Of the sector, for the sector
More than a decade ago, a small pan-Canadian group of impact-first investment practitioners arrived at the same conclusion: catalytic federal capital was needed to amplify impact investment in Canada. New funds could get support to launch, existing funds could grow more rapidly, and new investors could be attracted to invest in impact-first funds. That idea sparked advocacy for what became the Social Finance Fund and planted the seed that became Boann.
When the Government of Canada invited expressions of interest in managing the Social Finance Fund, this group agreed there should be a sector-led option. The Table of Impact Investment Practitioners (TIIP) stepped forward with the vision but needed a partner with the infrastructure to manage and deploy capital. They found one in Encasa Financial, a long-standing responsible investor for the reserve funds of non-profit housing organizations. It was a natural fit: TIIP brought deep knowledge of the social finance ecosystem, and Encasa brought investment infrastructure and capital management expertise. Community Impact Investments (CII - three Encasa shareholders) and TIIP came together – creating Boann – combining the breadth of representation and depth of expertise the Social Finance Fund mandate required.
Framed by the values and experience of our founding shareholders, Boann adopts a big tent approach to delivery of its mandate. We created an Advisory Committee that draws on ecosystem experts and community voices that supports and advises our Board on issues of investment strategy, market opportunity, impact measurement, and the achievement of SDG-aligned outcomes. We also established an independent Investment Committee with a broad range and depth of experience in impact and responsible investment that we rely on to select investment opportunities that generate scalable, profitable and positive outcomes for Canadians.
The delivery of the Social Finance Fund mandate is at the core of our purpose. Boann Social Impact (Fund I) is capitalized and guided by the objectives set out by the Social Finance Fund. Our mission extends to the development and adoption of new impact mandates that extend and enlarge impact across Canada, and particularly the social impact investment space.
In 2018, when the Social Finance Fund was first announced, the economic context in Canada was very different. In the years that followed, the pandemic, trade barriers and tariffs, and regional conflicts significantly altered the investment landscape. While institutional interest in impact investment has matured, private equity markets have not yet fully embraced impact investment opportunities. In this context, Boann is adapting its product and fund development strategy, looking for current market opportunities that have appeal to investors and that remain impact first.