Indigenous Growth Fund raises $150m in first round

The Indigenous Growth Fund - Canada's largest indigenous social impact fund - has completed its first close, raising $150 million. The fund - under the management of the National Aboriginal Capital Corporations Association - aims to support indigenous entrepreneurs in Canada. 

Its lead investors are the Canadian government and the Business Development Bank of Canada, with further commitments from Export Development Canada and Farm Credit Canada.

The fund will be operational and capital will begin to be deployed to Aboriginal financial institutions later in 2021. Once fully utilized, the the Indigenous Growth Fund will increase AFI lending by $75 million annually with loans to roughly 500 businesses.