Keewaywin Capital Inc. to raise $100M to address Indigenous housing shortfall
TORONTO, Nov. 15, 2023 /CNW/ – Keewaywin Capital is pleased to announce that Emily Randle will be joining Keewaywin Capital Inc. in the role as Chief Risk Officer. Keewaywin Capital Inc. (KCI) is the first Indigenous private credit fund, which commits to building 300-600 homes for Indigenous Peoples on-reserve. In a recent Globe and Mail article, KCI announced their partnership with CMHC to support the Section 95 Program which will accelerate building homes over the next five years.
“There is a current shortfall of $44B to address current housing needs, and additional $16B to accommodate population growth by 2040 in our Indigenous communities. We are thrilled that Emily has joined our team to bring her corporate experience to our entrepreneurial pursuit. We strive to transform the lending area for Indigenous Peoples through private capital and make an impact.” says Founder and CEO, Tracee Smith.
Ms. Randle is an experienced lender and business partner with over 25 years in the Canadian Banking industry. Having held various positions at TD Bank in Business Banking, Real Estate Secured Lending, and Financial Restructuring, she has a deep background in Risk Management developed through both client facing and Executive oversight roles.
After her tenure with TD Bank, Ms. Randle progressed to the position of Chief Risk Officer at MCAN Mortgage Corporation which focused on Enterprise Risk Management and Governance for the deposit taking, construction and mortgage lending business lines. In late 2021, she joined Equitable Bank in its newly created Chief Credit Officer role, and with her team, lead the Bank’s 2nd line of defence in the integration of risk frameworks during the acquisition of Concentra Bank. Having worked her entire career in Financial Institutions, she is experienced with the regulatory landscape, monitoring and measuring emerging risks and trends, building resilience in uncertain times, and institutional integration of risk and strategy.
With an average federal budget allocation of $150M annually through CMHC’s Section 95, roughly 0.6 houses per 634 Indigenous communities get built. Keewaywin hopes to bring much needed private capital to assist with the more than 80,000 unit shortfall, according to the Assembly of First Nations. Keewaywin Capital is currently in the middle of a capital raise of $100M, expected to close in 2024.
About Keewaywin Capital Inc.: Keewaywin Capital Inc. (KCI), established in 2022, launched a first-of-its-kind Indigenous private credit fund with a capital raise of $100M, to build 300-600 homes on-reserve over the next five years.
SOURCE Keewaywin Capital Inc.
Featured image: Deposit Photos © AndreyPopov
