Toronto Investment Board considers recommending two infrastructure investment managers for the Real Assets fund

Citywide

The item seeks a real assets update based on an infrastructure investment manager recommendation. The Toronto Investment Board considered the item on September 25, 2026, and took no action.

How to act

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The journey

Fri, Sep 25 · Toronto Investment Board · scheduled, not yet heard

Why is this story here?

ContainedThe board is selecting investment managers within an allocated real assets budget line. This is a genuine decision with institutional weight (capital allocation and fund governance), but it is bounded to one sub-category of the Real Assets allocation and reversible through future manager selection cycles. Not a structural constraint on future boards.Touches a narrow groupOnce in force, the appointed managers' investment decisions may eventually affect returns on city assets and thus the long-term funding available for services. That is a chain of consequences affecting many residents indirectly, not a direct daily-life effect. The effect is real but mediated through future budget cycles and potential service decisions.

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The record as the City filed it

Staff recommended

The Director, Capital Markets and Treasury recommends that: 1. The Toronto Investment Board approve the infrastructure investment manager allocation set out in Confidential Attachment 1. 2. The Toronto Investment Board authorize the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to negotiate agreements with the firms selected as investment managers, on terms satisfactory to the City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair or Vice Chair of the Toronto Investment Board to execute such agreements on behalf of the Toronto Investment Board.

Show the rest of Staff recommended, 476 more characters as filed

3. The Toronto Investment Board authorize the public release of the names of the successful firms upon finalization of agreements with the investment managers identified in Confidential Attachment 1. 4. The Toronto Investment Board direct that the confidential information contained in Confidential Attachment 1 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.

Considered

2026-09-25 · Toronto Investment Board · not yet heard

Official title: Real Assets Update - Infrastructure Investment Manager Recommendation · the item as the City filed it

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