On June 26, Memorial University launched the Fairlead Social Impact Fund, Canada’s first university-housed, student-managed impact investing fund.

The fund puts real capital into the hands of students to support purpose-driven organizations across Newfoundland and Labrador.

Housed at Memorial’s Centre for Social Enterprise (CSE), the fund allows students to gain hands-on experience evaluating organizations, conducting due diligence, and recommending investment decisions that contribute to meaningful social, cultural, and environmental change.

“Fairlead is where learning becomes leadership,” said Dr. Gillian Morrissey, manager of the Centre for Social Enterprise. “This fund gives students the rare opportunity to apply what they’re learning in real time, while directly supporting community organizations making a difference.”

Fairlead’s first recipient

Fairlead’s first recipient, Home Again Furniture Bank, was at today’s event to accept a cheque for $75,000.

As the only furniture bank in the region, Home Again provides gently-used furniture to individuals and families in need. Since its founding, the organization has furnished more than 3,600 homes.

To support its operations, Home Again launched Again & Again, a social enterprise that resells furniture and home decor items that aren't suitable for donation to clients.

Proceeds from the store directly fund Home Again’s work, while also creating additional social value through employment opportunities for individuals facing barriers.

Amy Tulk, executive director at Home Again, says working with the Impact Investing fellows was "an incredibly valuable experience" for her organization.

"The students approached the due diligence process with professionalism, curiosity, and a deep understanding of social impact," said Ms. Tulk.

"They helped us articulate our value, assess our readiness for investment and build a stronger foundation for future growth. It was a true partnership and a powerful example of how learning and community development can go hand in hand."

Two-fold purpose

“Fairlead embodies Memorial’s commitment to community engagement and student success,” said Lisa Browne, vice-president (administration, finance and advancement) at Memorial University.

“It’s not only about experiential learning, but building a stronger Newfoundland and Labrador by investing in community organizations. As someone who spent years in the community sector, I know the impact this kind of initiative can have. I’m proud to see Memorial and our students leading the way.”

Fairlead’s creation marks a new chapter in Memorial’s approach to experiential learning, one that prepares students for careers in finance, consulting, social innovation, and community leadership.

Support for the fund came from the Suncor Energy Foundation, the Department of Industry, Energy and Technology, and a group of private donors. Oversight is provided by faculty advisors and an investment committee.

Fairlead is also a key component of CSE’s Impact Investing Fellowship, developed in partnership with national nonprofit Propel Impact. Memorial is Propel’s first Atlantic Canadian partner.

“Fairlead represents exactly the kind of innovation we want to see,” said Keshiv Kaushal, director of impact investing at Propel Impact. “Memorial has demonstrated what’s possible when academic institutions prioritize both student learning and community development.”

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For more information, or to arrange an interview, contact Mandy Rowsell, communications advisor for Memorial University's Faculty of Business at mandy.rowsell@mun.ca. or 709 864 2616.