New Market Funds

What New Market Funds does

New Market Funds Inc. is a Canadian multi-fund impact investment manager that manages approximately $110 million of capital across four integrated product lines: structured equity for affordable rental housing (NMF Rental Housing Funds I and II), community real estate development (New Commons Development Fund), community lending (Community Forward Fund), and co-operative enterprise investment (Canadian Co-operative Investment Fund). The company is majority-owned by New Market Funds Society, a registered Canadian charity formed by six sector-leading foundations (McConnell Foundation, Fonds RL, MakeWay, Trico Foundation, Vancity Community Foundation, plus one additional organization), which provides structural mission alignment and governance over the platform. Operations span three Canadian offices (Toronto, Vancouver, Montreal) and the portfolio includes over 1,000 affordable rental housing units across British Columbia, Ontario, Quebec, Manitoba, Nova Scotia, and Prince Edward Island, with affordability levels ranging from 20% to 79% of area median income.

The company serves two distinct customer groups: accredited investors (foundations, financial institutions, family offices, high-net-worth individuals) who commit capital to the funds, and community partners (non-profit housing operators, co-operatives, charities, community land trusts, and municipalities) who develop and operate the affordable housing and community projects financed by the funds. Investors access funds through direct relationship-based engagement and a ShareFile-based Investor Portal, while all funds are restricted to accredited investors under applicable Canadian securities laws. The business model is asset management: revenue is generated through management fees on proprietary funds and as a third-party fund manager, with products structured as closed-end, multi-year fund commitments.

The company's core technology is a proprietary multi-fund investment platform that administers capital across four fund entities and integrates multi-stakeholder financing collaborations with federal (CMHC MLI Select), provincial (Nova Scotia, Manitoba, PEI housing corporations), and municipal (City of Toronto MURA) programs. The platform is supported by a multi-disciplinary team of Managing Partners (Garth Davis, Andy Broderick, Derek Ballantyne, Heather Tremain, Lauren Giroday) with two to three decades of experience in capital markets, non-profit real estate development, and community housing, drawn from Vancity, Housing Vermont, Toronto Community Housing, Options for Homes, and Scotia Bank. The company holds B Corp certification and was recognized as an ImpactAssets 50 Manager in 2020.

Name

New Market Funds

Legal name

New Market Funds Inc.

Website

https://newmarketfunds.ca

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

New Market Funds is a Canadian multi-fund impact investment manager that provides structured equity, lending, and development capital for affordable rental housing, community real estate, and co-operative enterprises, serving accredited investors and non-profit community partners.

Ownership category

akta.pro rank

Product category

Impact Investment Fund Management

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (525990), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Impact Investment & Development Investment Funds (BPADACAO)

akta.pro secondary industries

Real Estate Funds — Opportunistic / Development (FSANAEAI), Real Estate Funds — Value-Add (FSANAEAH)

Keywords

• Impact investment management
• Affordable housing finance
• Community lending funds
• Cooperative enterprise financing
• Mission-driven fund management

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: New Market Funds operates as a multi-fund manager that generates revenue through management fees on proprietary funds and as a third-party fund manager. The company manages $110 million of capital from foundations, financial and other institutions, family offices and accredited individuals.
2. Affordable Rental Housing Fund Investments: Structured equity investments in purpose-built multi-family affordable rental housing, partnering with non-profit and co-operative operators. Investments offer risk-adjusted, market-rate returns to investors.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

New Market Funds is a multi-fund impact investment manager that deploys capital across affordable rental housing equity, community real estate development, community lending, and co-operative enterprise investment. The firm manages approximately $110 million of capital from foundations, financial institutions, family offices, and accredited individuals through its proprietary NMF Rental Housing Funds I and II, New Commons Development Fund, Community Forward Fund, and Canadian Co-operative Investment Fund.

Product overview

New Market Funds is a multi-fund investment platform that manages approximately $110 million of capital across several distinct investment products. The platform architecture consists of: (1) the NMF Rental Housing Funds I and II, which provide structured equity for affordable rental housing in partnership with non-profit and co-operative operators; (2) the New Commons Development Fund for community-driven real estate development; (3) the Community Forward Fund for lending to not-for-profits and social enterprises; and (4) the Canadian Co-operative Investment Fund for co-operative enterprises. All funds are for accredited investors only and focus on delivering risk-adjusted financial returns alongside positive community impact.

Differentiator

Problem solved

Functional benefit

Brands

• New Commons Development: Non-profit real estate development company that assists community partners in realizing their project visions.
• Community Forward Fund
• Canadian Co-operative Investment Fund
• NMF Rental Housing Fund I
• NMF Rental Housing Fund II

Products and services

• NMF Rental Housing Fund I An investment fund that provides capital to preserve and expand permanent affordable rental housing by financing stabilized, newly-constructed rental housing and enabling the acquisition of new or substantially renovated rental properties for long-term non-profit ownership. Closed to new investors.
• NMF Rental Housing Fund II A fund that provides capital to preserve and expand permanent affordable rental housing across Canada by financing the development of new community-owned rental housing and enabling the acquisition of existing rental properties for long-term non-profit ownership.
• New Commons Development Fund A community-driven real estate development fund operated through New Commons Development, a non-profit real estate development company that assists community partners in realizing their project visions.
• Community Forward Fund Provides loans to not-for-profit organizations and social enterprises to enable their mission of providing long-term community benefit throughout Canada.
• Canadian Co-operative Investment Fund A new source of alternative financing for co-operatives across Canada that makes loans, hybrid, and equity investments in co-operative enterprises to bridge gaps in access to capital.

Quantifiable outcome

• Risk-adjusted, market-rate returns for investors
• +3 more outcomes

Named customers13 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core.

• New Market Funds Society (Founding Organizations)coreStrategic or Co-development PartnerNew Market Funds is majority-owned by New Market Funds Society, a registered Canadian Charity formed by six sector-leading organizations: McConnell Foundation, Fonds de résolution et de structure (Fonds RL), MakeWay, Trico Foundation, Vancity Community Foundation, and another foundation. These founding organizations ensure enduring mission alignment and govern the company's impact mandate.
• New Commons DevelopmentcoreStrategic or Co-development PartnerNew Commons Development is a non-profit real estate development company affiliated with New Market Funds that assists community partners in realizing their project visions. It takes a community-driven approach to real estate development, working with partners to revitalize communities.
• Community Forward Fund Assistance CorpcoreStrategic or Co-development PartnerThe Community Forward Fund Assistance Corp is the first non-profit registered fund manager in Canada. It provides loans to or arranges financing for non-profits, charities and social enterprises to enable their mission of providing long-term community benefit.
• Canadian Co-operative Investment FundcoreStrategic or Co-development PartnerThe Canadian Co-operative Investment Fund provides a new source of alternative financing for co-operatives across Canada. It works in collaboration towards bridging gaps in access to capital through loans, hybrid and equity investments in co-operative enterprises.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Renewal Funds: Vancouver-based Canadian impact investment fund manager offering multiple funds focused on environmental and social impact. Highly comparable as a Canadian multi-fund impact manager serving accredited investors with mission-aligned capital.
• Vancity Community Investment: The impact investing arm of Vancity Credit Union, providing community investment and affordable housing finance in BC. Closely comparable given the overlap of NMF leadership (Garth Davis, Andy Broderick) with prior Vancity roles and shared affordable housing focus.
• Community Forward Fund: First non-profit registered fund manager in Canada; a wholly-owned NMF subsidiary providing loans to non-profits, charities, and social enterprises. Direct peer and affiliate operating in adjacent capital provision to the same community partner segment.

Broad incumbents

• Enterprise Community Partners: Large U.S. national affordable housing and community development finance organization deploying billions in equity and debt. Comparable as a much larger established operator in the same affordable housing equity and structured finance niche.
• Capital Impact Partners: U.S. community development financial institution (CDFI) providing capital and development services to underserved communities. Comparable as a mission-aligned fund manager with multi-fund structure targeting community outcomes.
• Low Income Investment Fund (LIIF): U.S. CDFI focused on affordable housing, education, and community facilities financing. Comparable as a large, established impact fund manager serving low-income communities through structured capital solutions.
• Boston Community Capital: U.S. impact investment and community development financial institution. Comparable as a multi-fund impact manager deploying equity and debt into community-focused real estate and social enterprises.

Regional players

• Centre for Affordable Housing Finance in Africa: Africa-focused affordable housing finance hub and fund manager. Comparable as a specialist impact fund manager addressing affordable housing in a specific geographic market, though operating in a different region than NMF.

Others

• Co-operative Housing Federation of Canada: National federation representing Canada's co-operative housing sector, with affiliated capital vehicles. Comparable as an ecosystem participant connecting capital with co-operative enterprises — directly relevant to NMF's Canadian Co-operative Investment Fund.
• McConnell Foundation: Canadian private foundation focused on social innovation and a founding LP of NMF Rental Housing Fund I and Fund II. Comparable as a major impact capital allocator in the Canadian affordable housing ecosystem and one of NMF's founding owners.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/NewMarketFunds

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New Market Funds