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Boann Social Impact Announces Raven Indigenous Outcomes Fund as Inaugural Social Finance Fund Investment Recipient

Press Release

November 15, 2023

OTTAWA, Ontario–Today, Boann Social Impact LP announced its pioneering investment as part of the Government of Canada’s $755 million Social Finance Fund (SFF). This landmark investment demonstrates the SFF’s potential to back ideas and initiatives that will produce positive outcomes for our communities and our climate.

The Raven Indigenous Outcomes Fund (RIOF) is a first-of-its-kind fund (C$50M) that manages outcomes-based financing instruments to address priority issues in Indigenous communities. The fund will manage outcomes contracts in health and climate. In health, Minoayawin, a community-centred lifestyle intervention initiative, aims to reduce T2 diabetes prevalence using a two-eyed-seeing approach, incorporating Indigenous knowledge systems with Western methods. Outcomes contracts in climate will advance the net zero transition for on-reserve housing through electrification and climate-conscious retrofits targeting energy efficiencies, GHG emission reductions, and localized training and employment opportunities. The Raven Indigenous Outcomes Fund is part of the group of funds on the Raven Indigenous Capital Partners platform, the first Indigenous-focused private equity firm in Canada and the United States. With a targeted first close in December 2023, this fund seeks to build economic reconciliation and implement UNDRIP.

This is the first investment through which Boann Social Impact will help advance social finance in Canada. RIOF was selected by Boann’s Investment Committee, an independent body with exclusive responsibility over investment decisions. This investment affirms Boann’s commitment to fostering positive change by nurturing a strong social finance sector in Canada and modeling what investing for impact can look like.


“Indigenous Peoples and communities have long deserved a higher level of wellbeing and the ability to shape how human services are provided. We are at a unique moment in history where we have the social finance fund and the work of our wholesaler aligning with community priorities and government objectives. Outcomes finance operates at this unique nexus aligning public, private and philanthropic capital. However, most importantly it actions UNDRIP to create self-determined services, this collective action will reshape the landscape of social finance and, more importantly, improve the lives of countless individuals and communities. I invite investors to really put their capital to work in this unique opportunity. Together we will do great things.” – Jeff Cyr, Co-Founder and Managing Partner of Raven Capital Partners

“This first round of investments is an exciting milestone for Boann and everyone involved in the Social Finance Fund. It is our first opportunity to demonstrate our commitment to fund investees which promote social good, particularly those centered on sustainability and equity deserving communities. As we fulfil our mandate, we look forward to supporting a diverse portfolio of funds that are building a better Canada for us all.” – Derek Ballantyne, CEO, Boann Social Impact

“Social purpose organizations are making critical contributions across sectors to solve our most pressing social and environmental challenges. In our efforts to advance reconciliation, we will continue to work closely with Indigenous partners to provide important programs and services that improve quality of life and support healthy and thriving Indigenous communities and families. These investments by Boann Social Impact, one of our investment managers under the Social Finance Fund, are the first of many that will help build a more inclusive and equitable economy for all Canadians.” – The Minister of Families, Children, and Social Development, Jenna Sudds

About Boann Social Impact

Boann Social Impact LP is a partnership created to mange capital contributed by the Government of Canada’s Social Finance Fund. Created collaboratively by the Table of Impact Investment Practitioners (TIIP) and Encasa Impact, Boann will invest $135 million over 5 years to support purpose driven intermediaries and enterprises across Canada. For more information, visit:

About the Social Finance Fund

The Government of Canada’s Social Finance Fund (SFF) is a $755 million initiative that seeks to accelerate the growth of Canada’s social finance market. The SFF will support charities, non- profits, social enterprises, co-operatives and other social purpose organizations (SPOs) in accessing flexible financing opportunities. Greater access to social finance through the SFF will help them grow, innovate, and enhance their social and environmental impacts. The SFF Is being managed by three Investment managers: Boann Social Impact, Fonds de finance sociale – CAP Finance and Realize Capital Partners.


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