NMF Rental Housing Fund I


Last updated 8 January 2022, by Impactyield.

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NMF Rental Housing Fund I LP supports non-profit and co-operative partners with equity capital to increase Canadian affordable rental housing, primarily in metro Vancouver, Victoria, Edmonton, Calgary and Toronto and generating market rate risk-adjusted returns for its investors.

Non-profit and co-operative partners are assisted in deal formation, including securing free land in exchange for long- term affordability restrictions.

Asset class


Fund style

Financial description


9 years

of track record


the year funded



Asset manager

New Market Funds


Headquarters location:

SDG goals

SDG targets

Equal rights to ownership basic services technology and economic resources

Safe and affordable housing

Key performance indicators

Fund overview

Asset manager: New Market Funds

Product track record: Fund has 9 years of track record

Target IRR: 6%

Committed Capital: 24,720,000 CAD (Canadian Dollar)

Target return category: Risk-adjusted market-rate of return

Fund domicile:

Product status:


Inception year: 2014

Vintage year: 2015

Target region: , , ,

Target close date: n.a.

Product term: 10 year term

Assets under management: n.a.

Investment size: Min: 1,000,000; Max: 0; Avg: 0

Co-investment policy: ,

Currency of investments:

Currency for fund / product figures:

Fund investments to date: 5

Fund investments to date exited or repaid: 0

Management fee: 1%

Carried interest: n.a.

Hurdle rate: n.a.

GIIN Investors' Council Investment: No

Limited Partners / Investors: The Fund was made possible through investment commitments from leading institutions and individuals including Bealight Foundation, Hamilton Community Foundation, The J.W. McConnell Foundation, The Lawson Foundation, The Michael Young Family Foundation, Tides Canada Foundation, Trico Charitable Foundation, Vancity Community Foundation, APYC Holdings, Inc., Renewal Partners Company, OceanRock Investment Solutions, Leslois Shaw Foundation, Community Foundation of Ottawa, Northpine Foundation, Royal Bank of Canada, Mt. Lehman Credit Union, Alberta Social Enterprise Venture Fund, Inc. and Alberta Real Estate Foundation.

Limited Partner / Investor Type: Endowments/Foundations, Family Office, Other Institutional Investors


E-mail: n.a.

Website: https://www.newmarketfunds.ca

Phone number: 1 (604) 358-7911

If you wish to have your details removed from this database please email gdpr@impactyield.com

Andy Broderick

Managing Partner

Garth Davis

Managing Partner

Impact Performance


Impact thesis

1. To fill community needs solely by working with community-based housing providers-- non-profits and co-ops.
2. To address the affordability gap by insuring that the rental housing it provides is affordable to households earning, on average, 80% or less of the area median income.
3. To best preserve long-term affordability NMF will only exit to community-based ownership – not for profits, co-ops or government.

Impact Management


Financial benchmark

Term Description:


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