Summary
- Denmark's AkademikerPension said it has excluded SpaceX from its investment universe.
- The fund said it will not participate in an IPO, the secondary market or index funds tied to SpaceX, citing weak governance performance within ESG and an overvalued company.
- AkademikerPension said that, as a long-term investor, it is also difficult to justify participating in a SpaceX IPO from an investment return perspective.
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Danish pension fund AkademikerPension has excluded Elon Musk-led space company SpaceX from its investment universe.
Anders Schelde, the fund's chief investment officer, told Bloomberg on May 29 that AkademikerPension will not invest in SpaceX. The fund will not participate in any initial public offering or secondary-market transactions involving the company. That includes purchases through index funds.
The main reason is environmental, social and governance concerns. SpaceX performs very poorly on governance, Schelde said. As a long-term investor, the fund also sees SpaceX as excessively overvalued, making it difficult to justify participating in an IPO from a returns perspective.
AkademikerPension is a Danish pension fund with $25 billion in assets under management. Bloomberg said the fund is small, but its investment decisions have often drawn attention. Last year, it sold its Tesla stake over concerns that Musk was destroying the carmaker's value and brand.
Meanwhile, SpaceX is pursuing an IPO with a target valuation of at least $1.8 trillion.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
