Message from our CEO Jo Taylor

Driving performance

In 2025 we earned a total-fund net return of 6.7%, just shy of our 7% annual target. In the year we generated net investment income of $18.5 billion and grew our net assets to $279.4 billion. With those returns, we remain fully funded for a 13th straight year with a preliminary funding surplus of $31.2 billion. That performance was driven by double-digit returns from our allocation to gold, with strong returns from our venture growth and public equity portfolios. At the same time, we faced continued headwinds in our private equity and real estate portfolios.  Overall, this was a good outcome in a complex and unpredictable investment environment. 

That said, our net return trailed our benchmark.  Our active programs are designed to consistently deliver excess returns, but this was not the case in 2025.  This will be a key focus for improvement in 2026.  Other key priorities will be to deploy capital where we have a competitive advantage and to raise our game on value creation to improve the operational performance of the businesses in which we are invested. 

Investment Highlights

While our investment activity in private markets was reduced in 2025, we were able to add some exciting new companies to the portfolio.  Additions included Anthropic, the company behind the AI-model Claude, and Donte Group, a leading dental care platform in Spain.  In our home market, we led StackAdapt’s latest funding round, supporting their growth as a leading programmatic advertising platform. 

More significantly, we were also able to sell several investments during the year freeing up capital for new opportunities.  One highlight was the sale of our portfolio of five European airports, which returned $8 billion of capital and concluded more than 20 successful years of ownership in that sector.

Another key priority for us is to deliver outstanding service to our members at the right cost. Member satisfaction remains very high, and we received a perfect score from 46% of our members.

Climate and Community Impact

We set interim targets in 2021 to reduce our portfolio carbon emissions intensity by 45% within four years (compared to a 2019 baseline).  We are pleased to say that we exceeded this target, achieving a 50% reduction of portfolio carbon emissions intensity compared to our baseline by the end of 2025. 

We have used this milestone to retest the best approach to manage climate risks and opportunities.  In February we published a our 2026-2030 climate strategy.  This focuses our attention on investment opportunities that speed up decarbonization in the real economy and concentrates on private companies where we have the most influence and can monitor progress.  

Our employees continue to actively give back in their communities. We raised more than $730,000 for local and global causes during the year through our OTPP Cares program, with approximately two-thirds of our employees donating. In addition, more than 500 employee volunteers dedicated time to supporting local organizations and community initiatives.