Item - 2025.IB14.6
Tracking Status
- This item was considered by Toronto Investment Board on December 12, 2025 and was adopted with amendments.
IB14.6 - Investing in Infrastructure
- Decision Type:
- ACTION
- Status:
- Amended
- Wards:
- All
Board Decision
The Toronto Investment Board:
1. Received the report (November 28, 2025) from the Director, Capital Markets for information.
2. Requested the investment consultant (Aon), in consultation with the Director, Capital Markets, to proceed with a manager search and evaluation for the infrastructure asset class, within the guidelines of the Council-approved Investment Policy, and to report back with recommendations at the March 23, 2026 meeting of the Toronto Investment Board.
Decision Advice and Other Information
Benjamin Abramov, Partner, Global Head of Infrastructure gave a verbal update on behalf of Aon Consulting.
Origin
Summary
The purpose of this report is to further the discussion of the Toronto Investment Board's ("Board") potential investment in the infrastructure asset class as part of the Real Assets category of the asset mix established in the Council adopted Investment Policy (Attachment 1).
The investment consultant (Aon) will provide a presentation (Attachment 2) that provides further information in relation to investing in Infrastructure.
Background Information
https://www.toronto.ca/legdocs/mmis/2025/ib/bgrd/backgroundfile-260762.pdf
Attachment 1 - City of Toronto Statement of Investment Policy and Procedures
https://www.toronto.ca/legdocs/mmis/2025/ib/bgrd/backgroundfile-260745.pdf
Attachment 2 - Infrastructure Education Presentation 2025 (Aon)
https://www.toronto.ca/legdocs/mmis/2025/ib/bgrd/backgroundfile-260746.pdf
Motions
That the Toronto Investment Board:
1. Request the investment consultant (Aon), in consultation with the Director, Capital Markets, to proceed with a manager search and evaluation for the infrastructure asset class, within the guidelines of the Council-approved Investment Policy, and to report back with recommendations at the March 23, 2026 meeting of the Toronto Investment Board.