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Asset Allocation

Ontario Teachers’ Blasting Off with SpaceX

Canadian pension fund interested in Elon Musk’s rocket business, in particular its Starlink satellite network project.

By Chris Butera

Elon Musk’s space exploration program has a new backer in the Ontario Teachers’ Pension Plan.

SpaceX, the project founded by the Tesla creator, will be the first investment in the C$191.1 billion ($142 billion) Canadian pension fund’s Teachers’ Innovation Platform. The “late-stage venture and growth equity” investment model, launched in April, specifically looks for tech industry disruptors capable of creating new investment sectors.

Ontario Teachers’ did not disclose how much it invested, but called SpaceX a “compelling investment opportunity” because of its track record and “significant future growth potential” in the satellite broadband market.

The rocket company, which launched 24 satellites in space this week, is about $314 million shy of the $1.33 billion goal in its 2019’s fundraising program, reports CNBC. One SpaceX project the fund is interested in is the Starlink satellite network, which claims it can connect the globe with cheaper and better broadband internet services.

SpaceX has completed 75 successful launches since its 2002 founding.

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The Teachers’ Innovation Platform is based in Toronto, London, and Hong Kong and seeks equity investments through partnerships, platforms, funds, or direct investing.

The Ontario Teacher’s Pension Plan was unable to provide comment.

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Home > News > Newsmakers > Wisconsin Alumni Research Foundation CIO Leaves
Newsmakers

Wisconsin Alumni Research Foundation CIO Leaves

Carrie Thome had been with the Wisconsin–Madison’s scientific research investment organization for 18 years.

By Chris Butera

The Wisconsin Alumni Research Foundation’s longtime chief investment officer has departed, the organization confirmed.

Carrie Thome had been an 18-year chief with the $2.7 billion organization, according to her LinkedIn profile, which has not yet been updated. The foundation recently removed her from its website.

“Carrie’s transition is a personnel matter for WARF, and is personal to Carrie, so we will not comment on it further,” Jeanan Yasiri Moe, the foundation’s director of strategic communications, told CIO.

Deputy CIO Alain Hung is fulfilling her responsibilities in the interim.

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“WARF’s managing director and our board of trustees will be considering next steps in the months to come,” Moe said.

Thome’s portfolio, which covers the University of Wisconsin–Madison’s scientific research, returned 4.96% in the fiscal year ended June 30, 2018; outperforming its 4.33% benchmark (the most recent information available).

During that timeframe, it had also returned 5%, 7.04%, and 5.87%, respectively, over the three-, five-, and 10-year periods. Those figures also outperformed their 4.87%, 5.96%, and 5.49% benchmarks, respectively.

The organization ranked as one of the top-performing foundations in the country over the 10-year period, according to the Northern Trust’s peer group of endowments and foundations.


Thome had won the 2015 CIO Industry Innovation Award for best foundation.

 

 

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