Kahnawake Sovereign Wealth Fund

At a glance. The Kahnawake Sovereign Wealth Fund is the Mohawk Council of Kahnawake's long-term fund for own-source revenue and financial independence. It started with CAD 33 million in 2024 and held CAD 40.43 million (about USD 29 million) at 31 March 2026. It mixes public securities with stakes in Quebec wind farms and a transmission line, and is moving into a limited partnership built to attract institutional partners. S3 S1 S4

Key points

• CAD 40.43 million at 31 March 2026, about USD 29 million. S3 S5
• Returned 8.33 percent in 2025-26 and 12.87 percent in 2024-25, against a 7 percent target. S3 S1
• Target mix of 40 percent equity, 40 percent fixed income and 20 percent alternatives. S3
• Holds stakes in the Des Cultures and Les Jardins wind farms and the Hertel line. S4
• All gains are reinvested until fiscal 2034-35, then a distribution policy applies. S4
• A new limited partnership will hold the assets and can raise capital on its own. S4

Interesting facts

• The Des Cultures wind farm paid a CAD 2.28 million dividend, above projections. S3
• The fund has gained CAD 7.3 million on its CAD 33 million start. S3
• Its horizon is framed around the next seven generations. S4

Mandate and goals

Grow Kahnawake's own-source revenue, cut reliance on outside funding and support financial and economic independence over the long term. S4 S3

• Earn at least 7 percent a year. S3
• Compound all gains until fiscal 2034-35. S4
• Then fund community initiatives sustainably. S4
• Spending rule: No distributions until fiscal 2034-35; a distribution policy will then guide allocations to the Council S4

How it invests

Asset mix: Equity 40%, Fixed income 40%, Alternatives incl. direct ventures 20% (as of 2026-08-03) S3

Published criteria

• Balanced risk aimed at steady long-term growth. S3
• Direct ventures that generate own-source revenue. S4

Past investments

Case studies

Des Cultures wind farm S3

• What: A direct stake in a Quebec wind farm held in the alternatives portfolio.
• When: FY2025-26
• Size: CAD 2.28M dividend
• Why: To build steady own-source revenue from energy.
• Outcome: Dividend beat original projections.

Moving to a limited partnership S4

• What: Assets move to KSWF LP, run day to day by Kahnawake Sovereign Wealth Management Inc. with a Council-appointed board.
• When: Aug 2026
• Size: Not published
• Why: Ring-fence assets, keep tax status, separate business from politics and raise capital independently.
• Outcome: Annual LP reports to be posted online.

First-year results S1

• What: The fund's first full year on a CAD 33 million start.
• When: FY2024-25
• Size: CAD 33M
• Why: To prove the balanced model.
• Outcome: Gain of CAD 4.26 million, 12.87 percent, against a 7 percent target.

Investment process

The Council's Investment and Revenue Committee reports on the fund; from 2026 a management company with a Council-appointed board runs the LP. S3 S4

1. Council sets vision and target return. S3
2. Managers run public securities. S3
3. Management company runs direct projects. S4
4. Annual results published. S3

How to approach: The new LP is designed to work with institutional partners on economic development projects. S4

Size and returns

• Headline size: CAD 40.4M (Fund market value, as of 2026-08-03) S3
• In US dollars: about USD 0.029B. CAD 1.3935 per USD, 31 March 2026
• Return, Fiscal 2025-26: 8.33 percent (Target 7 percent) S3
• Size over time (CAD million): Start 2024-25 33, March 2025 37.32, March 2026 40.43 S1 S3

Leadership

Governance and transparency

• Legal basis: Fund of the Mohawk Council of Kahnawake; assets moving to Kahnawake Sovereign Wealth Fund Limited Partnership S4
• Oversight: Mohawk Council of Kahnawake through its committee and the KSWM board S4
• Restructuring followed outside financial and legal advice. S4
• Model widely used by other First Nations. S4

Transparency score: 5.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, annual return, asset allocation. S3
• Partly published: long-term returns, holdings or deal list, governance and mandate documents, named leadership, regular reporting schedule. S1 S3 S4 S7
• Not published: geographic or sector split, audited financial statements. S3 S6

History

Reports

• KSWF annual results 2025-26: https://kahnawake.com/kahnawake-sovereign-wealth-fund-annual-report-ready-for-review/ S3
• KSWF first-year results 2024-25: https://kahnawake.com/positive-first-year-performance-for-kahnawake-sovereign-wealth-fund/ S1

Common questions

How big is the fund?

CAD 40.43 million at 31 March 2026, about USD 29 million. S3 S5

Who manages the public portfolio?

Canaccord and Giverny. S3

When will it pay out?

Gains are reinvested until fiscal 2034-35, then a distribution policy applies. S4

What is its target return?

7 percent a year. S3

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All sovereign wealth funds in North America · All sub-national permanent funds · All funds in Canada

Sources

1. S1Mohawk Council of Kahnawake, KSWF first-year performance
2. S2IFSWF, members list
3. S3Mohawk Council of Kahnawake, KSWF annual results 2025-26
4. S4Mohawk Council of Kahnawake, new structure for the KSWF
5. S5Frankfurter, USD/CAD 31 March 2026
6. S6Mohawk Council of Kahnawake, website
7. S7CCIB, Chief Paul Rice profile