Teachers said the write-off would have only a “limited impact” because it is less than 0.05 percent of the $242.5 billion (US$182 billion) pension fund. “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 fund said in a statement on Thursday. The Toronto-based pension manager put US$75 million into FTX’s international and US divisions in October 2021 through its venture capital arm, and invested an additional US$20 million in FTX.US in January. Ontario Teachers said it worked closely with consultants and FTX to understand the commercial, regulatory, tax, financial and technical aspects of the business. The fund had a 0.4 percent stake in FTX International and 0.5 percent of FTX.US when the Bankman-Fried empire collapsed last week and filed for Chapter 11. “Recent reports suggest possible fraud was perpetrated at FTX, which is deeply concerning to all parties,” Teachers said. “We fully support the efforts of regulators and others to review the risks and causes of this business failure.” It’s the second time in three months that a major Canadian pension manager has been forced to write off a crypto investment it only recently made. In August, Caisse de Depot et Placement du Quebec wrote down its $150 million stake in Celsius Network LLC after the cryptocurrency lender failed.
