The Ontario Teachers’ Pension Plan posted a 6.7 per cent return in 2025, with strong gains from its public equity,

gold , credit and venture growth divisions. However, there were negative returns across

private equity and real estate. Teachers’ responded to challenges in those two areas with year-end valuation adjustments to reflect current market conditions, which weighed on performance, Jo Taylor, the pension fund’s chief executive, said.

The fund underperformed against its benchmark portfolio return of 11.7 per cent, and the one-year return was well below the 9.4 per cent posted in 2024.

“Despite the uncertain environment, our investment business delivered strong dollars earned and was able to successfully realize some key assets while proactively working to address challenging areas of the portfolio,” Taylor said.

Net assets grew to $279.4 billion by Dec. 31, 2025, up from $266.3 billion in 2024.

“Moving forward, our focus is on maintaining our sound funding position by delivering strong risk‑adjusted returns and continuing to deliver excellent service to our members,” Taylor said.

The pension plan is fully funded for the thirteenth straight year, with a preliminary funding surplus of $31.2 billion. That equates to a funding ratio of 111 per cent, up from 110 per cent in 2024.

Teachers’ total annualized 10-year return is 6.8 per cent, with a 9.2 per cent return since inception.

In 2025, the fund’s private equity portfolio posted a negative return of 5.3 per cent compared to a benchmark gain of

18 per cent. Real estate posted a negative return of 3.1 per cent compared to a benchmark gain of 2.2 per cent.

However, public equities and venture growth both shot past their double-digit benchmark returns, with venture posting a return of 30.2 per cent.

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