New impact investing firm launches in Toronto

Veterans of Fidelity Investments, the Canada Pension Plan Investment Board and the MaRS Discovery District have founded a new impact investment firm that will offer products for individual and institutional clients.

TwinRiver Capital, based in Toronto and Boston, was founded by Eric Wetlaufer, Adam Jagelewski and Ilse Treurnicht. Wetlaufer is a former chief investment officer at Fidelity and Putnam Investments, and served as the CPPIB’s global head of public market investments. Wetlaufer was head of impact investing at MaRS, where Treurnicht was the CEO.

The new firm will aim to serve individual and institutional investors looking to make a positive impact through investments in health, the environment and economic inclusion, a release said. Its products — set to launch this fall — will include a publicly traded equity impact strategy, private equity through funds and individual deals, private debt and venture philanthropy.

“These clients should have access to high-calibre products and services that go beyond simple exposure to passive ESG metrics,” Wetlaufer said in a statement. “TwinRiver will meet their requirement for clarity of purpose, innovative execution, and measurable results.”

TwinRiver partnered with Toronto-based Cidel Asset Management Inc. for investment, compliance and back-office services, the release said. Cidel also provided an anchor investment and its advisors will provide investment management services.

The new firm will also focus on philanthropic investments, targeting family offices and foundations investing through donor-advised funds.

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