VERGE Capital launches Ontario’s first local impact investing fund
VERGE Capital, a social finance program of Pillar Nonprofit Network, is partnering with SVX to launch the VERGE Breakthrough Fund, an impact investing fund providing loans to growing social and environmental enterprises in Southwestern Ontario. This is the region’s first impact investing fund and it is one of the first initiatives of its kind in Canada to focus on local investment for local impact. So far, VERGE Capital has secured commitments of $1.7 million towards a $2 million investment goal.
By investing in affordable housing, community real estate, and established social enterprises, the VERGE Breakthrough Fund makes it possible for regional investors to leverage their investment portfolio to create positive community impact right in their backyard. Michelle Baldwin, Executive Director of Pillar Nonprofit Network says, “Over $40 billion from Southwestern Ontario is held in non-local, traditional investment portfolios, and our $2 million fund is a starting point for unlocking that capital for our communities.”
Pillar Nonprofit Network, in partnership with SVX, has established the VERGE Breakthrough Fund to demonstrate that investors can earn a financial return while creating significant community impact. This new fund is an important milestone to building the path towards a new ecosystem of impact investing. Adam Spence, Founder & Director of SVX, states, “This is a unique partnership leveraging the talent, networks, and capabilities of our organizations to drive impact. We hope the Breakthrough Fund can be a model replicated in other communities and regions across Canada.”
Administration of the VERGE Breakthrough Fund is funded by the Ministry of Economic Development & Growth of the Government of Ontario, which is also providing $375,000 in first loss capital as a risk mitigation strategy for the Fund. This initiative wouldn’t be possible without SVX and the support of all our local collaborators; Libro Credit Union, London Community Foundation (LCF), and the Sisters of St. Joseph.
The VERGE Breakthrough Fund is accessible to accredited investors. The Fund has a first close date of February 28th with a final close expected in June 2018. Reach out to firstname.lastname@example.org to learn more about how you can make a huge difference in your community.
About VERGE Capital:
VERGE Capital connects caring local investors with local enterprises that have a social or environmental mission at their core. Since 2014, VERGE Capital has catalyzed $1.5 million towards positive community impact.
VERGE Capital is a social finance program of Pillar Nonprofit Network in collaboration with Libro Credit Union, London Community Foundation, MaRS Centre for Impact Investing, Sisters of St. Joseph and the Government of Ontario. VERGE Capital operates two social finance loan funds that provide capital to both new and established organizations across Southwestern Ontario.
About Pillar Nonprofit Network:
Pillar Nonprofit Network strengthens individuals, organizations and enterprises invested in positive community impact. We support more than 610 nonprofits, social enterprises and social innovators by sharing resources, exchanging knowledge and creating meaningful connections across the three pillars of nonprofit, business and government.
Pillar Nonprofit Network believes that a connected network sparks collaboration and a willingness to lean on each other to help build an engaged, inclusive and vibrant community.
SVX is an impact investing platform for impact ventures, funds, and investors seeking social and/or environmental impact alongside the potential for financial return. SVX helps ventures and funds raise capital across sectors including cleantech, health, work and learning, food, and social inclusion, providing support to enterprises of every type. SVX works with all investors, from foundations and family offices to everyday investors, to help them identify investment opportunities and to support their decision-making efforts as they match their money with meaning.
SVX is a not-for-profit corporation, powered by MaRS Discovery District, supported by TMX Group Inc., the Government of Ontario, Torys LLP, and many other partners. SVX is registered as an Exempt Market Dealer (EMD) in Ontario, Québec, British Columbia, Alberta, and Saskatchewan; however, no securities regulatory authority has approved or expressed an opinion about the securities offered on the platform.
This press release is for informational purposes only. It is not intended as investment advice, or an offer or solicitation for the purchase or sale of any financial instrument. Investing in the exempt market has significant risk. You should be aware of these risks, and as appropriate, consult with appropriate financial professionals to support your decision-making processes.
Maria Luisa Contursi, Director, Impact and Storytelling