Realize Fund I Secures Record $25M Concordia Investment

Reflects growing institutional interest in Canada-first impact investing

TORONTO--(BUSINESS WIRE)--Realize Fund I, managed by Realize Capital Partners, a fund-of-funds manager for the Government of Canada’s Social Finance Fund, has secured the largest Canadian university investment to date into a private impact fund from the Concordia University Inter-Generational Fund.

Marc Gauthier, Chief Investment Officer, Concordia University, says: “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.”

“This record commitment from Concordia University signals a tipping point,” says Lars Boggild, Portfolio Manager for Realize Fund I. “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, a trend that has only grown since recent US tariff policy changes (1). 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.”

Investees of the fund are feeling the benefits of the institutional backing provided by Realize Fund I. Kathryn Wortsman, Managing Partner at Amplify Capital, says: “Realize believed in us from Day 1 - before the crowd, before the momentum. As one of our earliest and most values-aligned partners, they’ve helped catalyze more interest in Fund III and our mission to back world-changing companies across climate, health and education. As we approach our final close, we’re proud to have them as core partners."

Realize Fund I will hold its final close on or before March 31, 2026.

NOTES TO EDITORS

(1) See, for example, “Canada tells pension funds to invest at home in age of ‘economic nationalism”, “In this trade war, pension funds should buy Canadian, too”, “Federal pension manager shifts more focus to investing in Canada, other non-U.S. regions”, “’Buy Canada’ pressure builds on $2.3 trillion in pension plan cash” and “Canada’s pension plan mulls boosting investments in Canada: Dale Jackson.” In addition, the dearth in impact investing from Canadian institutions was recently noted by the Canadian Impact Investing Group; see “Scaling Impact Investing In Canada Through Mobilizing Asset Owners.”

Realize Capital Partners and Rally Assets

Realize Capital Partners is one of three fund-of-funds managers working to deliver the Government of Canada’s Social Finance Fund. Realize Capital Partners is a subsidiary of Rally Assets, an impact investment management firm. Since 2010 it has been a driving force in Canada’s impact investing sector, helping investors put their capital to work for both positive change and financial returns. Rally is an Impact Assets’ IA 50 Manager, signatory to the Operating Principles for Impact Management and signatory to the UNPRI (Principles for Responsible Investment).

The Social Finance Fund

The Social Finance Fund is a long-term, $755 million Government of Canada initiative to accelerate the growth of Canada's social finance market. Launched in spring 2023, the Social Finance Fund is improving access to affordable capital for charities, nonprofits, social enterprises, co-operatives and other social purpose organizations. Greater access to capital helps these organizations to grow, innovate and enhance their social and environmental impacts, while promoting more inclusive economic development for communities in Canada.

Realize Fund I

• 1^st and only blended finance private impact fund-of-fund focused on Canada
• $135M – Government of Canada seed capital
• $85M – committed private capital (as of September 30, 2025)
• $50M – target for additional private capital
• $270M – total fund target size
• Two-thirds of LPs are first-time impact investors (as of September 30, 2025)
• March 2026 – final close target
• 19 – portfolio holdings (as of September 30, 2025)

Strategy

Realize Fund I is an impact investment fund designed to accelerate social equity across Canada. The fund deploys capital into initiatives that intentionally reach historically marginalized groups and underserved regions, driving both social equity and sustainable development. The fund places Canada at the centre of its strategy, strengthening economic sovereignty and supporting domestic innovation and competitiveness.

Impact

The portfolio generates measurable positive outcomes across a diversified set of sectors, including affordable housing, climate change mitigation, quality education and sustainable agriculture. By backing first-time, emerging and established fund managers, the fund supports a diversified pool of positively impactful investments while amplifying Canadian-led solutions to pressing challenges. More information about each of the fund’s portfolio holdings is found on the Realize Capital Partners website.

Structure

Realize Fund I is structured as a fund-of-funds investment vehicle, seeded with $135 million in repayable capital from the Government of Canada. Realize Capital Partners structured Realize Fund I to accelerate private investment into Canada’s growing impact economy. Its large fund size, with a blend of concessionary public capital with private capital, has enabled impact-minded investors like Concordia to invest larger amounts than often possible in an impact fund and to bring in large private investors who are new to impact investing. As the only pan-Canadian blended finance impact fund-of-funds in the country, it leverages concessionary Government of Canada capital within a blended finance framework to attract institutional and individual investors targeting market-rate financial returns.

Fundraising Progress

Realize Fund I has completed its third close on private capital, with participation from leading institutional investors and family offices. The fund anticipates a final close by March 2026 or earlier, marking a significant step forward for Canadian-led innovation and impact investing.