Where finance meets purpose
Guests at Memorial’s Social Changemaker Space witnessed a milestone in student-led innovation and community investment on June 26.
The event marked the official launch of a groundbreaking new initiative: the Fairlead Social Impact Fund, Canada’s first university-housed, student-managed impact investing fund, and the first social impact fund in Newfoundland and Labrador.
Lisa Browne, Memorial’s vice-president of administration, finance and advancement, was joined by Bernard Davis, minister of education, to launch to fund.
“Fairlead embodies Memorial’s commitment to community engagement and student success,” said Ms. Browne. “It’s not only about experiential learning, but building a stronger Newfoundland and Labrador by investing in community organizations that understand both the challenges and solutions. As someone who spent years in the community sector, I know the impact this kind of initiative can have. I’m proud to see Memorial and our students leading the way.”
Fairlead Social Impact Fund
The purpose of Fairlead is twofold: to support socially responsible investment in local social enterprises and community organizations and to provide Memorial’s students with a unique learning opportunity.
“This initiative gives students the rare opportunity to make real investment decisions that drive meaningful social change,” Dr. Gillian Morrisey, manager of the Centre for Social Enterprise. “Fairlead is where finance meets purpose, and where learning becomes leadership. We are so excited to be able to offer this opportunity to our students and our community.”
Fairlead is an integral component of the Centre for Social Enterprise’s Impact Investing Fellowship Program, in partnership with Propel Impact, a national non-profit that runs programs focused on impact investing and social innovation.
Last summer marked the program’s launch at Memorial, making it the first time Propel offered the program in Atlantic Canada.
“The Fellowship opened new doors for me, ” said Regina Thapa, Propel Impact Investing Fellow. “From working with the team to exploring investments, conducting due diligence and pitching ideas, it was a really rewarding experience and I’m grateful to Keshiv and the team for their mentorship. We aim to drive social, environmental, and community impact through our investments, and I am so excited to support and see these organizations grow!”
Keshiv Kaushal, director of impact investing at Propel Impact, says the launch of the Fairlead Social Impact Fund represents “exactly the kind of innovation” Propel Impact wants to support.
“As our first Atlantic Canadian partner bringing the Impact Investing Fellowship to life, Memorial has been the ideal post-secondary partner, demonstrating what is possible when an academic institution prioritizes both student learning and community development,” said Mr. Kaushal. “We are delighted to be working in partnership with Memorial University and the Centre for Social Enterprise to make Fairlead a reality, and look forward to many years of positive impact across Newfoundland and Labrador.”
First recipient
Fairlead’s first recipient, Home Again Furniture Bank, was at the event to accept a cheque for $75,000.
As the only furniture bank in the region, Home Again provides gently-used furniture to individuals and families in need, including newcomers, seniors, those transitioning from shelters or foster care, and families navigating unexpected challenges.
Since its founding, the organization has furnished more than 3,600 homes with the help of more than 4,000 donors and 700-plus volunteers.
To support its operations, Home Again launched Again & Again, a social enterprise that resells furniture and home decor items that aren’t suitable for donation to clients.
Proceeds from the store directly fund Home Again’s work while also creating additional social value through employment opportunities for individuals facing barriers.
Amy Tulk, executive director at Home Again, says working with the Impact Investing fellows was “an incredibly valuable experience” for her organization.
“The students approached the due diligence process with professionalism, curiosity, and a deep understanding of social impact,” said Ms. Tulk. “They helped us articulate our value, assess our readiness for investment and build a stronger foundation for future growth. It was a true partnership and a powerful example of how learning and community development can go hand in hand.”
Learn more about the innovative social enterprise here and here.
Looking ahead
The creation of Fairlead would not have been possible without the support of a committed group of donors and partners, including key contributions from the Suncor Energy Foundation and the Newfoundland and Labrador Department of Industry, Energy and Technology.
Other private donors helped lay the groundwork for this first-of-its-kind, student-managed social impact fund and will be acknowledged at a future time.
Fairlead’s launch is just the beginning.
In the coming years, the Centre for Social Enterprise plans to expand the fund’s reach, engaging more students from across disciplines and supporting a growing portfolio of purpose-driven organizations throughout the province.
“Students aren’t just learning, they’re leading,” said Dr. Morrissey. “We’re proud to help equip them with the tools they need to drive sustainable impact in the communities they care about.”
Learn more about Fairlead.