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Ontario Teachers' makes first innovation platform investment in SpaceX

The Canadarm 2 reaches out to capture the SpaceX Dragon cargo spacecraft and prepare it to be pulled into its port on the International Space Station on April 17, 2015. The Canadian Space Agency says it used a "creative software solution" to fix a replacement part on the Canadarm 2, postponing the need to send astronauts on a spacewalk. The agency says scientists detected an anomaly in one of the electronic systems that controls a new hand that was installed on the International Space Station's robotic arm last Tuesday. THE CANADIAN PRESS/AP, NASA

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.