Item - 2021.IB14.4

The Toronto Investment Board:

1.  Awarded the contracts for investment management services to the firms in accordance with the allocation set out in Confidential Attachment 1 to the report (November 29, 2021) from the Director, Capital Markets, for a three-year term with the option to extend for an additional two years, at the option of the Investment Board.

2.  Authorized 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 City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair or the Vice Chair of the Investment Board to execute such agreements on behalf of the Investment Board.

3. Authorized the public release of Confidential Attachment 1 to the report (November 29, 2021) from the Director, Capital Markets upon finalizing an agreement with the investment managers identified in the attachment and at the discretion of the Director, Capital Markets.

4.  Directed that Confidential Attachments 2 and 3 to the report (November 29, 2021) from the Director, Capital Markets remain confidential in their entirety, as they contains information that involves the security of property belonging to the City or one of its agencies or corporations.

The Toronto Investment Board recessed its public session to meet in closed session to consider this item, as it pertains to the security of property belonging to the City of Toronto or one of its agencies or corporations.

Aon, in its role as investment consultant to the Toronto Investment Board, has completed an extensive search for investment managers (agents) in the Real Assets category outlined in the Board's Investment Plan.

The process, analysis, list of firms considered, and the recommended investment managers are provided in the confidential attachments. 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.

In addition to the work completed by the investment consultant, Capital Markets staff also interviewed the list of candidates contained in Confidential Attachments 2 and 3.