Canada’s third-largest pension fund invested in FTX at $32B valuation

The third-largest pension money successful Canada could endure large losses arsenic portion of the FTX fallout.

The Ontario Teachers’ Pension Plan was among a fistful of investors that participated successful a $400 cardinal Series C backing circular FTX held successful January. SoftBank, Lightspeed Venture Partners, Steadview Capital, and Paradigm were among different organization investors that participated successful the round.

Dan Madge, a spokesperson for the pension fund, declined to accidental however ample the concern was. However, Madge noted that FTX was not included successful the pension fund’s database of investments published successful its 2021 yearly report. The money disclosed $200 cardinal successful investments for the year. Madge said:

“Given the fluid quality of the concern we person nary remark close now.”

The pension fund’s vulnerability to FTX could beryllium larger than the January investment. At the time, FTX said that each investors progressive successful the Series C, including the fund, besides participated successful the FTX.US Series A backing circular which valued the institution astatine $8 billion.

Sam Bankman-Fried, the CEO of FTX and Alameda Research, said yesterday that FTX.US has not been affected by the fallout and volition stay a abstracted entity that won’t beryllium acquired by Binance if the woody goes through.

According to Canadian media, this isn’t the archetypal clip a large pension money successful the state suffered losses successful the crypto space. In August, Caisse de dépôt et placement du Québec worte off its $150 cardinal concern successful Celsius. Caisse is 1 of the largest organization investors successful Canada, managing respective pension plans and security programs successful Quebec. The institution managed $391.6 cardinal successful assets arsenic of June 2022.

The money presently manages implicit $242 cardinal successful nett assets, and its concern successful the $400 cardinal backing circular mightiness not beryllium ample capable to strain the fund. However, the money could spot rather a spot of media blowback that could effect successful accrued regulatory scrutiny implicit investments successful the crypto space.

The station Canada’s third-largest pension money invested successful FTX astatine $32B valuation appeared archetypal connected CryptoSlate.