The Ontario Teachers’ Pension Plan is renaming its venture capital and global private equity arm.
Previously known as the Teachers’ Innovation Platform, the arm will now operate as Teachers’ Venture Growth. The change aims to make TVG’s purpose clearer to would-be investees, according to a press release.
The platform launched in 2019, beginning with an initial investment in Space Exploration Technologies Corp. Currently, TVG’s portfolio comprises about $8 billion in private equity holdings or three per cent of the Ontario Teachers’ net assets.
The rebranding comes as the Ontario Teachers’ unveils a growth plan designed to double the size of TVG’s share in its total portfolio. As part of this plan, TVG will grow its global portfolio of investments across various sectors, including financial technology, enterprise software, logistics tech and climate tech. It will also open a new office in San Francisco later this year.
In the press release, Olivia Steedman, senior managing director of TGV, said the business wouldn’t abandon its key drivers as it pursues its new growth strategy. “We’ve built a strong and growing investment department by rolling up our sleeves and helping mission-driven entrepreneurs scale their business, expand their offerings and become leaders in their markets. We are excited to pursue our next phase of growth under our new name.”