After writing off $95 million owing to FTX's collapse, The Ontario Teachers’ Pension Plan reassessed its risk appetite and has decided not to rush into crypto investments in the future.
While the stake only represented 0.05% of the Canadian pension fund’s $190 billion portfolio, it was enough to discourage the fund from pursuing crypto investments for the time being.
Aside from the monetary loss, the fund has also come under scrutiny for backing a firm whose founder is now being investigated for perpetrating a fraud amounting to billions.“We’re still working through what exactly happened there and you’re going to be careful. We took our time and did a lot of due diligence on the business. It didn’t turn out the way we thought. We weren’t necessarily shown all the information we needed to know to make a balanced decision.
The pension fund learnt the risks associated with crypto investments the hard way. The loss faced by the Ontario fund with FTX was topped by Canada’s second largest pension fund manager Caisse de dépôt et placement du Québec. They wrote off a whopping $150 million that it had invested in bankrupt crypto lender Celsius Network. The Quebec based fund has also decided to steer clear of crypto investments.
The Ontario fund is now eyeing fresh opportunities in real estate after its misfortune with the crypto space.
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