Item - 2025.IB14.5

The Toronto Investment Board:

1. Directed that the confidential information contained in Confidential Attachment 1 to the report (November 27, 2025) remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations.

2. Authorized, after review by the external legal counsel and tax advisor, the Chair or the Vice Chair of the Investment Board to execute the necessary documentation for the CBRE Global Alpha Private Placement Memorandum (PPM) and Management Regulations on behalf of the Investment Board.

Randy LeClair, Director, Capital Markets gave a verbal update on Investment Manager Updates.

This report provides the Toronto Investment Board (Board) with a general update regarding investment managers and other related activities. It includes changes to the investment manager mandates, contracts, and most recent up-to-date fund balances.

A presentation was received from CBRE on the proposed modernization of the CBRE Global Alpha Fund documentation as described in Confidential Attachment 1 to this report.

An update of the most recent up-to-date fund balances is provided in Attachment 2 of this report. It includes the cash balance and a breakdown of the funds held by each investment manager for the of Long-Term Fund (LTF) and Sinking Fund (SF) as at October 31, 2025.