Alternative Investment Request

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The decision

2023-04-27 · Toronto Atmospheric Fund · adopted

As filed

The Board of Directors of the Toronto Atmospheric Fund: 1. Approved a total investment of $5,750,000 in two Alternative Investment Infrastructure Funds as detailed in Confidential Attachment 1 to the report (April 13, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund. 2. Adopted the Consumer Price Index plus 4 percent as the appropriate benchmark to assess the performance of the Infrastructure Funds within Toronto Atmospheric Fund's Alternative Investments asset class.

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3. Directed staff to implement the investment transactions subject to the satisfaction of Toronto Atmospheric Fund's Solicitor and execution by the City Chief Financial Officer. 4. Instructed the City Clerk to make public the name of the Infrastructure Fund Managers and their funds and amount of the investment commitments following the close of each proposed investment transaction, and direct that the balance of Confidential Attachment 1 to the report (April 13, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential as is contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund which, if disclosed, could reasonably be expected to significantly prejudice the competitive position, or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

On the agenda

As the city filed it

On the recommendation of the Investment Committee, the Vice President Impact Investing recommends an investment in two Infrastructure Funds. These investments will diversify Toronto Atmospheric Fund's portfolio in keeping with the asset allocation targets in the Statement of Investment Objectives and Principles and provide risk-adjusted returns and mandate-related impact.

Staff recommended

The Vice President, Impact Investing, Toronto Atmospheric Fund recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve a total investment of $5,750,000 in two Alternative Investment Infrastructure Funds as detailed in Confidential Attachment 1. 2. Adopt the Consumer Price Index plus 4 percent as the appropriate benchmark to assess the performance of the Infrastructure Funds within Toronto Atmospheric Fund's Alternative Investments asset class.

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3. Direct staff to implement the investment transactions subject to the satisfaction of Toronto Atmospheric Fund's Solicitor and execution by the City Chief Financial Officer. 4. Instruct the City Clerk to make public the name of the Infrastructure Fund Managers and their funds and amount of the investment commitments following the close of each proposed investment transaction, and direct that the balance of Confidential Attachment 1 remain confidential as is contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund which, if disclosed, could reasonably be expected to significantly prejudice the competitive position, or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

On the record

The item as the City filed it

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