The Ontario Teachers' Pension Plan Board says it plans to more than double its investments in its venture capital and growth equity arm.

The pension fund manager says it is looking to make investments in the sector comprise seven to 10 per cent of its net assets over the next five to 10 years, up from about three per cent today.

As part of the shift, Ontario Teachers' says Teachers' Innovation Platform will be renamed Teachers' Venture Growth (TVG).

TVG currently holds a $7.1-billion portfolio including 20 direct investments and several partnerships.

It plans to hire 12 people over the next year and will also open a new office in San Francisco.

Ontario Teachers' had $241.6 billion in net assets at the end of last year.