The Ontario Teachers' Pension Plan (OTPP), one of the most important pension funds in the world, will write down all of its $95 million investment in FTX and FTX US.
The OTPP had invested the money across two funding rounds, initially invested in October 2021 via a Series B and then again in January via a Series C. The OTPP manages over CAD$221 billion ($165 billion).
OTTP will write down its investment to zero at the end of the year. The loss from the investment will have a "limited impact ... given its size relative to our total net assets and our strong financial position. However, we are disappointed with the outcome of this investment, take all losses seriously, and will use this experience to further strengthen our approach," the firm said.