Item - 2024.TA5.11

The Board of Directors of the Toronto Atmospheric Fund:  

1.  Approved $10 million into each of two Fixed Income Funds, as detailed in Confidential Attachment 1 to the report (January 29, 2024) from the Vice President, Impact Investing, Toronto Atmospheric Fund.

2.  Directed staff to implement the investment transactions subject to the satisfaction of the Toronto Atmospheric Fund’s Solicitor and execution by the City’s Chief Financial Officer.

3.  Authorized the public release of the names of the Fixed Income Investment Management Firms following the close of each proposed investment transaction and directed that the balance of the confidential information contained in Confidential Attachment 1 to the report (January 29, 2024) 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.

Following a search, the Investment Committee recommends hiring two additional fixed income investment management firms. This rebalancing will diversify the fixed income asset class and aims to generate greater mandate-related impact and performance.