SpaceX stake boosts the Plan, net assets surpass $300 billion for the Ontario-based fund
Ontario Teachers' Pension Plan Board reported a total-fund net return of 9.5 per cent for the first half of 2026, bringing net assets to $303.2 billion - up $23.8 billion from year-end 2025.
The fund generated $26.6 billion in net investment income over the six-month period. Its one-year total-fund net return stood at 14.5 per cent, according to a press release issued Monday.
"We delivered a strong start to 2026, with a total-fund net return that is ahead of our target at this point in the year," said Jo Taylor, president and chief executive officer. "These results were broad based with positive returns across asset classes, with the most significant contributions coming from venture growth, public equities, and inflation-sensitive assets."
Broad-based gains across the portfolio
Equity holdings grew to $135 billion at mid-year from $116.1 billion at December 31, 2025, representing 46 per cent of the net investment portfolio. Public equities rose to $61.1 billion from $50 billion, while venture growth nearly doubled to $25.9 billion from $15.3 billion. Private equity, meanwhile, dipped to $48 billion from $50.8 billion.
Real assets expanded to $73 billion from $62.4 billion, with infrastructure accounting for $44.8 billion - up from $34.5 billion at year-end 2025. Real estate edged up to $28.2 billion from $27.9 billion.
Fixed income stood at $62.7 billion, credit at $39.3 billion, and inflation-sensitive assets at $55.7 billion.
Ontario Teachers’ has delivered an annualized total-fund net return of 9.4 per cent since inception in 1990. Five- and 10-year annualized net returns were 7.7 per cent and 7.8 per cent, respectively.
SpaceX listing boosts venture growth
Space Exploration Technologies Corp. (SpaceX) listed its shares on the NASDAQ stock exchange during the first half, marking a milestone for the first investment made by Teachers' Venture Growth. SpaceX was a significant contributor to the fund's total-fund net return over the period.
Other notable transactions included a co-led Series F financing round in financial operations platform Ramp, a co-led secondary share transaction in European second-hand marketplace Vinted, and the acquisition of a portfolio of critical minerals royalties in Western Australia providing exposure to lithium, tin, and tantalum.
In real assets, the fund established a new joint venture with Equus Capital Partners targeting core and core-plus assets in key U.S. markets and invested alongside DW Effectum Residential in the German multi-family residential market.
"We have entered the second half of the year with good momentum to deliver our annual performance objectives," said Taylor.
According to its release, the plan remains fully funded for the 13th consecutive year, with a $31.2 billion preliminary funding surplus as of January 1, 2026. The plan's co-sponsors - the Ontario Teachers' Federation and the Government of Ontario - have elected to file the preliminary valuation with the appropriate regulatory authorities.
