151
CPP Investments, one of the world's largest investors in private equity and Canada's largest pension fund, has abandoned its plans to invest in cryptocurrencies and blockchain business as the industry is trying to break through the crypto winter and a series of bankruptcies.
As per a report from Reuters, the pension fund — which had over $385 billion as of June 2022 — had disassembled its department called Alpha Generation Lab, which was focused on researching new areas for investments, including cryptocurrencies.
Although CPP Investments declined to explain the reason behind the move, a spokesperson for the fund told Reuters that the firm has made "no direct investments" in crypto.
In August, Quebec's pension manager Caisse de Depot et Placement du Quebec closed its position in the now-bankrupt crypto lender Celsius Network, saying the bet was made "too soon," as the industry is still "in transition." As iHodl reported, Celsius' bankruptcy blocked $150 million of investments made by the Canadian pension manager in October 2021, when the firm's valuation had reached $3 billion.
