Ontario Teachers' Pension Plan invests in SpaceX
A SpaceX Falcon Heavy rocket carrying a communication satellite lifts off from pad 39A at the Kennedy Space Center in Cape Canaveral, Fla., Thursday, April 11, 2019. (Craig Bailey/Florida Today via AP)
TORONTO -- The Ontario Teachers' Pension Plan says it has invested in Elon Musk's Space Exploration Technologies Corp. (SpaceX), a designer, manufacturer and operator of advanced rockets and spacecraft.
The pension fund manager did not disclose the size of the investment, the first done through its Teachers' Innovation Platform (TIP) that it launched in April.
Olivia Steedman, TIP's senior managing director, says the Teachers are excited to work with the company as it rolls out its Starlink satellite network capable of connecting the globe with reliable and affordable broadband internet services.
The Teachers identified SpaceX as a compelling investment opportunity because of its proven track record 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.
Founded in 2002 by the force behind Tesla electric vehicles, SpaceX has completed 75 successful launches.
The Ontario Teachers' Pension Plan is Canada's largest single-profession pension plan, with $191.1 billion in net assets as of Dec. 31.