OMERS delivered a 6% net investment return in 2025, generating $8.2bn in net investment income and increasing total net assets to $145.2bn, according to its annual results. 

The pension fund’s smoothed funded status improved to 99%, up from 98% in 2024, using a 3.70% real discount rate. Over the past 10 years, OMERS has achieved a 7.1% average annual net return.

Performance was supported by strong public market results. Public equities returned 12.3% for the year, marking a third consecutive year of double-digit gains. Private credit delivered 8.3%, infrastructure 6.0%, and real estate rebounded with a 5.1% gain following several challenging years.

However, private equity returned -2.5% amid subdued deal activity and valuation pressure. The fund acknowledged continued headwinds in the asset class as earnings growth slowed and exit markets remained constrained.

Chief executive Blake Hutcheson said: “OMERS performance in 2025 demonstrates the resilience of our plan amidst a turbulent market. Since becoming CEO, I have been proud to lead a team committed to delivering enduring value for our 665,000 members by maintaining a disciplined investment approach. Over the past five years, we have generated an average annual net return of 7.7%.”

Chief Financial and Strategy Officer Jonathan Simmons added: “Our portfolio served us well in 2025 generating steady performance against the backdrop of significant political and economic uncertainty, particularly around trade. Despite this, six out of our seven investment asset classes delivered positive returns, led by a third year of double-digit returns from public equities and supported by another strong year for private credit investments.”

Currency volatility weighed on results. The depreciation of the US dollar reduced returns by 1.3%, although active hedging decisions protected 70 basis points.

OMERS paid $6.8bn in pension benefits during the year and strengthened provisions by $2.2bn to reflect longer life expectancies. The fund also reported a 65% reduction in portfolio carbon emissions intensity relative to 2019 and increased green investments to $26bn.

The results underscore the resilience of diversified pension capital, while highlighting ongoing challenges in private equity performance amid slower exit activity and valuation compression.

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