The Ontario Teachers' Pension Plan (OTPP), a teachers' fund from Canada with a value of $190 billion, has written off its losses after suffering due to the collapse of FTX, a cryptocurrency exchange. In late 2022, FTX was unable to fulfill its customers' withdrawals, and it was subsequently exposed for alleged misappropriation of funds. As a result, OTPP lost $95 million in the investment.
The Financial Times (FT) has reported that OTPP is now keeping its distance from cryptocurrency. The investment in FTX only represented 0.05% of the fund's total assets, but the OTPP has still faced criticism for investing in a company whose executives now face charges of fraud.
OTPP's CEO, Jo Taylor, has said that the fund is still investigating what happened with FTX and that it would be unwise to rush into another crypto investment based on feedback from its members. Consequently, the OTPP has decided to steer clear of cryptocurrency in the future.
Nick Jansa, the OTPP's investment lead for Europe, the Middle East, and Africa, has stated that the fund is now considering real estate opportunities in Europe. Jansa believes that the current market conditions provide long-term capital opportunities that are not reliant on the usual market dynamics. The fund is looking at various sectors, including residential, logistics, and life sciences, in countries such as the UK, Germany, France, Spain, and the Netherlands.
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Source: dailyhodl
image Source: Photo by Mariia Shalabaieva on Unsplash
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