Ontario Teachers’ Pension Plan is launching a new investment department, Teachers’ Innovation Platform (TIP). The TIP will focus on late-stage venture capital and growth equity investments in companies that use technology to disrupt current players and create new sectors.
“We are excited to build a platform that leverages our track record, internal talent, and partnership model.”
Ontario Teachers’ Pension Plan, which has $191.1 billion in net assets as of December 2018, said it believes the new platform can generate strong, above-market returns for its pension plan members. Olivia Steedman will build and lead TIP as its new senior managing director.
“We are excited to build a platform that leverages our track record, internal talent and partnership model,” said Ziad Hindo, chief investment officer at Ontario Teachers’ Pension Plan. “It will not be anchored to any particular region, meaning we can go anywhere in the world where there is opportunity.”
Steedman has been at Ontario Teachers’ Pension Plan since 2002. She was a founding member and senior leader of the pension’s infrastructure and natural resources group, which has grown into a $26 billion global platform.
“This is a time of unprecedented change in multiple areas including computing, materials science, robotics, and medicine,” said Steedman. “There are significant opportunities to invest in the new businesses and sectors that are emerging as a result of this change.”
The organization recently finalized an investment partnership with Toronto-based Fleet Complete, a tech company operating in the connected vehicle space. Ontario Teachers’ Pension Plan has also acquired an undisclosed minority stake in the startup from Chicago-based private equity firm Madison Dearborn Partners.
Last August, Ontario Teachers’ Pension Plan partnered with BMO Capital Markets to launch a blockchain pilot to assess the viability of using blockchain technology for fixed-income markets. The pilot involved a fixed-income issuance transaction between BMO and the Ontario Teachers’ Pension Plan, where BMO was the issuer and Ontario Teachers’ Pension Plan bought a $250 million deposit note.
Image courtesy Ontario Teachers’ Pension Plan