Social Finance Fund – Timeline




Social Innovation and Social Finance Strategy Co-Creation Steering Group Report recommends the creation of a social finance fund to accelerate the development of social finance ecosystems across Canada, alongside eleven other recommendations.


2018 Fall Economic Statement

  • Commits $755 million over ten years to establish a social finance fund as a foundational initiative of the Social Innovation and Social Finance Strategy.
  • Commits $50 million over two years to create the Investment Readiness Program.

Budget 2019


Budget 2021

  • Re-commits to the launch of the Social Finance Fund and the accelerated deployment of $220 million in the program’s first two years to support post-COVID‑19 recovery.
  • Confirms the use of a new funding instrument—conditionally repayable contributions—to enable greater investments into diverse segments of the social purpose sector through flexible and long-term funding models.
  • Renews the Investment Readiness Program for $50 million over two years.

Employment and Social Development Canada establishes the Technical Assessment Group and retains Deloitte Canada as fund formation and financial modelling experts to inform the Social Finance Fund’s design and fund manager selection process.

August 2021 Stage one of the fund manager selection process for the Social Finance Fund launches through an open and competitive call for expressions of interest, seeking one or more social finance fund manager to deploy the funding across the country.
March 2022

Rigorous and competitive process occurs, including interviews with shortlisted fund managers. The Minister of Families, Children and Social Development invites three fund managers to begin stage two of the selection process.

Stage two of the fund manager selection process for the Social Finance Fund launches with due diligence and negotiations:

  • co-develop detailed preliminary plans;
  • ensure preliminary plans meet the core objectives of the Social Finance Fund; and,
  • negotiate terms and conditions.
March 2023 Contribution agreements are signed with three fund managers for the Social Finance Fund: Boann Social Impact L.P., Fonds de finance social – CAP Finance, and Realize Capital Partners Inc.

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