Healthcare of Ontario Pension Plan: Stated Intent to Grow and Commitment to Long-Term Growth and Stability

What we found

The numbers

As of December 31, 2025, the Healthcare of Ontario Pension Plan managed assets under management of $132 billion. This figure represents an increase from $123 billion in assets under management as of December 31, 2024. The change in assets under management from December 31, 2024, to December 31, 2025, was +7.3%. The plan’s funding status stood at 109% as of December 31, 2025. This was a decrease of -2.0 from the funding status of 111% recorded as of December 31, 2024. In 2025, the plan reported a net return of 7.7%. The 10-year average annual return for the total fund was 7.8%. The 10-year benchmark for the total fund was 5.9%. Consequently, the total fund’s 10-year performance against its benchmark was +1.9 points. In 2024, the total fund return was 9.4%, while the total fund benchmark was 12.9%. This resulted in a performance gap of -3.5 points for the total fund against its benchmark in 2024. Another 2024 total fund return figure was 7.5%, with a corresponding benchmark of 5.5%. The plan’s allocation share was 49% as of December 31, 2025. An allocation share of 500,000 was also reported for 2025. The reported 13f value was $4.1 billion as of 2025. In 2025, the return for public equities was 22.2%. An additional return figure of 8.6% was noted. Assets under management were $112.6 billion as of 2023. An allocation share of 29% was also reported for 2025. [1] [2] [12] [13] [14] [15] [16]

What the plan says it wants

The Healthcare of Ontario Pension Plan states its strategy is to deliver secure, lifelong pensions to Ontario’s healthcare workers. It aims to provide these workers with a financially secure retirement by managing all aspects of the plan. The organization administers the plan and invests member and employer contributions into the HOOPP Fund to ensure pensions can be paid now and into the future. This approach is tailored to the healthcare sector and offers members retirement income for life. The plan describes itself as fully funded, meaning it has more than enough assets to pay pension benefits owed to members today and in the future. A proven strategy and track record of investment returns drive plan performance, making HOOPP a leader among its global peers. The real estate portfolio forms a significant part of the Fund’s asset base. The income and cash flow generated by these properties play an important role in helping meet current and future obligations to members. These income streams have a high degree of reliability and can act as a good hedge in times of inflation. As of 2026, the plan states its strategy includes maximizing value for members, improving the adaptability and resilience of the portfolio, and evolving with Ontario’s healthcare community. The organization maintains a commitment to long-term growth and stability. It focuses on investing for the long term and using the returns to pay prescribed pension benefits to retirees. The plan is keen to make more Canadian-based investments if the right deals are available. Regarding environmental targets, the plan committed to net-zero by 2050. It aims to reduce the emissions intensity of the portfolio by 2030, below a 2021 baseline. Additionally, it targets a 50% reduction in the absolute scope 1 and 2 emissions of the fund’s real estate portfolio by 2030, below 2019 levels. An exclusionary screen was in place by 2025 on new direct investments in private thermal coal and oil exploration and production companies. [9] [12] [13] [17] [18] [22] [23]

What it realized

The Healthcare of Ontario Pension Plan has delivered stable, long-term returns as of 2025. Its 10-year average annual return stands at 7.8%. In 2025, the plan achieved a benchmark return of 8.6%. Performance varied significantly across asset classes during this period. Public equity returned 22.2-per-cent%, while private equity returned 3.6% and real estate returned 1.1%. Regarding performance relative to benchmarks, the total fund lagged its benchmark by 3.5 points in 2024. In other calculations, the total fund against its benchmark showed a gap of +0.0 points. Over a 10-year horizon, the total fund outperformed its benchmark by +1.9 points. [3] [12] [13] [16]

The people

The Healthcare of Ontario Pension Plan serves 478,000 members. These members include nurses, medical technicians, food services staff, housekeeping staff, physicians, and many others. In 2024, there were 460,000 healthcare workers in Ontario. The board of trustees consists of appointees from the Ontario Hospital Association and four unions: the Ontario Nurses' Association, the Canadian Union of Public Employees, the Ontario Public Service Employees' Union, and the Service Employees International Union. Annesley Wallace serves as the chief executive officer as of 2024, succeeding outgoing chief executive officer Jeff Wendling. Reena Carter is the new chief financial officer. In the private equity division, Lori Hall-Kimm served as the Global Private Equity Head as of 2026 before departing. Mark Cormier and Roman Gula serve as acting co-heads. They report to Chief Investment Officer Michael Wissell. [4] [5] [6] [19] [20]

What the fund says

The Healthcare of Ontario Pension Plan reports net assets of $132 billion as of 2025, up from $123 billion in 2024. The fund achieved a net return of 7.7% in 2025, which management describes as a result they feel good about. This performance compares to a 10-year annualized net return of 7.8% and a 10-year benchmark of 5.9%. The plan’s funded status stands at 109%, and it generated $9.7 billion in net investment income. Regarding allocation, 49% of investments are in Canada, with the fund expressing a keen interest in making more Canadian-based investments if the right deals are available. The stated strategy is to maintain a fully funded plan that delivers a secure and reliable pension for members. Leadership notes that they see opportunity in private credit but emphasize the importance of being disciplined about where to make loans. The organization also highlights that it has very strong governance and risk management. [1] [2] [7] [8] [11] [12]

What the press says

Press reports indicate that the Healthcare of Ontario Pension Plan serves 500,000 members, including 300,000 active members, as of January 05, 2026. The plan aims to reach 600,000 members and 1,000 employers. By March 10, 2026, participating employers had increased to 870, up from 850 in January. Assets grew from $123 billion at the end of 2024 to $132 billion by March 10, 2026. The plan reported a net return of 7.7% for 2025, with net investment income of $9.7 billion. Its funding status stands at 109%. In private equity, the plan recorded a 0.6% return on its portfolio. It holds a $500 million investment in Cohere, which has a valuation of $6.8 billion, and a $31 million stake in MSTR. Additionally, the plan currently holds 1,426 positions. New members from SickKids number 6,500. The broader healthcare sector includes 478,000 workers, and Koho’s funding is noted at $1.33 billion. [7] [8] [9] [10] [21]

Where the sources disagree

• The plan's total assets under management are reported as either $123 billion or $132 billion, a 7% discrepancy that affects the scale of capital you are targeting. [7] [8]
• The figure of 500,000 appears in press releases from two hosts but lacks independent verification from primary sources, meaning this data point should be treated with caution in your pitch. [7] [8]

Analysis

The plan's funding status declined from 111% to 109% between Dec. 31, 2024, and Dec. 31, 2025, a drop of 2.0 points. This indicates a slight reduction in the plan's financial cushion relative to its liabilities over that period. [2] [14]

Pros and cons for a GP raising capital from this investor

Pros

• Change in aum from Dec. 31, 2024 to Dec. 31, 2025: +7.3%. [2]
• Total fund: 8.6% vs 8.6%, +0.0 points against its benchmark. [12]
• Total fund 10-year: 7.8% vs 5.9%, +1.9 points against its benchmark. [13]
• With a funded status of 109%, the plan holds more assets than liabilities, indicating financial stability and a reduced risk of forced asset sales to meet obligations. [2] [13]
• The fund generated $9.7 billion in net investment income in 2025, reflecting robust cash flow generation that supports its ability to meet pension obligations and invest in new opportunities. [2] [9]

Cons

• Change in funding status from Dec. 31, 2024 to Dec. 31, 2025: -2.0 percentage points (111% to 109%). [2] [14]
• Total fund (2024): 9.4% vs 12.9%, -3.5 points against its benchmark. [16]
• Real estate returns were only 1.1% in 2025, a significant underperformance relative to the overall 7.7% net return, highlighting weakness in a key asset class. [1] [12]
• Private equity returns were just 3.6% in 2025, lagging the overall fund performance and suggesting challenges in realizing value from illiquid investments. [1] [12]