Item - 2024.IB8.6

The Toronto Investment Board:

1. Adopted the updated Investment Plan as provided in Attachment 1 of this report (September 3, 2024).

The Director, Capital Markets gave a verbal update on Real Assets and Investment Plan Update.

The purpose of this report is to update the Toronto Investment Board (Board) on the progress to date regarding the hiring of external investment managers in the Real Assets category. 

The necessary reviews, negotiations and documentation has been completed with a second investment manager in this category. At this stage we can publicly disclose the name of the new Global Real Estate manager as CBRE Investment Management.  This is in addition to the announcement of UBS Asset Management made at the previous meeting of the Board.

An updated Investment Plan with the names of the new Global Real Estate managers is included in Attachment 1 for review and adoption.  The Investment Plan is a legislative requirement (Ontario Regulation 360/15 under the City of Toronto Act) and was last reviewed and adopted by the Board in June 2021.

Attachment 2 and Attachment 3 have been provided by CBRE Investment Management and UBS Asset Management respectively and are a summary of each individual mandate.