Real Assets Update - Infrastructure

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

2026-06-22 · Toronto Investment Board · amended

As filed

The Toronto Investment Board: 1. Received the report prepared by the investment consultant (Aon) contained in Confidential Attachments 1 and 2 to the report (March 1, 2026) from the Director, Capital Markets for information. 2. Directed that the confidential information contained in Confidential Attachments 1 and 2 to this report (March 1, 2026) from the Director, Capital Markets remain confidential in their entirety, as they contain information that involves the security of property belonging to the City or one of its agencies or corporations.

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3. Requested the Interim Director, Capital Markets and Treasury, in consultation with the investment consultant (Aon), to proceed with a pre-screening, interviews, and evaluation for the selected short list of infrastructure investment managers, and to report back with recommendations at the September 25, 2026 meeting of the Toronto Investment Board.

On the agenda

As the city filed it

The purpose of this report is to update the Toronto Investment Board (Board) on the progress to date regarding the search for external investment managers for the Infrastructure portion of the Real Assets category. At its December 2025 meeting, the Board received a presentation from the investment consultant (Aon) entitled "Investing Infrastructure Education " which outlined the rationale to consider Infrastructure investments.

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In addition, the Board also requested the investment consultant (Aon), in consultation with the Director, Capital Markets, to proceed with a manager search and evaluation for the infrastructure asset class, within the guidelines of the Council-approved Investment Policy. The process, analysis, and the list of firms considered are provided in Confidential Attachment 1. These documents are confidential as they contain commercial and financial information supplied by the investment consultant to the Board in confidence, which if disclosed could reasonably be expected to prejudice significantly the competitive position or other negotiations the Board may have in selecting the investment managers. It is recommended that the Board select a short list of potential investment managers from the listing provided in Confidential Attachment 1. Following this, City staff will proceed with pre-screening, interviews, and evaluation of the selected short list of investment managers and report back to the Board the staff recommendations for the infrastructure category.

Staff recommended

The Director, Capital Markets recommends that: 1. The Toronto Investment Board receive the report prepared by the investment consultant (Aon) contained in Confidential Attachment 1 to this report (March 1, 2026) for information. 2. The Toronto Investment Board direct that the confidential information contained in Confidential Attachment 1 to this report (March 1, 2026) remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations.

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3. The Toronto Investment Board request the Director, Capital Markets, in consultation with the investment consultant (Aon), to proceed with a pre-screening, interviews, and evaluation for the selected short list of infrastructure investment managers, and to report back with recommendations at the June 22, 2026 meeting of the Toronto Investment Board.

On the record

The item as the City filed it