About Coeuraj Capital

Our Story

Coeuraj Capital is Born

Coeuraj Capital was formed by the founders of Coeuraj and backed by long-term private capital with a mandate to invest patiently in infrastructure and natural assets, security and resilience, and Indigenous economy.

From inception, the firm was designed to integrate systems thinking with capital deployment, recognizing that structural alignment is often the determining factor in long-term investment performance.

Differentiated Strategy

By combining a dedicated investment function with access to Coeuraj’s systemic practice, Coeuraj Capital brings a differentiated approach to private market investing Our investment process places particular importance on decision making condition, governance structures, and incentive alignment to ensure disciplined capital deployment.

The entities remain distinct in structure and mandate, while allowing systems insight and capital allocation to reinforce one another where appropriate.

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Successful Launch

Coeuraj Capital invests in three distinct and complementary ways. We allocate capital to fund managers on a passive basis as an LP. Additionally, we invest directly in projects and businesses operating within our key themes. Finally, most of our work is focused on co-creating new investment vehicles and platforms with aligned partners and investors.

This approach allows us to build conviction through origination, partnership, and disciplined capital deployment, while maintaining flexibility across evolving market conditions.

Team

Bobby Ahluwalia

Co-founder, Managing Partner

Duncan MacRae

Co-founder, General Partner

Tyl van Toorn

Co-founder, General Partner

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Our Story

Team

Bobby is a seasoned finance executive with diverse experience across international finance, capital markets and private equity investments.

As Managing Partner of Coeuraj Capital, Bobby leads the firm's investment activities focused on combining financial returns and societal impact.

Prior to Coeuraj Capital, Bobby spent close to a decade working for an investment bank in the Capital Markets division located in London, UK and New York. After leaving the Bank in 2014, Bobby founded and led FIFTYFIVE Capital, a mid-market private equity and advisory firm based in Toronto.

Mr. MacRae, of Victoria, British Columbia, is co-founder and general partner of Coeuraj Capital, a private equity firm focused on patient investment in resilient, sustainable private companies.

With a penchant for social impact, Duncan has spent the past two decades as a serial founder, executive, and investor, most recently as co-founder and president of Coeuraj.

Mr. van Toorn, of Victoria, British Columbia, is co-founder and general partner of Coeuraj Capital.

With an affinity for solving complex problems, Tyl has spent decades co-founding and operating multiple successful companies, including TNT Productions, transmitNow, Fantan Group, and most recently, Coeuraj, where he serves as Chief Executive Officer.

Tyl resides in Victoria, British Columbia with his wife Sarah, and two children.

Coeuraj Group