The Toronto-Dominion Bank ("TD") announced the acquisition of Greystone Managed Investments Inc. ("Greystone"), on July 10, 2018. With the addition of Greystone's diversified portfolio, TD Asset Management Inc. ("TDAM") became the largest money manager in Canada and, as we approach the anniversary of the transaction, remains in the top spot today.

Greystone's leadership in alternative investments was a perfect complement to TDAM's traditional investment products, and TDAM believes now — as we did five years ago — that optimally diversified portfolios, built around investor objectives, will increase the probability of investment success in the long run. In particular, the integration of public market asset classes with private market asset classes, including private commercial real estate, private credit, and private infrastructure, generate enhanced predictable income streams, improved portfolio diversification, and inflation-hedging characteristics.

An "Alternative" Approach

It has been five-years of growth and expansion for our alternatives platform, with strong absolute performance across all funds, significant growth in AUM, as well as the launch of the TD Greystone Global Real Estate Fund LP on February 6, 2020 and the TD Greystone Alternative Plus Fund on April 28, 2023.

TDAM also formally integrated the TDAM Private Debt Team into our alternatives platform in 2022. Private Debt is a natural fit within the alternatives space and the integration is further optimizing synergies amongst our investment teams and bolstering our private credit expertise.

As at May 31, 2023, the TDAM Alternatives Investment Team is managing $33 billion in AUM across a full suite of private credit and real asset strategies. The Team has grown to over 70 members located in Vancouver, Regina, Winnipeg, Toronto, Montreal, and the United Kingdom. There are medium-term plans to establish an investment presence in additional markets. An expanding global footprint will allow us to better manage the growth of our global strategies and diversify our client base.

A "Plus" Approach

In a newly published paper by TDAM, we examined the TD Greystone Balanced Plus Fund and the recently launched TD Greystone Alternative Plus Fund, which are integrated solutions providing access to private alternatives for small and medium-size institutions that are easy to implement and cost-effective. For investors seeking holistic and integrated total portfolio management that includes public equities, fixed income and private alternatives, the TD Greystone Balanced Plus Fund offers a turnkey balanced solution. For investors managing their own asset mix who seek a diversified standalone alternatives allocation, the TD Greystone Alternative Plus Fund is a solution that offers a fully integrated approach to investing in private alternatives.

At TDAM, we also believe that alternative investments have the potential to improve the probability of better retirement outcomes for defined contribution plans. Our family of Target Date Plus strategies demonstrate this approach and are the result of testing a wide spectrum of different asset mixes and glide paths. The strategies follow a "fund of funds" approach that includes equities, fixed income and private alternatives. The direct alternative investment components of the Target Date Funds are incorporated through pooled fund investments. The strategy will initially have an emphasis on capital growth (through equity exposure) but will increasingly seek more income and stability (through fixed income exposure) as it moves towards the target date.

Conclusion

Bringing together TDAM and Greystone five years ago showed our commitment to offering one of the broadest ranges of investment solutions while continuing to deliver outstanding service to our clients. 

With over thirty years of private market experience, we have always believed alternative investments can be an integral component of an institutional portfolio by providing stable and growing income streams, and real capital preservation.

_{For Canadian institutional investment professionals only. Not for further distribution.}

_{The information contained herein has been provided by TD Asset Management Inc. and is for information purposes only. The information has been drawn from sources believed to be reliable. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. Figures shown in this report are in Canadian dollars except as noted and may be subject to rounding error.}

_{Certain statements in this document may contain forward-looking statements (“FLS”) that are predictive in nature and may include words such as “expects”, “anticipates”, “intends”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof. FLS are based on current expectations and projections about future general economic, political and relevant market factors, such as interest and foreign exchange rates, equity and capital markets, the general business environment, assuming no changes to tax or other laws or government regulation or catastrophic events. Expectations and projections about future events are inherently subject to risks and uncertainties, which may be unforeseeable. Such expectations and projections may be incorrect in the future. FLS are not guarantees of future performance. Actual events could differ materially from those expressed or implied in any FLS. A number of important factors including those factors set out above can contribute to these digressions. You should avoid placing any reliance on FLS.}

_{The TD Greystone Infrastructure Fund (Canada) LP and the TD Greystone Infrastructure Fund (Canada) LP II (the “Feeder Funds”) invests in units of a master fund, the TD Greystone Infrastructure Fund (Global) LP (the “Master Fund”). The Master Fund invests in the allowable infrastructure investments outlined in its Investment Policy. Performance shown represents the performance of the TD Greystone Infrastructure Fund (Canada) LP Class B Shares from September 1, 2014 to December 31, 2014 and TD Greystone Infrastructure Fund (Canada) LP thereafter. The Class B shares consolidated with the Class A shares as of January 1, 2015 coinciding with the date the fund was moved to be offered through an Investment Management Agreement rather than through a Private Placement Memorandum. Performance is calculated based on the last available price obtained from the Feeder Fund and daily FX movement.}

_{TD Global Investment Solutions represents TD Asset Management Inc. ("TDAM") and Epoch Investment Partners, Inc. ("TD Epoch"). TDAM and TD Epoch are affiliates and wholly owned subsidiaries of The Toronto-Dominion Bank.}

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