Canadian pension fund writes off $95 million in FTX investments

One of Canada’s largest pension funds—the Ontario Teachers’ Pension Plan (OTPP)—write off investments in the cryptocurrency exchange FTX and the US arm of the platform FTX US. The fund estimated total losses of $95 million.

“At the end of the year we will write off our investments in FTX to zero. The financial losses from these investments will have a limited impact on OTPP, given their size relative to our net assets and our position,” the statement says.

According to the 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 carried out through the Teachers’ Venture Growth (TVG) platform.

OTPP said that investments in Sam Bankman-Fried’s companies amounted to less than 0.05% of the fund’s assets under management. The total AUM is estimated at $242 billion.

Earlier, Temasek, the Singapore state-owned investment holding, wrote off its investments in FTX. It estimated losses of $275 million.

Earlier, venture-capital firm Sequoia Capital acknowledged a loss of $213.5 million on investments in Sam Bankman-Fried’s cryptocurrency exchange.

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