Raven Outcomes is an Indigenous-led impact investment manager dedicated to transforming how capital flows into Indigenous communities across Canada. Through the Raven Indigenous Outcomes Fund I, the organization structures outcomes-based investments that back projects designed and led by First Nations, Inuit and Métis communities in sectors such as housing, clean and affordable energy, health, and workforce development.
Role of Raven Outcomes in the funding ecosystem
Rather than offering traditional grants or loans, Raven Outcomes uses outcomes finance. Private and philanthropic investors provide the upfront capital needed to launch community projects. Governments and other outcome buyers agree to repay investors, often with a modest return, only if independently verified outcomes are achieved—for example lower energy bills, reduced greenhouse gas emissions, improved health indicators, or increased employment.
At the core of this model are Community-Driven Outcomes Contracts (CDOCs), which formalize results-based funding agreements while keeping Indigenous communities in the leadership role. Raven Outcomes acts as a funder, structurer and long-term partner, bringing together communities, investors, governments and philanthropic organizations around a shared outcomes framework.
Funding themes and types of projects
The Raven Indigenous Outcomes Fund I targets a portfolio of 8–10 investments, with a 50/50 focus split between climate adaptation and health outcomes. Case studies highlighted on the site include:
- Housing and clean energy retrofits using geothermal or heat pump systems in Peguis, Fisher River, Sioux Valley Dakota Nation and Brokenhead Ojibway Nation.
- Solar rooftop installations in Onion Lake Cree Nation to lower energy bills and increase resilience.
- Community-led health initiatives such as Minoayawin, which addresses Type 2 diabetes through culturally grounded prevention and care.
These projects combine infrastructure improvements, local skills training and job creation, while generating measurable social, economic and environmental value. Raven publishes investment highlights, such as amounts invested, number of homes upgraded and verified outcome values, underscoring its role as an active capital provider.
General approach to evaluation and accountability
Raven Outcomes emphasizes accountability to Indigenous priorities and measurable results. Clear outcome targets are set in advance and monitored by independent evaluators. Public dollars from governments or agencies like CMHC are only spent when targets are met, shifting financial risk away from communities and encouraging evidence-based innovation.
The firm aligns its investment decisions with Indigenous values such as self-determination, reciprocity, seven-generation thinking, and Two-Eyed Seeing—combining Indigenous and Western knowledge systems. Impact data are transparently reported to investors and partners, with a target internal rate of return and capped capital recycling to enhance efficiency.
Supported audiences and partnerships
Raven Outcomes works closely with Indigenous governments and communities seeking to tackle priorities like safe housing, energy security, health equity and employment. It also engages institutional and private investors looking for risk-managed, government-backed impact investments, as well as philanthropic funders who can seed early-stage design, research and capacity-building through the affiliated Raven Indigenous Impact Foundation.
Through this integrated ecosystem, Raven Outcomes contributes to economic reconciliation by mobilizing diverse forms of capital into Indigenous-led solutions that are rigorously evaluated and scalable across Canada.