Briefing

Ontario Teachers’ Pension Plan backs Fortnite maker Epic Games in US$1.78-billion raise

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The round values the Cary, N.C.-based firm at US$17.3 billion. Other investors included Sony, funds managed by BlackRock, Fidelity Management & Research, Lightspeed Venture Partners, KKR and Smash Ventures. (The Logic)

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Talking point: Technology investments are a major part of Teachers’ chief investment officer Ziad Hindo’s strategy for the pension plan. Gaming has also featured in its portfolio. In March 2015, it led an investment in Singapore-based Garena, an Asian entertainment platform, and three years later it bought 3.4 per cent of French giant Ubisoft for nearly $400 million. Teachers’ wants to “generate returns” from its tech investments and “participate in the new trends that define the new economy,” Hindo told The Logic in October 2019. Epic’s bets on offering its own store and game engine, as well as Fortnite’s continued popularity and use of shared virtual experiences, all fit that bill.