Direct Investment Request - 2023 Number 2

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The decision

2023-04-27 · Toronto Atmospheric Fund · amended

As filed

The Board of Directors of the Toronto Atmospheric Fund: 1. Approved an investment of up to $500,000, subject to the terms and conditions outlined by the Direct Investment Committee at its meeting on March 28, 2023, as set out in Confidential Attachment 1 to the report (April 13, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund, and modifications to those terms and conditions to the satisfaction of the Direct Investment Committee based on terms set out in the memorandum provided to the Direct Investment Committee on April 25, 2023.

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2. Directed Toronto Atmospheric Fund's Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 3. Directed that the confidential information contained in Confidential Attachment 1 to the report (April 13, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it 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

The Direct Investment Committee recommends an investment of up to $500,000 in preferred equity shares. Due diligence demonstrates strong alignment with Toronto Atmospheric Fund's mandate and potential for appropriate risk-adjusted return. The allocation is in compliance with Toronto Atmospheric Fund's investment policy and target portfolio.

Staff recommended

The Vice President, Impact Investing, Toronto Atmospheric Fund recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve an investment of up to $500,000, subject to the terms and conditions outlined by the Direct Investment Committee at its meeting on March 28, 2023, as set out in Confidential Attachment 1; 2. Direct Toronto Atmospheric Fund's Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor; and 3.

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Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it 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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