OTTAWA – A First Nation in Ontario is looking to create what it’s calling a “sovereign wealth fund” to bypass government and move major projects forward faster with Indigenous participation.
The First Nations Sovereign Wealth Fund, proposed by Chippewas of the Thames First Nation in southwestern Ontario, seeks to make it easier for First Nations to buy into major projects in their territories, sidestepping government programming and giving First Nations more authority over their investments. It’s part of a growing trend across the country of First Nations looking to build their own capacity and bring prosperity to their communities.
Chief Joe Miskokomon said the fund would be a “critical step” forward in bolstering the economic capacity of First Nations.
“We’re not saying to take out the banks,” Miskokomon said in an interview.
“What we’re saying is the banks don’t need to have as much as a say as they do.”
Both Ontario and the federal government are looking for ways to bolster the Canadian economy in the face of tariffs from U.S. President Donald Trump, and have passed legislation designed to make major projects move forward faster. That includes by sidestepping some environmental protections and promising quicker greenlights for projects they find of value.
Ottawa has referred 11 projects to the newly formed Major Projects Office, where they will be assessed to determine if they meet the mark of a project in the “national interest.” About half of those projects are either owned or supported by Indigenous groups.
First Nations have spoken out against both pieces of legislation, particularly when they were first introduced, fearing it would trample over their rights and move projects forward without their consent and warning of widespread protests and blockades.
That conversation, while still focused on ensuring rights are respected, has largely turned into one on how First Nations can meaningfully participate in economic projects occurring in their territories.
The federal and provincial government have introduced loan guarantee programs, meant to help First Nations invest in projects, but those programs have limitations. Miskokomon pointed to high interest rates that can eat away at any profits the First Nation may generate.
First Nations, under the Indian Act, also face more barriers in securing bank loans as reserve lands are unable to be used as collateral, and most economic projects need approvals from the federal government.
If financial control is transferred to First Nations through something like the wealth fund he is proposing, Miskokomon says First Nations will more easily be able to participate as investors and decision-makers, allowing for a new pathway to generate own-source revenue that can be reinvested in community-based infrastructure projects, like water or housing.
He sees First Nations participation in projects as a way to move them forward faster, with there being more incentive to work with proponents if First Nations have a meaningful stake in business operations.
“Existing First Nation funding and loan guarantee programs are fragmented, risk-averse, and narrowly focused on individual projects,” a concept paper on the fund written by the First Nation says.
“A Sovereign Wealth Fund model will provide a scalable alternative, enabling First Nations to mobilize and manage collective investments, and reinvest returns into community priorities such as infrastructure, housing, and social development.”
To get the project off the ground, the First Nation is seeking supports from the provincial and federal government, including for them to endorse the fund and co-develop fiscal, policy and legal frameworks.
Miskokomon said the fund would begin with investments from First Nations in Ontario, with the potential to scale the fund nationally. The fund would pool capital from those First Nations alongside private investors and government contributions.
Many First Nations manage trusts, born of land claims or other settlements, where money is preserved for future generations. Miskokomon said the governance structures of those trusts are difficult to navigate, tend to be risk averse and limit the potential of economic development in communities.
“We have to stay current, and that’s what a sovereign wealth fund is calling for — not to be locked into governmental processes where bureaucrats are given the upper-hand to be able to assess whether or not (a project) is in the best interest of us,” Miskokomon said.
“It’s that we’re taking control of our lives, and we’re taking control of our own decision-making, and that should be applauded by every government (and) should not be resisted.”
The idea behind the wealth fund Miskokomon is proposing isn’t new, but there is a growing push for similar ventures across the country.
Ventures like Cedar Leaf Capital, which opened shop last October, and First Nations Financial Markets that launched in September, are both majority-Indigenous owned firms working their way into the capital-raising system.
It’s still early days for Cedar Leaf, with the near-term focus on securing more government and private partners and wrapping a first full year of operations, but it’s already feeling like a momentous shift, Clint Davis, an Inuk from Labrador who is CEO of Cedar Leaf, told The Canadian Press in September.
“This is quite a period of renaissance for the Indigenous community, and it’s going to be really exciting for the next 10 years. I’m just really happy and I feel honoured to be a part of it.”
This report by The Canadian Press was first published Nov. 24, 2025.
— With files from Ian Bickis in Vancouver
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