Item - 2021.TA10.7

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 Investment Committee and as set out in Confidential Attachment 1 to the report (January 21, 2021) from the Vice President, Impact Investing.
 

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 Attachments 1 and 2 to the report (January 21, 2021) from the Vice President, Impact Investing remain confidential in their entirety, as they contain 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.

The Board of Directors of the Toronto Atmospheric Fund recessed its public meeting to meet in closed session to consider the item as it pertains to commercial and financial information, 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 million is in compliance with the maximum allocation for Private Equity set out in Toronto Atmospheric Fund’s investment policy.