Item - 2021.TA14.8

The Board of Directors of the Toronto Atmospheric Fund: 

1.  Approved investment of up to USD $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 (October 22, 2021) from the Vice President, Impact Investing, Toronto Atmospheric Fund.
 

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 (October 22, 2021) from the Vice President, Impact Investing, Toronto Atmospheric Fund remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Toronto 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 TAF’s mandate. The proposed investment of up to USD $1,000,000 is in compliance with the maximum allocation for Private Equity set out in TAF’s investment policy.