Direct Investment Request - 2023 #3

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

The decision

2023-07-14 · Toronto Atmospheric Fund · adopted

As filed

The Board of Directors of the Toronto Atmospheric Fund: 1. Approved an investment of up to $1,000,000, subject to the terms and conditions outlined by the Direct Investment Committee at its meeting on July 11, 2023, as set out in Confidential Attachment 1 to the report (July 12, 2023) from the Vice President, Impact Investing. 2. Directed Toronto Atmospheric Fund's Vice President, Impact Investing to confirm satisfactory final due diligence has been completed by PaceZero.

Show the rest of As filed, 641 more characters as filed

3. Directed Toronto Atmospheric Fund's Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 4. Directed that Confidential Attachment 1 to the report (July 12, 2023) from the Vice President, Impact Investing 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 $1,000,000 in a Second Lien Loan Facility. Due diligence demonstrates strong alignment with TAF's mandate and appropriate risk-adjusted return. The allocation complies with TAF's investment policy and target portfolio.

Staff recommended

The Vice President, Impact Investing recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Approve an investment of up to $1,000,000, subject to the terms and conditions outlined by the Direct Investment Committee at its meeting on July 11, 2023, as set out in Confidential Attachment 1. 2. Direct Toronto Atmospheric Fund's Vice President, Impact Investing to confirm satisfactory final due diligence has been completed by PaceZero.

Show the rest of Staff recommended, 607 more characters as filed

3. Direct Toronto Atmospheric Fund's Vice President, Impact Investing to implement the investment to the satisfaction of Toronto Atmospheric Fund's Solicitor. 4. 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

More from this meeting

The whole meeting