Toby Chang


Economic Outlook

Searcher Landscape


Toby joined Relay Investments in January 2023 and is a successful search fund operator.

Prior to Relay, Toby was the Co-founder and Managing Partner at Alpine Growth Partners, a traditional search fund based in Canada. In 2017, AGP successfully acquired Datavalet Technologies, an enterprise SaaS and managed services company specializing in Wi-Fi solutions. Toby co-led the business for over five years and remains an active member of the company’s board. Prior to AGP, Toby was a Director at Millennium Research Group, a leading provider of healthcare analytics. While at MRG, Toby led a division of over 120 staff, led key value creation initiatives, and helped quadruple the subsidiary’s revenues amid two separate ownership transitions.

In his free time, Toby is an avid sportsman and can often be found skiing, playing hockey, or curling. Outside of athletics, Toby also enjoys exploring the outdoors having hiked Mount Fuji and ventured throughout British Columbia in a camper. At home, he is a skilled chef and is known among friends for his ability to recreate authentic Shanghai cuisine using cherished family recipes.

Toby holds an MBA, graduating on the Dean’s List from INSEAD, and a B.A.Sc. in Mechanical Engineering from the University of Waterloo. He speaks conversational Cantonese.