Fund launched to create financial opportunities for Black Canadians

A bold new chapter in Black economic empowerment began this week with the official launch of BOF Capital Inc., a first-of-its-kind, Black-led investment initiative designed to close systemic wealth gaps and create long-term financial opportunities for Black Canadians.

Unveiled by the Black Opportunity Fund (BOF), BOF Capital marks a transformative step forward in addressing economic inequality through strategic investments in Black-owned businesses and homeownership. Backed by private sponsors, the venture is introducing two investment funds with combined target capital commitments of $150 million.

The BOF Capital Growth Fund aims to raise $100 million to invest in Black-led businesses, providing capital, mentorship, and access to markets. The goal is to remove the financing barriers that have historically limited the growth of Black entrepreneurship.

The second initiative, the Ourboro BOF Capital Opportunity Fund, is a $50-million-dollar partnership with Ourboro Inc., designed to help increase Black homeownership. The fund will use an innovative shared-equity model, enabling more Black families to build wealth through homeownership, a key pathway to generational financial security.

Gajan Kulasingam, a veteran in finance and impact investing, has been named Managing Partner of BOF Capital. He will lead the organization’s strategy and deployment of funds.

“We know that access to funding has long been a barrier for Black entrepreneurs,” said Kulasingam. “We also understand the importance of homeownership for wealth generation. BOF Capital is tackling these inequities head-on—helping Black businesses grow while supporting more Black families in building long-term prosperity.”

The statistics highlight the urgency. Less than one per cent of total growth capital goes to Black-owned businesses. Meanwhile, only 44 per cent of Black Canadians own homes, compared to 72 per cent of the general population. BOF Capital is stepping into this gap with a community-driven investment approach.

Craig Wellington, CEO of BOF, emphasized the systemic nature of these barriers: “We are creating innovative and sustainable pathways to economic empowerment by directly addressing the funding and opportunity gaps that have historically limited Black Canadians.”

BOF Capital’s mission is grounded in impact-driven investing, guided by a belief in the power of wealth creation to strengthen Black communities for generations to come.

“Our partnership with BOF Capital represents what social impact investing should look like,” said Nicholas Pope, Co-Founder and Chief Investment Officer of Ourboro. “Catalyzing generational wealth for historically underrepresented communities is central to our values.”

The launch of BOF Capital is the latest milestone in BOF’s broader work, which includes supporting initiatives across health, education, criminal justice, food insecurity, and the arts. Through this next phase, BOF is reshaping traditional models of philanthropy and investment — on Black communities’ terms.

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