SovereignWealthFunds.comOntario First Nations Sovereign Wealth Fund
Ontario First Nations Sovereign Wealth Fund: what it invests in
Geography Mainly domestic
Ontario First Nations Sovereign Wealth Fund: how big it is, and on what basis
In US dollars: about USD 0.465B. Approximate, at about USD 0.73 per Canadian dollar; value stated by a board member.
Ontario First Nations Sovereign Wealth Fund: what it publishes
Published 0 · Partly 3 · Not published 7
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Ontario First Nations Sovereign Wealth Fund is a limited partnership owned by 129 First Nations in Ontario. It was created in 2018 when the partnership bought 14.4 million Hydro One shares from the Province, funded by a 25-year provincial loan, and received about C$29 million of seed capital. A board member put its value at C$634.2 million in August 2024. S1 S3
Key points
- Owned by 129 First Nations in Ontario through a limited partnership. S1
- Holds 14,391,012 Hydro One common shares, about 2.4 percent at purchase. S1 S4
- Shares bought at C$18 each, C$259.0 million in total, with a 25-year provincial loan. S1
- Loan priced at the Province's borrowing rate plus 15 basis points, secured on the shares. S1
- Value reported at C$634.2 million in August 2024, almost double the start. S3
- Distributions to member Nations are not expected before 2030. S3
Interesting facts
Mandate and goals
The fund aims to build long-term wealth and economic development for Ontario First Nations, growing and diversifying assets before making distributions. S1 S3
How it invests
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2018 | Hydro One Limited. 14,391,012 common shares bought from the Province at C$18, about 2.4 percent of the utility. S1 | Direct investment | Infrastructure and utilities | Public markets | C$259.0M | 2.4% |
| 2018 | Seed capital investment fund. Provincial cash seed capital placed in a new fund wholly owned by the partnership. S1 | New company or platform | Multi-sector | Not stated | About C$29M |
Case studies
Buying 2.4 percent of Hydro One S1 S4 S3
- What: 129 First Nations bought Hydro One shares from Ontario with a 25-year provincial loan, after talks that began in 2015.
- When: January 2018
- Size: C$259.0M
- Why: A stake in the province's grid utility gives long-term income and a seat at the table.
- Outcome: Reported value reached C$634.2 million by August 2024.
Investment process
A board oversees the partnership and plans to keep diversifying before distributions begin. S3
- Partnership holds the Hydro One shares through OFN Power Holdings LP. S1
- The provincial loan runs for 25 years at the Province's rate plus 15 basis points. S1
How to approach: No public approach route; the fund has no website. S1
Size and returns
- Headline size: C$634.2M (Portfolio value, as of 2024-08-23) S3
- In US dollars: about USD 0.465B. Approximate, at about USD 0.73 per Canadian dollar; value stated by a board member.
- Returns: the fund does not publish a return figure.
- Staff: Not published S3
- Size over time (CAD million): 2018 259.0, 2024 634.2 S1 S3
Leadership
| Name | Title |
|---|---|
| Ron Jamieson | Board member S3 |
Governance and transparency
- Legal basis: Ontario First Nations Sovereign Wealth LP, a limited partnership owned by 129 First Nations S1
- Oversight: Partnership board S3
- Auditor: Not published S3
- Hydro One shares are pledged as security for the provincial loan. S1
- Not an IFSWF member. S2
Transparency score: 1.5 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
A community-owned fund with no outside investor programme; it is a reference case for Indigenous ownership of utilities. S1 S3
Reports
- Province of Ontario release on the Hydro One sale: https://www.newswire.ca/news-releases/ontario-completes-sale-of-hydro-one-shares-to-first-nations-667669333.html S1
Common questions
Who owns the fund?
129 First Nations in Ontario through a limited partnership. S1
What does it hold?
Mainly 14.4 million Hydro One shares, plus a seed capital fund. S1
How big is it?
C$634.2 million in August 2024, per a board member. S3
When will Nations receive payouts?
Not likely before 2030. S3
Related profiles
- Little Red River Cree Nation Sovereign Wealth Fund Canada (Alberta (Little Red River Cree Nation)) · Not published
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- Alaska Permanent Fund United States (Alaska) · USD 91.9B
- New Mexico State Investment Council (SIC) United States (New Mexico) · USD 74.63B
- Texas Permanent School Fund United States (Texas) · USD 60.6B
- Texas Permanent University Fund (PUF) United States (Texas) · USD 40.29B
All sovereign wealth funds in North America · All savings and future generations funds · All funds in Canada
Sources
Disclaimer
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