Ontario Teachers’ Pension Plan reported a 6.7% total-fund net return for 2025 as net assets grew to $279.4bn, underscoring the scale and resilience of one of the world’s largest institutional private markets investors.

The fund generated $18.5bn in investment income during the year, with total assets increasing from $266.3bn in 2024. The pension plan remains fully funded for the 13th consecutive year and reported a preliminary funding surplus of $31.2bn with a funding ratio of 111%. 

“Our 2025 results reflect the resilience of our diversified portfolio and the disciplined approach we take to manage the plan on behalf of our members. We remain fully funded and delivered a one-year net return of 6.7%, supported by performance from gold and our venture growth and public equities asset classes. Our private equity and real assets teams had a more challenging year given broad sector headwinds. We responded with disciplined year-end valuation adjustments to reflect current market conditions, which weighed on performance,” said Jo Taylor, President & Executive Officer.

The fund underperformed its benchmark return of 11.7%, reflecting strong performance in public market-linked benchmarks and softer returns from certain private market asset classes including private equity, infrastructure, and real estate.

Despite short-term volatility, long-term performance remains robust. Ontario Teachers’ delivered a ten-year annualised total-fund net return of 6.8% and a return of 9.2% since the plan’s inception in 1990. 

The firm continues to deploy capital across global private markets. Recent investments include participation in funding rounds for Anthropic, Darwinbox, Grafana Labs, and Quantexa. The fund also completed several private market acquisitions and exits during the year, including the acquisition of Donte Group and the sale of its stake in Diot-Siaci to Ardian.

The pension fund also outlined new climate targets. It aims to reach $70bn in climate transition aligned assets by 2030, doubling its current level of about $35bn over the next five years.

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