Ontario Teachers' Pension Plan Board

The Super Fund, its long-term role is supposed to be about smoothing the long-term gaps of health care and providing health care to our aging population.

And then the other major investor is the Ontario Teachers Pension Plan, along with an Iwi investor called Te Pue Ta Pa Pa.

That was a $550 million deal.

And just like the TPG deal that we discussed, it was largely debt financed, $325 million worth of debt.

SpaceX, I have a long history with SpaceX.

Prior to joining RIT, I used to work for a Canadian pension plan, very much a direct investor called the Ontario Teachers Pension Plan.

And while I was there, I made an investment in 2019 with SpaceX.

And as a result, it was a company I got to watch for a very long time.

I had the number one performance in the world.

I'm in this GERS meeting like a week after I've been up at the top Canadian pension fund manager up in Ontario, OTPP, who asked me to give them an analysis every year.

It's a $300 billion pension fund.

And then I come down here.

Well, yeah.

And the investors who are joining the cap table here, Goldman Sachs, the incredibly hot Ontario Teachers Pension Plan.

Everybody's talking about the OTPP.

I mean, that's how you know this is a hotbed.

When teachers get into it.

Dude, the OTPP, that's what they call it.

The OTPP, the Ontario Teachers Pension Plan.

They got in on SpaceX quite early and did extremely well on that.

There is a pension fund in Australia, the Australian Supernatural Pension Fund.

There's the OTTP pension in Canada.

They take risks.

They take bets on venture capital, about 10% of their capital, and then they accrue the benefits.

I think they made like a bandits with SpaceX, right?

Yeah, OTPP is the teacher's pension.

OMERS, it's called the Maple 8, and I think you could Google it.

I mean, I can read them off.

The Canadian, uh, funds do this.

The, the Ontario Teachers, uh, Pension does this.

This is not, we're not recreating the wheel here.

We're just using a strategy that works.

Our, our investors include some of the best venture funds like Eclipse Ventures, Bolderton, uh, SoftBank, uh, some of the best, um, uh, well, the automotive and, and transportation partners like Uber, Mercedes, Nissan, Stellantis, AMD, Arm, Qualcomm.

Uh, and then of course, some of the biggest, uh, funds, uh, in the world like, um, uh, Capital Group, uh, Ontario Teachers, um, D1.

There's a, there's a whole-

Mm.

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I was struck, and actually I noticed this at the time, um, however, that in terms of what you might call sort of conventional pension fund money, you've got Ontario teachers in, um, and it is striking, I mean, something we've talked about quite a lot on this podcast, that when it comes to scale-up finance, you know, you, you, you, businesses like yours will get money from, you know, confident Canadian pension funds, uh, sometimes from confident, you know, Australian pension funds, very, very rarely from British pension funds.

And i- one of the things we are concerned about here on this podcast is, is how great British businesses cannot get finance at the right moment from British institutions.