{"id":77645,"date":"2023-04-21T15:53:54","date_gmt":"2023-04-21T12:53:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77645"},"modified":"2025-09-11T00:26:58","modified_gmt":"2025-09-10T21:26:58","slug":"ontario-teachers-pension-plan-to-write-off-95-million-investment-in-ftx","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ontario-teachers-pension-plan-to-write-off-95-million-investment-in-ftx\/","title":{"rendered":"Ontario Teachers&#8217; Pension Plan to write off $95 million investment in FTX"},"content":{"rendered":"<p>The Ontario Teachers&#8217; Pension Plan (Canada) <a href=\"https:\/\/www.otpp.com\/fr-ca\/a-propos-de-nous\/reflexions-et-nouvelles\/2022\/ontario-teachers--statement-on-ftx\/\">said<\/a> it plans to write off by the end of 2023 a $95 million investment in <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">the Bitcoin exchange FTX that collapsed<\/a> and its U.S. subsidiary.<\/p>\n<p>The investments were equivalent to 0.05% of <span data-descr=\"assets under management\" class=\"old_tooltip\">AUM<\/span> of the fund and were carried out through the venture growth platform (TVG).<\/p>\n<p>The unit was established in 2019 to invest in late-stage technology companies.<\/p>\n<p>The organisation stressed that despite the failure of deals with FTX, TVG is meeting its stated objectives.<\/p>\n<p>The pension fund conducts thorough due diligence on selected projects, engaging qualified external consultants and investment partners.<\/p>\n<p>The organisation acknowledged that in the case of investments in FTX, the due diligence process did not identify platform-related risks. Due to the modest size of the investment, the incident did not affect the group&#8217;s portfolio overall. The strategy envisages diversification across asset classes, geographies and time horizons.<\/p>\n<p>The pension fund supports regulators&#8217; efforts to investigate the platform&#8217;s leadership, which <a href=\"https:\/\/forklog.com\/en\/news\/sec-charges-sam-bankman-fried-with-fraud-tied-to-ftx\">was accused of fraud<\/a>. The organisation assured that &#8220;will use the lessons learned to strengthen its investment approach.&#8221;<\/p>\n<p>The crypto startup Coral <a href=\"https:\/\/forklog.com\/en\/news\/ftx-collapse-pushes-coral-startup-into-survival-mode\">switched to autonomous mode<\/a> and did not lose its focus on development after the FTX collapse deprived it of the $20 million raised in the investment round.<\/p>\n<p>In August 2022, the second-largest pension fund, CDPQ, wrote off investments <a href=\"https:\/\/forklog.com\/en\/news\/canadas-second-largest-pension-fund-writes-off-cad-200-million-150-million-investment-in-celsius\">in the amount of CAD 200 million (~$150 million)<\/a> in the Celsius Network crypto-lending platform.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ontario Teachers&#8217; Pension Plan (Canada) said it plans to write off by the end of 2023 a $95 million investment in the Bitcoin exchange FTX that collapsed and its U.S. subsidiary.<\/p>\n","protected":false},"author":1,"featured_media":77646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[771,1236,1133],"class_list":["post-77645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-canada","tag-ftx","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=77645"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77645\/revisions"}],"predecessor-version":[{"id":77647,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77645\/revisions\/77647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/77646"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=77645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=77645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=77645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}