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Inspirit’s investment portfolio is a 100% impact portfolio.

Alignment with Inspirit’s Vision

Since Inspirit exists to create a more inclusive and pluralist society, our investments need to generate returns that transcend financial outcomes for our foundation and maximize stakeholder value.

Our vision of inclusion and pluralism requires us to leverage our investment capital.

Active Investments

Cash (6%)

Vancity Community Investment Bank (VCIB) is a values-driven bank on a mission to finance a sustainable tomorrow. VCIB is the only Canadian bank committed to working exclusively with organizations focused on driving positive change. VCIB is now home to Inspirit’s cash deposits.

Private Fixed Income, Zero Interest (1%)

The Afro Caribbean Business Network (ACBN) is a Black-led, Black-serving nonprofit organization that helps support Black business owners. In partnership with Alterna Savings, the ACBN Microloan program provides low interest loans to Black entrepreneurs. Inspirit’s investment bolsters the fund to help amplify the growth of local Black businesses. 

Windmill Microlending launched a Cost+ ZERO loan fund aligned with the principles of Islamic Finance so capital can be more accessible to Muslim newcomers. Inspirit is supporting this new loan fund, which carries no interest rate.

Private Fixed Income (3%)

By providing access to loans and financial coaching, Community Forward Fund helps charities and not-for-profits improve their current financial picture and plan for the future. We strongly believe in the value of access to capital and financial planning for purpose-driven organizations, so we became an early investor.

Kaleidoscope Social Impact was born out of the Saint John Community Loan Fund, which was established in 2000. Kaleidoscope now invests throughout New Brunswick, with a focus on affordable housing development, social enterprises, and financing individual self-employment.

RE Royalties finances solar, wind, and run-of-river projects. Inspirit purchased Green Bonds whose proceeds will allow RE Royalties to fund additional renewable energy projects. RE Royalties is a publicly listed company based in Vancouver.

SKETCH is a community arts enterprise based in Toronto that engages youth who are navigating poverty, living homeless, or otherwise on the margins. Through the organization, youth build leadership and self-sufficiency and cultivate social and environmental change through the arts, and experience its transformative power. Inspirit’s investment will help SKETCH become owners of their studio, and secure a home for their programming for years to come.

VERGE’s Breakthrough Fund invests in social enterprises and affordable housing projects in Southwestern Ontario. A collaboration between Pillar Nonprofit Network and the MaRS Centre for Impact Investing, the Breakthrough Fund is the first intermediary dedicated to financing social enterprise and impact real estate in Southwestern Ontario.

Public Fixed Income (11%)

Addenda’s Impact Fixed Income Bond invests in bonds issued by companies with a low carbon footprint and whose products and services contribute to the outcomes of the United Nations Sustainable Development Goals. Inspirit selected Addenda to manage our public fixed income investments.

Public Canadian Equities (22%)

Inspirit became the first investor in an all-cap Canadian equities impact mandate offered by PCJ, an affiliate manager of Connor, Clark & Lunn Private Capital (CC&L). This mandate invests in publicly-traded Canadian companies, both big and small, that satisfy our financial, carbon footprint, and positive impact goals.

Public Global Equities (22%)

CI MSCI World ESG Impact Fund invests in companies that have high environmental, social, and governance performance, have a low carbon footprint, and earn a majority of their revenue through products and services that contribute to the outcomes of the United Nations Sustainable Development Goals. Inspirit became the first investor in this fund when we selected CI Global Asset Management to manage our global equities allocation of our portfolio.

Public Small Cap Global Equities (22%)

Global Alpha’s Sustainable Small Cap Fund invests in small cap companies with strong environmental, social, and governance performance, low carbon footprint, and products and services that contribute to the outcomes of the United Nations Sustainable Development Goals. Inspirit became the first investor in this fund when we selected Global Alpha to manage our small cap global equities allocation of our portfolio.

Private Equity (4%)

For the last fifteen years, InvestEco has helped investors support innovative companies working to build a healthier planet, especially in the areas of sustainable food and agriculture. With this fund in our portfolio, Inspirit supports entrepreneurs contributing to better health and environmental outcomes across North America.

Canada is experiencing a serious shortage in affordable housing, and racialized and marginalized communities are bearing the brunt of this crisis. This is why we are investing in New Commons Development, a non-profit development company that brings together technical resources, expertise and access to private and public capital. They work with community-based non-profits, cooperatives, government agencies and other public bodies, as well as with private developers, to create and preserve community assets with a focus on affordable housing.

Raven is an Indigenous-led fund that invests in Indigenous social enterprises and community-owned enterprises. We believe Raven is essential to creating a more equitable and prosperous future for Indigenous peoples in Canada.

Renewal Funds invests in early growth companies contributing to positive social and environmental change. With the Renewal Funds 3 portfolio, Inspirit is advancing its progress towards a low carbon portfolio, investing in companies including a technology firm managing rainwater run off and conservation technology.

Instead of a traditional school suspension, YMCAs of Quebec’s Alternative Suspension program offers youth experiencing behaviour challenges participation in personalized activities that promote growth and academic success. With this investment through a social impact bond, Inspirit supports the program’s expansion across Canada, providing services to an additional 1,600 youth.

Real Estate (3%)

For over thirty years, Artscape has created affordable, vibrant, community oriented space for artists to live and work in Toronto, and transformed communities through intentional creative placemaking. By purchasing an office space in Artscape Youngplace, Inspirit was able to create comfortable and accessible space for staff and stakeholders while supporting Artscape in its mission.

Infrastructure (6%)

The Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) Fund invests in civil and social infrastructure assets including roads, bridges, schools, and hospitals. The fund places a strong emphasis on energy infrastructure, such as wind and solar projects, helping Inspirit ensure we are contributing to a more sustainable and socially just future.

Exited Investments

A new model of creative space–part incubator, part co-working space, and part entrepreneurship centre–Artscape Launchpad is 30,000 square feet of creativity, technology, and programming. Inspirit is committed to supporting diverse artists and media makers, which is why we were an early investor. Artscape Launchpad opens on Toronto’s waterfront in 2018.

The Centre for Social Innovation (CSI) is a co-working community accelerating social innovation by bringing together professionals from across sectors to deepen their positive impact. Inspired by CSI’s mandate, track record, and commitment to inclusion, we invested in a community bond to support the organization’s expansion and impact.

Community Power Capital (CPC) finances the construction of projects operated by SolarShare, a leading clean energy co-op. By investing in CPC, we earn strong returns while our funds are used to directly finance solar projects.

Climate change is leading to disastrous consequences for our world. In the interest of allocating capital to clean energy solutions that will support the much needed transition to renewable energy sources, we put our support behind both CoPower’s Green Bonds and their Green Infrastructure Fund, two financial instruments helping Canadians invest in clean energy.

Innovation Works is a collaborative community catalyzing social innovation. A project of the Pillar Nonprofit Network, we invested in Innovation Works to help support their vision of deepening positive impact through connection, collaboration, and shared space.

Investing in Oikocredit, a cooperative offering capital to microfinance institutions in developing countries, offered us a higher return than a traditional GIC, while maintaining liquidity and increasing positive impact. We feel encouraged by the positive change our investment makes in the lives of entrepreneurs, mostly women in developing countries.

Since upwards of 90% of children in Manitoba in care are Indigenous, Inspirit invested in the Restoring the Sacred Bond Initiative, a project based in Manitoba that pairs Indigenous birth doulas with Indigenous mothers at risk of their child being apprehended into the child care system. The Restoring the Sacred Bond Initiative is a social impact bond, an agreement between investors (Inspirit and others), Southern First Nations Network of Care, and the Government of Manitoba. The project will support up to 200 at-risk Indigenous mothers. 

SolarShare is a leading clean energy co-op that develops and owns clean energy infrastructure. Given our commitment to a low carbon portfolio, investing in SolarShare allows us to make this carbon efficient transition while earning strong financial returns.

Many highly skilled newcomers to Canada are not afforded opportunities because their professional credentials are not recognized. Windmill Microlending provides loans to help newcomers take necessary steps to work in the field they were trained in. Meaningful employment is important to inclusion, so we provided both a loan guarantee and debt investment allowing Windmill Microlending to extend more loans to skilled newcomers.