Raven Outcomes Announces $32.2 Million Second Close of Canada’s First Outcomes Fund

Indigenous-led outcomes fund advances community-driven energy, housing and employment solutions

Montreal, QC/ Tiohtià:ke, February 18, 2026 — Raven Outcomes, an Indigenous-led fund manager investing in the well-being of Indigenous communities, today announced the second close of the Raven Indigenous Outcomes Fund I at $32.2 million. The fund will continue toward its final close later this year.

The first-of-its-kind fund deploys capital through outcomes finance, an innovative model that supports Indigenous communities in addressing priority challenges. The fund allows investors to align their investments with real, measurable impact for Indigenous Peoples. When results are achieved, outcomes purchasers—such as governments—pay for these verified outcomes, and investors receive a return on their investment.

This fund enables Raven Outcomes’ Community-Driven Outcomes Contracts (CDOCs) model. Through these agreements, Indigenous communities define their challenge, co-design the solution, and lead delivery. CDOCs reflect Indigenous values, knowledge systems, and governance, and shift financial risk away from communities while strengthening accountability across all partners.

Capital from the Raven Indigenous Outcomes Fund I is already supporting a growing portfolio of community-led energy, housing and employment projects. Recent CDOC projects include rooftop solar installations at Onion Lake Cree Nation, housing retrofits and ground-source heat pump installations at Brokenhead Ojibway Nation and clean-energy housing upgrades at Sioux Valley Dakota Nation—all reducing energy costs while creating local training and employment opportunities.

“These projects show how outcomes finance can deliver tangible climate and economic benefits while keeping decision-making with Indigenous communities,” said Jeff Cyr, Founder and Managing Partner, Raven Outcomes. “This successful second close proves that outcomes finance is a strong model to advance Indigenous self-determination, accountability, and long-term systems change, all while providing returns for investors and lower costs for governments.”

"The outcomes-based approach ensures our investment is directly tied to verified impact and priorities defined by Indigenous communities themselves,” said Karel Mayrand, CEO of the Trottier Family Foundation. “This fund and approach align with our commitment to accountability and partnership, as well as our goals of advancing climate and economic solutions that respect community leadership."    

The Raven Indigenous Outcomes Fund I will continue to accept new investments as it advances toward a final close later this year. For more information on Raven Outcomes and its work, visit ravenoutcomesfunds.com.

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Media Contact:

Jess Harris
Director, Temple Scott Associates
jharris@tsa.ca
437-227-6123

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About Raven Outcomes
Raven Outcomes is an Indigenous-led fund manager investing in the well-being of Indigenous communities through outcomes finance—an innovative, respectful, and community-led way to fund solutions. To learn more, visit ravenoutcomesfunds.com.

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