Inaugural investment for Teachers' Innovation Platform
TORONTO, June 27, 2019 /CNW/ - Ontario Teachers' Pension Plan (Ontario Teachers') today announced an investment in Space Exploration Technologies Corp. (SpaceX), a leading designer, manufacturer and operator of advanced rockets and spacecraft. It is the inaugural investment by the Teachers' Innovation Platform (TIP), which was launched in April 2019.
Founded in 2002 by Elon Musk, SpaceX has disrupted the long-established space launch market. With over 75 successful launches, SpaceX is the world's leading private launch provider, and the first to successfully reuse an orbital class rocket. SpaceX is also working to launch Starlink, a next-generation satellite network capable of connecting the globe with reliable and affordable broadband internet services.
"SpaceX is the world's leading private space launch provider, and we are excited to work with the company in the next phase of its growth as it rolls out its Starlink satellite network," said Olivia Steedman, Senior Managing Director, TIP.
SpaceX was identified as a compelling investment opportunity for TIP due to its proven track record of technology disruption in the launch space and significant future growth potential in the satellite broadband market. TIP focuses on late-stage venture capital and growth equity investments in companies that use technology to disrupt incumbents and create new sectors.
"Our investment in SpaceX fits well within the TIP investment strategy of capitalizing on significant global opportunities in new businesses and sectors that are emerging as a result of unprecedented technological change," added Ms. Steedman.
Financial terms for the investment were not disclosed.
About Ontario Teachers'
The Ontario Teachers' Pension Plan is Canada's largest single-profession pension plan, with $191.1 billion in net assets at December 31, 2018. It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.7% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which was fully funded as at December 31, 2018, invests and administers the pensions of the province of Ontario's 327,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
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SOURCE Ontario Teachers' Pension Plan