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Canada’s third largest pension fund could suffer heavy losses as part of the FTX impact.
Ontario Teachers’ Pension Plan was one of a handful of investors to participate in its $400 million Series C funding round FTX in January. Institutional investors including SoftBank, Lightspeed Venture Partners, Steadview Capital and Paradigm participated in the round.
Pension fund spokesperson Dan Madge declined to say how large the investment was. It said FTX was not included. The fund has revealed an annual investment of $200 million. Madge said:
“Given the fluid nature of the situation, we cannot comment at this time.”
Pension funds’ exposure to FTX could be greater than their January investments. At that time, FTX Said All investors involved in the Series C, including the fund, also participated in the FTX.US Series A funding round, which valued the company at $8 billion.
Sam Bankman-Fried, CEO of FTX and Alameda Research, said yesterday that FTX.US is unaffected and will remain a separate entity that will not be acquired by Binance if the deal goes through. said.
This is not the first time a major domestic pension fund has suffered losses in the crypto space, according to Canadian media. August, Caisse de dpt et placement du Qubec reduce $150 million investment in Celsius. Caisse is one of Canada’s largest institutional investors and manages several pension plans and insurance programs in Quebec. The company manages his $391.6 billion in assets as of June 2022.
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current fund manage With a net worth of over $242 billion, an investment in the $400 million funding round may not be large enough to overwhelm the fund. However, the fund is likely to see a fair amount of media backlash that could lead to regulatory scrutiny for investing in the crypto space.
