Ontario Teachers’ Pension Plan Board delivered a 2.1% net return in the first half of 2025, generating $6bn in net investment income and lifting net assets to $269.6bn. 

The fund’s one-year return was 7.1%, with long-term annualised performance at 9.2% since inception.

Public assets, particularly gold, were the primary drivers of performance, while private assets saw flat to negative returns. The plan remains fully funded for the 12th consecutive year, with a $29.1bn preliminary surplus allocated as a contingency reserve.

The first half saw significant transaction activity. In private equity, Ontario Teachers’ sold Amica Senior Lifestyles to Welltower, brought in an Ethos Capital-led investor group as equity partner in BroadStreet Partners, agreed to sell its majority stake in Sahyadri Hospitals Group to Manipal Hospitals Group, and partnered with Nordic Capital to acquire Max Matthiessen.

In infrastructure and natural resources, it sold stakes in airports across Europe and the UK, exited its remaining interest in the New Afton Mine, and completed a follow-on investment in India’s National Highways Infra Trust. Real estate acquisitions included residential properties in Stockholm and a prime logistics portfolio in Sweden and Denmark.

In venture growth, Ontario Teachers’ led a $235m funding round in StackAdapt and a $175m Series F in Quantexa.

President and CEO Jo Taylor said the results reflected “the ability of our investment portfolio to generate a positive return while maintaining a cautious position on risk given prevailing market conditions,” adding that the focus remains on delivering returns and creating value with portfolio companies.

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