Omers Writes Down $325 Million Investment in Bankrupt Northvolt

The Ontario Municipal Employees Retirement System booked a loss on its $325 million investment in Northvolt AB, the Swedish electric vehicle battery maker that filed for bankruptcy protection last year.

“At the time we made the investments, Northvolt represented an attractive growth opportunity supported by several other of the world’s most respected investors,” a spokesperson for the pension manager said by email. “Like many others, Omers has now written down its stake.”

The C$138.2 billion ($95.8 billion) pension fund made three investments in Northvolt, including participating in a private placement of equity and a convertible note.

Canadian pension ...