The Healthcare of Ontario Pension Plan (HOOPP) reported $132 billion in assets, up from $123 billion in 2024. The fund generated a 7.7 per cent annual return, down from 9.7 per cent a year earlier. The Ontario Teachers’ Pension Plan’s assets grew from $266.3 billion to $279.4 billion, with a 6.7 per cent return compared to 9.4 per cent a year earlier. (The Logic)

Talking point: The results reflect difficulties in the markets around private equities and real estate in particular. Teachers’—whose results fell short of its internal benchmark by five percentage points—reported a 5.3 per cent loss in its private equity portfolio and a 3.1 per cent loss on its real estate holdings. Its venture capital division was an exception, reporting a 30.2 per cent gain. HOOPP reported “positive, though more moderate” private-market results. Returns in the fund’s private equity portfolio declined from 12.7 per cent to 3.6 per cent in 2025, while real estate returns dipped slightly to 1.1 per cent. Publicly-traded stocks helped boost both pension funds’ portfolios.

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