One of Canada’s largest pension funds, Ontario Teachers’ Pension Plan, intends to write off its investments, which are estimated at $95M, in FTX and its US division FTX.US.
The statement reads:
“At the end of the year, we will write off our investment in FTX to zero. Financial losses from these investments will have a limited impact on OTPP given their size relative to net asset value and our position.”
According to a press release, in October 2021, OTPP invested $75 million in FTX International. In January 2022, the fund invested an additional $20 million in FTX.US.
Both transactions were completed through the Teachers’ Venture Growth (TVG) platform.