Investments of the Pension Fund of Canada in FTX will be written off by $ 95 million.

We are talking about PF teachers located in the province of Ontario. Representatives of the institution made an announcement that 95 million invested funds in the bankrupt FTX crypto exchange and its subsidiary in the United States will be written off in December.

More about the situation

According to the statement of the fund's representatives, the investments amounted to about 0.05 of the institution's AUM. They were conducted using the VTG venture growth platform. It was created in 2019, and was used to invest in an IT organization that is at a late stage of its development.

The foundation noticed that their division still achieves the desired results. Even taking into account the failure in transactions with the cryptocurrency exchange.

The representatives noted that the PF carefully analyzes the selected companies. To do this, third-party specialists and investors are involved, with whom they cooperate in the institution.

The organization also reported that the FTX analysis did not lead to the detection of risks. Due to the fact that there was a limited amount of funds, this situation did not affect the investment portfolio of the institution in any way. They explained this by the fact that their portfolio is fully diversified.

Recall that a similar case was in August last year. Then pF CDPQ had to write off investments in the amount of 200 million. CAD (about $ 150 million) to the crypto-landing company Celsius Network.

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