The Healthcare of Ontario Pension Plan (HOOPP) posted a 9.7% return for its 2024 fiscal year, driven by strong gains in public equities and private equity. 

The pension fund’s net assets grew to $123bn as of December 31, up from $112.6bn in 2023.

HOOPP’s public equities portfolio delivered a 17.9% gain, while its private equity investments returned 12.7%. Infrastructure assets also performed well, with a 12.3% return.

In 2024, HOOPP implemented several initiatives to enhance pension benefits. These included a revised benefit formula for eligible active members with service in 2023 and a full cost-of-living adjustment for retired and deferred members. The fund also adjusted its pension liabilities, reflecting longer life expectancies and the need for extended retirement savings.

Government bonds remain a key component of HOOPP’s portfolio, with total holdings exceeding $40bn at year-end.

The pension fund’s latest performance underscores the increasing role of private equity in driving institutional returns, as funds like HOOPP continue to diversify their investment strategies.