“Reuters” quoted people familiar with the matter as saying that CPP Investments (CPPI), the investment company of CPP, Canada’s largest pension fund, has given up research on investing in cryptocurrencies.
It is unclear exactly when and why CPPI decided to abandon the relevant research. A spokesperson declined to comment on the matter, saying only that “CPPI does not directly invest in cryptocurrencies.”
People familiar with the matter added that CPPI formed a three-person team Alpha Generation Lab in early 2021, which is responsible for researching cryptocurrencies, blockchain and other related businesses, and identifying potential investment opportunities from them.
People familiar with the matter said the team was still actively evaluating investment opportunities in July this year, but another source said that the team had abandoned research on cryptocurrencies earlier and turned to other fields.
Earlier this year, CPPI Chief Executive John Graham said the retirement fund, which manages C$529 billion ($388 billion) for 20 million people, doesn’t want to invest in cryptocurrencies just because of the fear of missing out.
Blocker previously reported that the Canadian Ontario Teachers’ Pension Fund (OTTP), which manages 333,000 teachers’ pension funds, had invested a total of 95 million Canadian dollars between FTX and FTX US at the end of 2021 and early 2022, and FTX fell into a liquidity crisis. OTTP has since written down its investment in FTX to zero.