Ontario Teachers' Pension Plan Board reported on Tuesday that its net assets rose to C$279.4 billion in 2025, up from C$266.3 billion the year before, propelled by a total-fund net return of 6.7%.
The plan generated C$18.5 billion of investment income over the year and received C$4.1 billion in member and employer contributions. Those inflows were partly offset by benefit payments of C$8.5 billion and administrative costs of C$1.0 billion.
Despite those gains, the fund underperformed its benchmark, which returned 11.7%, leaving a shortfall of 5.0 percentage points and a negative value add of C$12.0 billion. That shortfall occurred even as several segments delivered strong results, notably venture growth, public equity, gold and credit.
Addressing the results, Jo Taylor, President and Chief Executive Officer, said, "Our 2025 results reflect the resilience of our diversified portfolio and the disciplined approach we take to managing the plan on behalf of our members."
Private equity and real estate holdings presented headwinds during the period. The fund applied year-end valuation adjustments to reflect prevailing market conditions, and those adjustments weighed on total performance.
On longer-term metrics, Ontario Teachers reported a ten-year annualized total-fund net return of 6.8% and a return since inception of 9.2%.
The plan maintained fully funded status for the 13th year in a row, with a preliminary funding surplus of C$31.2 billion as of January 1, 2026. That equates to a funding ratio of 111%, up from 110% the prior year, and compares with a surplus of C$29.1 billion in 2024.
Context and implications
The numbers highlight a balance between realized investment gains and valuation-related reductions in private markets. Strong performance in certain public and credit-oriented pockets was not sufficient to offset the impact of valuation adjustments in private equity and real estate, producing the gap relative to benchmark returns.
While the plan's funding position improved marginally, the report underscores the sensitivity of overall returns to mark-to-market changes in privately held assets and the continued significance of diversified exposure across asset classes.