Item - 2020.TA6.7

The Board of Directors of the Toronto Atmospheric Fund:

1.  Approved investment of up to $1,500,000 subject to the terms and conditions outlined by the Investment Committee and as set out in Confidential Attachment 1 to the report (April 20, 2020) from the Chair, Investment Committee.

 
2.  Directed the 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 20, 2020) from the Chair, Investment Committee remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to The Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

Approval of a Direct Investment is recommended which demonstrates the potential for appropriate risk-adjusted return and strong alignment with Toronto Atmospheric Fund’s mandate. The proposed investment of up to $1.5 million is in compliance with the maximum allocation (60 percent) for Direct Investments set out in Toronto Atmospheric Fund’s investment policy.