Ontario Teachers sets up global technology-focused VC fund

Snapdeal-backer Ontario Teachers’ Pension Plan (OTPP) has launched a venture capital fund focused on late-stage technology companies across sectors. 

Called the Teachers’ Innovation Platform (TIP), the fund is geography-agnostic and will be led by Olivia Steedman, managing director of infrastructure and natural resources at OTPP.

“It will not be anchored to any particular region, meaning we can go anywhere in the world where there is opportunity,” said Ziad Hindo, chief investment officer at OTPP in a statement.

Toronto-headquartered OTPP had invested $200 million in Snapdeal at a valuation of $6.5 billion in 2016 and has seen the value of its investment depreciate by close to 70% after the Indian e-commerce company underwent recapitalisation in 2017 after talks of a merger with Flipkart failed.

OTPP’s other investments in India include the master franchisee of Domino’s Pizza and Dunkin’ Donuts in India, Jubilant Foodworks, and IT and outsourcing company Mindtree Ltd.

According to the statement, TIP will focus on advanced technology bets. “This is a time of unprecedented change in multiple areas including computing, materials science, robotics and medicine. There are significant opportunities to invest in the new businesses and sectors that are emerging as a result of this change,” said Steedman.

Founded in 1990, OTPP had net assets of $191.1 billion as on December 2018 with its Asia-Pacific region office located in Hong Kong and its Europe, Middle East and Africa office situated in London.