Item - 2023.TA2.12
Tracking Status
- This item was considered by Toronto Atmospheric Fund on April 27, 2023 and was adopted with amendments.
TA2.12 - Direct Investment Request - 2023 Number 2
- Decision Type:
- ACTION
- Status:
- Amended
Confidential Attachment - commercial and financial information explicitly supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Approved an investment of up to $500,000, subject to the terms and conditions outlined by the Direct Investment Committee at its meeting on March 28, 2023, as set out in Confidential Attachment 1 to the report (April 13, 2023) from the Vice President, Impact Investing, Toronto Atmospheric Fund, and modifications to those terms and conditions to the satisfaction of the Direct Investment Committee based on terms set out in the memorandum provided to the Direct Investment Committee on April 25, 2023.
2. Directed Toronto Atmospheric Fund’s 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 13, 2023) 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 significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Decision Advice and Other Information
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 explicitly supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to significantly prejudice the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Origin
Summary
The Direct Investment Committee recommends an investment of up to $500,000 in preferred equity shares. Due diligence demonstrates strong alignment with Toronto Atmospheric Fund’s mandate and potential for appropriate risk-adjusted return. The allocation is in compliance with Toronto Atmospheric Fund’s investment policy and target portfolio.
Background Information
https://www.toronto.ca/legdocs/mmis/2023/ta/bgrd/backgroundfile-235896.pdf
Confidential Attachment 1 - Direct Investment 2023-2
Motions
That Recommendation 1 be amended to read as follows:
"1. Approve an investment of up to $500,000, subject to the terms and conditions outlined by the Direct Investment Committee (DC) at its meeting on March 28, 2023, as set out in Confidential Attachment 1, and modifications to those terms and conditions to the satisfaction of the Direct Investment Committee based on terms set out in the memorandum provided to the Direct Investment Committee on April 25, 2023."