Alberta First Nations Break New Ground in Canada’s Capital Markets

Six Alberta First Nations have taken an unprecedented step by formally entering Canada’s capital markets with the launch of First Nations Financial Markets (FNFM). The move could serve as a critical economic milestone, cementing Indigenous participation in the broader financial system and advancing reconciliation.

FNFM was created through the collaboration of the Sawridge First Nation, Cold Lake First Nation, Athabasca Chipewyan First Nation, Heart Lake First Nation, Fort McMurray 468 First Nation, and Whitefish Lake 128 First Nation. Together, these communities have acquired a majority stake in Agentis Capital Markets, a firm regulated by the Canadian Investment Regulatory Organization (CIRO).

Agentis Capital brings a strong track record to the venture. The boutique advisory firm has worked on nearly $75 billion in completed transactions worldwide and has been recognized for its expertise in infrastructure project development. This combination of expertise provides FNFM with a foundation of credibility and technical know-how, while Indigenous ownership introduces a more inclusive vision for the Canadian finance industry.

A Direct Pathway to Prosperity

The newly established investment dealer aims to carve out a space for Indigenous participation in the high-stakes world of capital markets and advance commercial opportunities. FNFM will work with institutional clients to assist them in acquiring capital by accessing equity and debt markets. While the company will build on several years of experience in the mining sector, it plans to expand into energy, infrastructure, oil and gas, technology, and other industries.

The launch of FNFM could serve as a turning point in Indigenous economic participation. It aims to help Indigenous communities unlock meaningful commercial opportunities by broadening their access to Canada’s financial system. The firm will work with corporate and government partners to finance various projects, which could potentially include the Government of Alberta and the Canada Pension Plan.

Robert Van Belle, managing partner with Agentis Capital, commented that “The launch of First Nations Financial Markets marks a significant development in Canada’s financial and economic reconciliation landscape.”

Chief Isaac Twinn of Sawridge First Nation emphasized the broader significance of the initiative: “The creation of FNFM is a concrete step toward increasing First Nations presence and influence in the modern economy.”

He added that “This partnership exemplifies a practical approach to Indigenous economic revitalization - one guided by collaboration, reciprocity, and relationships, with recognition that Indigenous leadership is essential to driving meaningful economic advancement for First Nations.”

Addressing Barriers in Finance

Historically, the lack of access to working capital has served as a longstanding obstacle to growth for Indigenous communities and entrepreneurs across the country. While Canadian companies in general enjoy a 90 per cent loan approval rate, that number drops to 58 per cent for Indigenous businesses, according to Export Development Canada.

Additionally, the formation of FNFM represents a shift in how Indigenous communities traditionally engage with government and the private sector during project development. As Chief Twinn put it, “decisions have long been made around us and about us, rather than with us.”  FNFM aims to prioritize Indigenous investors and leaders as active participants in shaping projects, transactions, and investments from the outset, rather than simply being consulted after decisions are made.

As such, the formation of FNFM offers the potential to help overcome systemic barriers that have long hindered First Nations business development. It also creates a platform to equip future generations of Indigenous leaders with vital experience in business and finance.

A National Model

In 2023, Export Development Canada estimated that Indigenous businesses already contributed $50 billion annually to the Canadian economy. With initiatives like FNFM, these figures are poised to grow moving forward.

Van Belle stated that FNFM remains open for more First Nations partners to potentially join. He believes that the formation of FNFM offers a model that can be replicated, unlocking lasting opportunities for Indigenous-led participation in capital markets nationwide.

This is especially important given that Canada looks to accelerate the development of major resource and infrastructure projects over the next few decades. Initiatives that expand First Nations’ access to capital and finance could play a critical role, as Canada seeks to diversify and reduce its reliance on the United States. 

Moreover, Chief Twinn emphasized that the broader significance this initiative brings towards cementing prosperity for future generations. “By being majority First Nations-owned, we are placing ourselves in the driver’s seat in this economic development initiative,” he added. “This is not just about today. It’s about cementing prosperity for future generations.”