transparency and comparability in impact management to preserve and strengthen the integrity of impact investing.

When CAFIID was launched, we comprised a handful of organizations and individuals operating on the margins of the investing and development communities, convinced about the importance of private capital to address global issues, persuaded that investing to have positive social and environmental impacts could also yield good financial returns. Five years after our formalization as an association, CAFIID has grown in numbers, diversity, and strength, without losing our desire and ability to engage, collaborate and act. This is what makes us strong and what will enable us to take our sector to the next level, inspiring more investors to intentionally and measurably have positive impacts on people and the planet.

This report is the result of hundreds of hours from dozens of collaborators. On behalf of the CAFIID board, I want to extend our heartfelt gratitude to everyone who has contributed to this collaborative endeavor – in particular, our esteemed Advisory Board members, the research team, the volunteers, the project sponsors, and all the CAFIID members who shared data, experience, and insights into their investment approaches and portfolios.

Canada can be a driving force in the global impact investing for development movement, and meaningfully contribute to building back a productive, inclusive and sustainable future. We look forward to engaging with all of you to turn this report into concrete action.

Stéphanie Émond

Chair, Board of Directors, CAFIID

Assets Under Management

Gender Lens Investing Leadership

"A growing body of evidence suggests that identifying effective ways to support women as entrepreneurs, leaders, employees, and consumers will increase gender equity, reduce poverty, and promote more inclusive and robust economic growth. Women in the global economy today represent a growth market bigger than China and India combined." 2XChallenge.org

Over 70 percent of CAFIID respondents use a gender-lens investing (GLI) screen when evaluating deals, and more than half apply customized GLI metrics. This compares favorably to global counterparts who, according to the GIIN 2020 Annual Impact Investor Survey reported 56 percent of global impact investors using GLI screens.

Measurement Frameworks

Disclosing data consistently and clearly is central to impact investing principles and investment reporting integrity. Most Canadian investors use a blend of resources to guide, manage, and report their impact. While most respondents, 77 percent, use the Sustainable Development Goals (SDGs), this is a decline from 89 percent in 2019. As of 2021, 42 percent use IRIS+ metrics. IMP has gained significant traction with 31 percent reporting alignment, up from just four percent in 2019. Launched in 2019, five respondents use the Impact Principles and, as signatories, commit to independent impact verification of their portfolios. 

The use of customized systems by 54 percent of respondents is a sharp decline from 75 percent in 2019. Of note, these custom metrics are all either informed by, or in addition to, one or more of the external standardized systems. All respondents using customized metrics align to the SDGs. The decline in the use of customized metrics reflects the growing maturity of the sector and comfort with external standardized frameworks. This is partly linked to new requirements for environmental reporting and sector-wide progress on taxonomy, definitions, and impact-weighted accounting. 

While differing frameworks, metrics, and data reporting can provide investors with more options to meet their impact outcomes, they may also cloud data transparency and comparability across portfolios, contributing to slower sector development.

Female-Friendly Workforce

Women represent 62 percent of respondents’ employees, which compares favourably to 47 percent of women in the overall Canadian workforce and 57 percent overall in Canada’s six largest banks including 38 percent in senior management. Some of the women in leading Canadian impact investing-related organizations include Lori Kerr, CEO, FinDev Canada; Jess Tomlin and Jessica Houssian, Co-CEOs, The Equality Fund; Joan M. Larrea, CEO, Convergence; Dr. Dorothy Nyambi, CEO, MEDA; Jocelyn Mackie and Karlee Silver, Co-CEOs, Grand Challenges Canada; and Geneviève Morin, President and CEO, Fondaction.

A Robust Ecosystem

CAFIID's membership reflects a diverse group of asset owners and advisors, intermediaries, and other essential individuals and organizations. Seventy percent are private corporations, non-profits and foundations, and professional advisory services. The balance are institutional investors, public sector actors, financial institutions, think tanks, academics, intermediaries, and organizations providing Technical Assistance.

Intermediaries and advisors such as Rally Assets, Akipeo, E.T. Jackson & Associates, Limestone Analytics, Delphos International/FMA, Deetken Impact, and Maple Frontiers play an essential role in supporting the navigation of impact opportunities in developing economies. They are globally networked, sometimes supporting players on both the demand and supply sides.  They structure and tailor products to the appropriate risk-return profiles, coordinate co-investments to reduce risk and transaction costs, facilitate transactions, and design, manage, and measure investment impacts. Some, including Engineers Without Borders, work with investees to prepare for commercial investments. Others focus on investor education or regulatory frameworks.

It is worth noting that the sector is dominated by small organizations. Over 70 percent of respondents report having 50 or fewer full-time employees (FTEs).

Agri-business, Financial Services and Renewable Energy Remain Top Investing Sectors

As in 2019, the top sectors of investment are food, agri-business, and financial services. Green growth and renewable energy investments remain strong. Health investments are small but growing due in part to efforts by Grand Challenges Canada to scale up portfolio successes from early-stage seed funding to innovative entrepreneurs.

Financial Instruments

Most investment instruments are primary direct debt and equity  (44 percent) along with fund investments (24 percent).  Fixed income and convertible notes are also deployed but less frequently.

Respondents indicated that portfolio diversification was the most common risk mitigation strategy, along with hedging and securitization. Currency hedging and political risk insurance are also important to deals.

Geographic Footprint

Canadian impact AUM in Southeast Asia and South Asia were 15 percent and 10 percent, respectively. Given the development needs and the economic growth potential, there is room for growth in these regions.

Survey respondents report that only half of their investment capital is from Canadians. Given the small size of Canadian participation in impact investing in global markets, respondents have needed to establish relationships with international co-investors, intermediaries, and funders. These relationships far exceed those across Canadian organizations. 

Technical Assistance and Blending Structures Characterize Most Impact Investments

Sixty percent of impact investors use technical assistance alongside capital to scale up and prepare investees for commercial investment.

A similar percentage of impact investors and advisors, work with blending instruments that leverage concessional capital to reduce risk and attract additional private and institutional investors.

Small and medium-sized enterprises (SMEs) need support, such as incubator and accelerator programs, mentorship from industry leaders, and targeted government support. Likewise, closing the infrastructure gap in emerging and developing economies requires collaboration between all financing sources - public, private, domestic and international - on both the supply and demand side. 

Blending structures and technical assistance provide pathways for private and institutional capital to contribute to the infrastructure and SME financing gap.

Retail Investors Still Left Out

Impact investment products in developing economies are offered almost exclusively to institutional and accredited investors, with retail investors left out. As noted in the 2019 report, barriers include RRSP investment eligibility rules that restrict foreign holdings to securities traded on at least one of 46 exchanges considered by Finance Canada as a Designated Stock Exchange. Other barriers included limited liquidity and long-hold terms (5 to 10 years) for investments.

A Covid Tailwind – Portfolio Resilience

The global impact of the COVID-19 pandemic has been the defining imperative of our time. A year ago, CAFIID members braced for losses due to the pandemic and focused on providing liquidity to support existing clients.  

Now, as parts of the world shift into economic recovery mode, 2020 ultimately proved to be a year of resilience for most survey respondents. Emergency liquidity facilities, patient capital, concessional finance, technical assistance, and closer collaboration among partners and co-investors were all central to protecting the resilience of investees and portfolios. Forced to shift to virtual due diligence as travel stopped, partnerships with, and reliance on, local partners strengthened. 

In its June 2021 Outlook, the World Bank estimates that the most tumultuous economic period may have passed in key emerging markets, with real GDP growth rates reversing to the mean. In addressing the pandemic's economic crisis, most countries implemented expansionary fiscal and monetary policies, including the extension of emergency lines of credit and shifts to the digitizing of economic and financial transactions. Microfinance institutions (MFIs), for example, in low-income countries, have experienced a steady rebound in monthly disbursements and repayments since May 2020, with both measures growing back at a rate nearly comparable to the initial decline in every region. 

Canada's impact investors are investing in higher numbers relative to global counterparts in products that support women's economic empowerment and improve their lives. The 2X Challenge, launched in Canada at the 2018 G7 Charlevoix Summit and led by the G7 development finance institutions (DFIs), including FinDev Canada, mobilizes significant amounts of capital for gender lens investing.

Name of Organization: Deetken Impact

Name of Project: Ilu Women’s Empowerment Fund & T.A. Program

Investment or Technical Assistance (T.A.): Debt and Technical Assistance

Region: Latin America & the Caribbean

Sectors: SME Financing, Women entrepreneurship, healthcare, renewable energy, education, and affordable housing

Key Impact Focus & Measurement Frameworks: Gender scorecard and four gender lenses: women in leadership, value chain equity and advocacy, products and services that benefit women and girls, and workplace equity

Blending structures characterize most impact investments. We look at global experience to demonstrate how critical this is to attract institutional and commercial investors to developing economies and deals otherwise deemed too high risk. 

Canada, including Global Affairs Canada and FinDev Canada,  is now beginning to step up with philanthropic and concessional capital needed to build markets and strengthen investees. We note the importance of Convergence, the global reference on blended finance, headquartered in Canada. 

Concessional capital, also called catalytic capital, enables third-party investments that would not otherwise be made. It refers to debt, equity, or guarantees that accepts either higher risk or a concessional return relative to commercial investments. 

Philanthropic capital typically includes reimbursable or non-reimbursable grants often deployed as technical assistance to build market-ready investments.

Name of Organization: ECOTIERRA

Name of Project: Urapi Sustainable Land Use Fund

Type of Investment: Debt and Equity

Region: Latin America

Sector/s: Agroforestry, Coffee and Cocoa, and others

Key Impact Focus and Primary Metrics:

• Number of producers involved

• Number of converted hectares

• Number of hectares conserved

• Tonnes of CO2 sequestered

Name of Organization: Développement international Desjardins (DID)

Name of Project: Entrepreneur Financial Center (EFC) of Tunisia

Type of Investment + Grant Funding: C$3.2 million (equity and shortterm debt); $6.0 million (technical assistance)

Region: Tunisia (the Middle East & North Africa)

Sector/s: Financial services / MSME finance

Key Impact Focus and Primary Metrics:

• 237 employees (48% women)

• 7 300 client entrepreneurs (21% women)

• CAD33 million loan portfolio (74.4 million Tunisian dinars)

• Average outstanding loan: $6,012

• 50% female board representation

Name of Organizations: FinDev Canada and Climate Fund Managers

Fund Manager: Climate Fund Managers, a Netherlandsbased joint venture between FMO and Sanlam InfraWorks, part of the Sanlam group of South Africa.

Donors: European Union, the Green Climate Fund, USAID via Powerafrica, the Nordic Development Fund and the Dutch government

Investors: FinDev Canada, FMO, NWB Bank, MJ Pensjon, Atradius, African Development Bank, NDF, AEGON, Atradius, Swedfund, Triodos Bank

Name of Project: Climate Investor One

Investment (Debt/Equity) or Technical Assistance (T.A.): Fund Equity Investment and T.A.

Region: The fund is incorporated in The Netherlands. Up to twenty projects across Africa, Asia and Latin America.

Sector: Renewable Energy

Key Impact Focus: Climate Change Mitigation

Many CAFIID members are well-regarded and experienced impact investors in developing economies. Given the relatively small size of the Canadian ecosystem, they have nurtured respected global networks for deal sourcing, co-investing, and sourcing catalytic capital. 

These international partners represent the top players globally and include bilateral development finance institutions (DFIs), multilateral development banks (MDBs), governments, foundations, institutional investors, and individuals. CAFIID members are well placed to lead the way for new asset owners through their established networks of global relationships, lending support to new entrants for capital-raising and deal-sourcing, structuring portfolios, and securing partnerships.

Australia’s Emerging Markets investment fund

In July 2020, Australia's Department of Foreign Affairs and Trade (DFAT) selected a Canadian consortium led by Sarona Asset Management to run an emerging markets impact investing Fund focused on Southeast Asia and the Pacific Islands. The consortium, which includes MEDA and Volta Capital, delivers technical assistance to SMEs and SME funds, and manages funds focused on early-stage growth and financial institutions supporting SMEs via lending platforms.

Canada has room to grow in developing products that mobilize Canadian institutional investments at scale. Canada's institutional investors, especially pension funds, have trailed their European and American counterparts in allocating their assets to purpose in developing economies. 
Pension funds invest pension payments from policyholders to pay for future retirement benefits. This fiduciary responsibility means pension funds face stringent restrictions on riskier asset classes. Understanding the history and structure of Denmark's SDG Fund provides a best practice blended finance model for Canada to engage with institutional investors and trigger greater pools of capital to impact deals.

Partnering with Pension Funds – Denmark's SDG Fund

Denmark’s SDG Investment Fund, founded in 2018 by six Danish pension funds and IFU, Denmark's development finance institution, is an excellent blended finance model of a government-backed agency using a preferred return to attract institutional investors to SDG investments.

Standardization and adoption of external frameworks can unlock a significant amount of information on the management and resilience of investees pursuing triple bottom line value creation.  

Wider adoption of reporting metrics is necessary for large asset owners to assess and compare impact performance. They are also important to organizations looking to raise impact capital and to scale social impact. Widely used frameworks for impact investors include PRI, IRIS +, Operating Principles, and the OECD-UNDP Impact Standards for Financing Sustainable Development, 2X Criteria.

The increased interest in ESG and impact investing is a positive trend. However, encouraging more private and institutional investors to contribute to the SDGs and the Paris Agreement requires common frameworks that include a robust set of standards and assurance processes to enable asset owners to understand and compare impact management performance.

While Canadian asset owners, managers, and financial intermediaries increasingly embrace responsible investing, impact investing remains misunderstood as 'concessionary' capital. 
Definitions & terminologies in impact investing or development finance often lack clarity. Relevant classification and assessment schemes for investments and economic activities include non-financial reporting frameworks such as the Value Reporting Foundation (the newly merged  Sustainability Accounting Standards and International Integrated Reporting Framework) and the Global Reporting Initiative. The Partnership for Carbon Accounting Financials (PCF) is also emerging as a global standard to calculate and disclose the GHG emissions of loans and investments. 

More can be done to encourage Canada's foundations and family offices to support impact investing. As with blended finance, philanthropic capital can be a lifeline to the incubation of impact investing deals. Through their deep knowledge and extensive networks in developing economies, As we see with Engineers Without Borders, Canada's INGOs have the potential to play crucial roles in the early-stage development of impact investees. However, Canada's CRA' command and control' clause restricts the ability of registered charities to make programme-related investing, preventing INGOs from supporting and investing in impact investing transactions. A bill was recently before Parliament to revise this restrictive clause. However it fell when Parliament was dissolved for the 2021 federal election. This must be revisited.

Mobilizing Canadian retail investing for impact for retail investors continues to lag other OECD countries. As reported in our 2019 Landscape Report, registered investment eligibility rules remain a barrier to retail investor participation in CAFIID-member funds – as reported in 2019. With retail investor interest growing in responsible investing, this remains an important issue to address in Canada.

Name of Organizations: Mennonite Economic Development Associates (MEDA), Global Affairs Canada (GAC), Sarona Asset Management (Sarona), and The University of Waterloo (U.W.)

Name of Project: Trading Up

Type of Investment and Technical Assistance (T.A.): Investment (Debt and Equity) and T.A.

Region: OECD-DAC ODA eligible countries: least-developed, low income and lower-middle-income countries (e.g. Ghana and Kenya)

Sector/s: Retail and trade; food and beverage; agricultural production and processing; services; and manufacturing.

Key Impact Focus and Primary Metrics: Capital raised; number of SMEs financed; jobs created; jobs supported; number of smallholder farmers’ economic well-being.

Name of Organization: Engineers Without Borders Canada (EWB)

Name of Project: Numida Technologies

Type of Investment and Technical Assistance (T.A.): Convertible debt and in-kind T.A.

Region: Kampala, Uganda

Sector/s: FinTech, Micro-Finance Institution (MFI)

Measurement Framework and Primary Metrics:

• Bespoke metrics based on Theory of Change: Gender disaggregated new customers, repeat customers, size of loans, repayment rate.

The 2021 Report confirms Canada’s robust and growing impact investing ecosystem. From advisors to asset owners to intermediaries, the global networks reflect the respected expertise and influence of Canadian investors and organizations active in investing for impact in emerging markets and developing economies. While there is much to celebrate, more can be done to mobilize additional Canadian capital and contributions to global impact investing. As a national, member-driven organization, CAFIID embraces the challenge in a series of commitments here.

Catalyze impact investing in developing economies by growing the ecosystem.

• Raise awareness and promote best practice examples of impact investing and blended finance in emerging markets and developing economies through outreach and engagement with the wider impact investment community.   

• Encourage innovation and partnerships amongst Canadian players to help to deepen networks.

• In partnership with other umbrella organizations, establish a National Advisory Board for Impact Investing for Canada to identify and address structural issues.

Advance Canadian leadership in Gender Lens Investing and deepen diversity, equity, and inclusion in the impact investment community.

• Share best practices on Gender Lens Investing through the CAFIID Community of Practice and other external forums.

• Encourage greater diversity and inclusion in the impact investment community in Canada, starting with better data and information.

Preserve and strengthen the integrity of impact investing through enhanced transparency and comparability in impact measurement.

• Encourage members to be transparent in their impact measurement methodologies and to become signatories to the Impact Principles. 

• Share best practices in impact measurement and management amongst CAFIID members 

• Work in partnership with other Canadian and global organizations to advance best practices in impact management and measurement.

Canada Forum for Impact Investment and Development (CAFIID) is a community of individuals, organizations, and investors who treat positive social and environmental impact and financial return as co-existing priorities. CAFIID members combine many years of collaboration and engagement with a track record of innovation in structuring impact investment products, delivering technical assistance, and promoting sustainable investment ecosystems in emerging markets and developing economies.

CAFIID Report Research Team

Susanne Courtney, Lead Author

Majid Mirza, Survey and Analysis Manager

Aysha Dawood, Project Manager

Report Sponsors

As a volunteer-led organization, this Report would not have been possible without the generous financial and in-kind support of the following organizations:

The following individuals provided valuable input in creating, managing, and reviewing the survey:

Advisors

Pedro Alguindigue, Data visualization Consultant

Charles Benoit, Manager, Impact and Climate, FinDev Canada

Eileen Campbell, Survey Consultant

Research Guidance

The Research Team would like to recognize the essential contributions of each of the Advisory Board members throughout the research process. We are grateful for the leadership of the Advisory Board Co-Chairs and Stephanie Emond, Board Chair, CAFIID.

Several individuals and associations provided valuable insights and data for the survey. We thank Lauren Dobell, the Table of Impact Investment Practitioners (TIPP), Richard Mueller, Impact United, and Mary Robinson, RIA.

Design, Translation and Digital Layout

Advisory Board

Co-Chairs


Paul Lamontagne, Associate Partner, Steward Redqueen
Lindsay Wallace, Director, CAFIID

Members

Faheen Allibhoy, Managing Director, Head of the J.P. Morgan Development Finance Institution
Louise Blais, Ambassador, Global Affairs Canada
Veronica Chau, Director, Sustainable Investment, BCG

Chris Clubb, Managing Director, Convergence

Elissa Golberg, Assistant Deputy Minister, Strategic Policy, Global Affairs Canada
Adam Jagelewski, Managing Partner, TwinRiver Capital Group

Alexandre Lazarow, Global Venture Capitalist and Author of Out-Innovate: How Global Entrepreneurs from Delhi to Detroit Are Rewriting the Rules of Silicon Valley

Dr. Dorothy Nyambi, CEO, MEDA
Gerhard Pries, CEO, Sarona Asset Management

Jess Tomlin, Co-CEO, Equality Fund
Barbara Zvan, CEO and President, University Pension Plan (Ontario)