Ontario First Nations Sovereign Wealth Fund say the current value of its portfolio has almost doubled in growth since its creation in 2018.
The fund was an agreement that saw 129 Ontario First Nations, including Six Nations, purchase more than 14 million shares of Hydro One.
At that time, the Ontario government said the fund was an opportunity to advance economic development for Indigenous communities.
First Nations were able to acquire Hydro One shares through a 25 year loan that was financed through the Ontario government for just over $259 million.
Ron Jamieson, board member for the fund, detailed that the fund now sits at $634.2 million which is almost double of its initial value.
Jamieson says funds from it will not likely be distributed to the First Nations involved until 2030. He adds that it’s hard to estimate what the fund will be worth by that time but says it’s possible it could be worth $1 billion by then and the fund’s board will continue to look to diversify and grow its value in that time.
