The Ontario Pension Board (OPB), the administrator of Ontario’s Public Service Pension Plan (PSPP), ended 2015 with an annual investment return of 6.14%. Net investment income during the year amounted to $1.22 billion and net assets grew to $23 billion at year end.
OPB continued to shift assets from public to private markets in 2015, increasing its gross exposure by approximately $1.9 billion. This included increasing both its infrastructure and private equity portfolios by 50%, and real estate portfolio by 30%. Key additions included a 30% co-ownership interest in Toronto’s TD Centre, more Manhattan real estate and core infrastructure investments in the UK, Spain, and Australia.
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Public market investments, which include public market equity, fixed income and cash, returned 5.0% for the year, while overall private markets investments consisting of real estate, private equity and infrastructure, returned 11.1%.
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