Who We Are


Finance is a powerful tool for social change. When invested strategically, it can influence and shift norms, knowledge, attitudes and practices. It can lift structural and institutional barriers, and empower marginalized individuals with the capacity, skills and confidence to participate and benefit throughout society.

If you’re looking to use all or just a portion of your money to make a difference in the world – in addition to earning a return on your investment – we’d love to help you do it.

Marigold Capital offers strategic consulting and fund management in the private-market impact investing space, with a focus on social justice in domestic and emerging markets.

Our founder, Jonathan Hera, is one of Canada’s leading impact investors. He offers a unique blend of strategic and tactical skills, diverse experience in the field and rich networks. He is a translator across stakeholders, funders, sectors and experiences. He has designed and managed a wide variety of portfolios, and expertly supports clients through the entire investment cycle – from sourcing to exits.

At Marigold, we understand how to construct and manage a diversified portfolio across private asset classes, geographies and sectors in order to maximize both impact and financial return targets.

our experience

Since 2010, we’ve placed nearly $25 million dollars and managed over $100 million dollars while reviewing more than 2,000 social enterprises and 400 funds globally. We’ve invested under various mandates from numerous funders, including:

  • An emerging and frontier market private equity fund of funds
  • A Canada-focused impact fund housed in the country’s largest financial institution
  • A ‘base of the pyramid’ global health innovation portfolio funded by the Government of Canada.

Marigold Leadership

Marigold’s Founder and Managing Partner, Jonathan Hera, has nearly 10 years’ experience in the impact investing space – domestically and within lower and middle income countries – having worked with and for government agencies, multilateral organizations, large financial institutions, venture capital and private equity funds, angel groups, enabling intermediaries (accelerators/incubators), collective impact platforms, and universities.

He has led the development of investor relations, impact reporting and investor reporting at Sarona Asset Management; investor relations, due diligence and portfolio construction and management at the Royal Bank of Canada and the Youth Social Innovation Capital Fund; and most recently the investment strategy, due diligence, portfolio management and funder relationships at Grand Challenges Canada. It is here where Jonathan co-led the development of the organization’s gender strategy and its implementation throughout its investment process and entrepreneur supports.

In addition, Jonathan founded and teaches an MBA course on impact investing at the Schulich School of Business and serves as Board Director, Advisor Board Member, Advisor and Mentor to various organizations within the impact investing ecosystem.

He lives in the west end of Toronto with his partner and two young daughters, who helped inspire his approach to impact investing – and Marigold itself. For more on Jonathan’s ‘why’, please see How to invest with a Gender Lens where he shares pieces of his personal journey.

Marigold Team

Val Fraser, Associate, previously worked at EFTA, an equipment leasing company based in Moshi, Tanzania, which provides financing to SMEs and farmers across the country. She served as Investment Manager and led management of investment approval across seven offices, which resulted in a loan book growth from approximately USD 2 million to USD 10 million over a two year span. Prior to EFTA, she worked as an Investment Banking Analyst at Canaccord Genuity in Toronto. She was a generalist within the mergers and acquisitions, restructuring, and corporate finance group and was responsible for performing financial, valuation, and industry analysis.

She holds a Bachelor of Business Administration in Finance from Wilfrid Laurier University.

Vision and Mission


The following beliefs and values underlie everything we do at Marigold:

  • Above all else, we are committed to gender lens investing. We work to uncover – and capitalize on – ‘hidden’ issues and value across an organization’s team, product and services, business model, and supply and value chains, which allows us to consider opportunities that would normally be excluded from traditional impact investing.
  • We want to build a world where all organizations have intentional positive social benefit – making all investments are impactful.
  • We believe that greater intentionality, analytics and discipline throughout the investment cycle leads to better processes, systems, people and results.
  • We use transparent models of selection, process, financial instruments and portfolio development approaches.
  • We believe there are appropriate times for all types of capital use. Aligning the needs, goals, use of proceeds, timing and interests of funders and entrepreneurs is of utmost importance.
  • We walk the talk.

The result? More opportunity for you and an opportunity to better support marginalized populations and markets.

While we strive for perfection, we will always favour imperfect action over perfect intention


What’s in a name?

Marigold Capital is named after the marigold flower. While it was historically offered as a sacrifice to many gods, the marigold is known for its power to resurrect despite being connected to despair and grief. This conception and symbol of remembrance for the flower within the Mexican Dia de los Muertos celebrations is where we draw our inspiration.

Working with Mexican migrant workers for several years is where Jonathan fell in love with all things Mexican – flautas, cumbia, and more specifically, the spirit of its annual Dia de los Muertos, a joyful and colourful annual celebration of lost loved ones. The marigold flower reminds us that as impact investors we must stand on the shoulders of our ancestors to make the world a better place for our children. And, we can do so with style, colour, and a dash of kitsch.

If you’d like to know more about our services, click here – or feel free to reach out at any time to set up a conversation.

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