Ontario Teachers’ assets have grown to a record 279 billion.
Ontario Teachers’ Pension Fund’s net assets reached 279.4 billion Canadian dollars, increasing over the year thanks to a 6.7% return. Despite this growth, the return was below the benchmark, but the fund has maintained its fully funded status for the thirteenth consecutive year.
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The Ontario Teachers’ Pension Plan Board announced that the fund’s net assets reached CAD 279.4 billion in 2025, up from CAD 266.3 billion the previous year. This growth is attributed to an overall net return of 6.7%.
Over the year, the fund generated an investment income of CAD 18.5 billion. Additional contributions from members and employers totaled CAD 4.1 billion. These inflows were partially offset by benefit payments amounting to CAD 8.5 billion and administrative expenses of CAD 1.0 billion.
The fund’s return fell short of the benchmark, which stood at 11.7%, resulting in a negative value added of CAD 12.0 billion. This occurred despite strong performance in venture capital, public equities, gold, and credit sectors.
Direct investments and real estate assets faced challenges throughout the year. At the end of the reporting period, a valuation adjustment was made to reflect current market conditions, which impacted the fund’s overall results.
Over the past decade, the fund’s average annual net return was 6.8%, and since inception, it has averaged 9.2%.
The plan has maintained its fully funded status for the thirteenth consecutive year. As of January 1, 2026, the preliminary funding surplus stood at CAD 31.2 billion, corresponding to a funding ratio of 111%. This is an improvement over the previous year, when the ratio was 110% and the surplus was CAD 29.1 billion.