Investments
Using our assets to create positive impact that aligns with our mission and vision.
Midway through our journey to 100% impact investing
In 2025 we conducted our first asset mix study with an impact lens. Our goal is to update our asset allocation mix as we transition our portfolio to 100% impact investing over the next three years, maximizing positive environmental and social impacts while maintaining the long-term sustainability of our endowment.
We partnered with Sonen Capital, an investment advisor dedicated to impact investing. Sonen went beyond a traditional asset mix review, which includes analyzing past financial performance, recommending new target returns and asset allocation exposures. They considered our current impact investing strategy, its risks and opportunities, and assessed asset classes and geographies for impact potential and availability.
At the end of 2025, about 45% of our endowment by market value, and 54% by commitments, was in impact investments. We also completed our transition in the fixed income and infrastructure asset classes.
$13M
in cumulative capital deployed to Indigenous-led and/or majority owned companies and projects
These $13 million investments are part of our overall 2030 target of $45 million.
$22M
additional investments in climate solutions
Cumulatively, we have invested approximately $70 million in climate solutions. We hope to increase that amount to $150 million by 2030.
11,095
units of affordable housing funded by our investments
Affordable housing is central to our investment strategy, with a 2030 target of 10,000 affordable units. Cumulatively, our portfolio has exceeded this target. Given the continued urgency of the affordable housing crisis in Canada, we will set a new target in 2026.
65%
of fund managers responded to our Social-Equity Lens Investing outreach.
Our endowment as of year-end 2025
As of December 31, 2025, our endowment had a market value of $690 million. Of this, 54% ($371 million) is committed to impact investing, benefitting stakeholders or contributing to solutions.
* 5.08% of our endowment was allocated to charitable activities in 2025.
Impact investing
We approved six new impact investments and closed (completed legal documents) for four additional investments in 2025, for a total of 10. We exited one impact investment, for a total of 43 impact investments within our portfolio.
MRI: Mission Related Investments are financial investments made in either for-profit or non-profit funds to achieve mission-related objectives. They normally earn market-rate financial returns.
PRI: Program Related Investments are investments made in not-for-profit organizations and social funds to further the Foundation’s programmatic objectives and to generate financial returns, with a tolerance for below-market rates of return.
The numbers in the graph are on a committed basis.
Combining returns with measurable impact
The Addenda Impact Fixed Income Fund was established in 2018 to create both competitive financial returns and positive social and environmental impacts.
