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Ontario Teachers’ delivers solid investment performance in 2022



Impact of currency

In 2022, a weaker Canadian dollar led to a foreign currency gain of $3.8 billion as assets denominated in foreign currencies appreciated in value when converted back into Canadian dollars. This corresponds with a return impact from currency of 1.5%. This gain, partially offset by our currency hedging activities, was primarily driven by the depreciation of the Canadian dollar against the U.S. dollar, influenced by the U.S. Federal Reserve’s proactive approach to raising interest rates to combat inflation.

Investment Highlights

Ontario Teachers’ manages approximately 80% of its assets internally, with a focus on deploying capital into active strategies around the world. During 2022, the fund diversified investments globally and acquired assets across five continents. It also expanded its international footprint, opening offices in Mumbai and San Francisco. Being physically located in these key financial markets will provide more opportunities to source attractive investments and access local talent.

Transaction highlights in 2022 include:


  • Acquired a co-control stake in GPA Global, a leading full-service provider of premium packaging solutions to brands in North America and Europe;
  • Acquired a significant majority stake in Sahyadri Hospitals, the largest private hospital chain in the Indian state of Maharashtra;
  • Agreed to acquire a stake in and combine group.ONE and dogado group, which will create a leading pan-European one-stop-shop provider of online presence solutions for small- and medium-sized enterprises.


  • Acquired a 25% stake in SSEN Transmission, an electricity transmission network business that transports energy generated from renewable sources in Scotland to more than a quarter of the U.K. land mass, for total cash proceeds of £1.465 billion;
  • Acquired a 70% stake in the passive mobile tower infrastructure assets of Spark New Zealand for NZ$900 million. The tower company was subsequently rebranded as Connexa;
  • Partnered with Connexa on an agreement to acquire additional mobile tower assets from 2degrees Mobile for NZ$1.076 billion;
  • Invested up to US$805 million in a convertible equity portfolio financing with NextEra Energy Partners;
  • Formed a partnership with Mahindra Group to acquire a significant stake in Mahindra Susten, a leading player in Indian renewable energy sector;
  • Formed a joint venture with Corio Generation to develop 14 offshore wind projects with a capacity of up to 9GW;
  • Through our portfolio company Inversiones Grupo Saesa Ltda., acquired a 99.09% stake in the share capital of listed Chilean power transmission company Enel Transmisión Chile S.A.

Natural Resources:

  • Provided funding to Haddington Ventures LLC’s ACES Delta Platform for the development of the world’s largest green hydrogen platform;
  • Partnered with Sprott Resource Streaming and Royalty, a global investment manager specializing in precious metals and real assets, in the US$225 million issuance of a royalty convertible note by Seabridge Gold’s wholly owned subsidiary, KSM Mining ULC.

 Real Estate:

  • Our real estate subsidiary Cadillac Fairview (CF) agreed to a joint venture with Thomas White Oxford Ltd to deliver Oxford North, UK, the £700 million new global innovation district;
  • CF committed an additional US$700M to IQHQ, following on its initial US$500M investment in November 2020. IQHQ is a leading life science real estate developer and manager with offices in San Diego and Boston;
  • CF and Boreal IM acquired three logistics assets in the U.K., 15 warehouses across four regions in the Netherlands, and two industrial parks in West London, U.K. and in the Port of Rotterdam, Netherlands;
  • CF began construction of a 288-unit residential rental building integrated with CF Rideau Centre, Ottawa’s largest and busiest shopping mall.

Teachers’ Venture Growth:

  • Led a US$220 million Series D funding round for Taxfix, Europe’s leading mobile tax app;
  • Led the €183 million Series E funding round for Alan, a leading European digital healthcare company.

Climate ambition and investment

As part of its journey to achieve net zero on its investment activities by 2050, Ontario Teachers’ has industry-leading interim targets to reduce portfolio carbon emissions intensity by 45% by 2025 and 67% by 2030, compared to its 2019 baseline. It has made meaningful progress toward the 2025 and 2030 interim targets, with portfolio carbon emissions intensity down 32% from the 2019 baseline. Portfolio carbon emissions intensity remained unchanged between 2021 and 2022 due to an increase in both market value and absolute emissions of its portfolio carbon footprint.

Ontario Teachers’ added $3 billion in new green assets in 2022 including SSEN Transmission, Corio Generation, NextEra Energy and Haddington Ventures’ ACES Delta Platform. Green assets now total nearly $34 billion, approximately two-thirds of the way toward Ontario Teachers’ target of $50 billion.


In 2022, Ontario Teachers’ wholly owned subsidiary, Ontario Teachers’ Finance Trust (OTFT), issued a $1 billion green bond with the proceeds being invested in companies or assets that enable the net-zero transition, reduce emissions and build a sustainable economy. This was OTFT’s first green bond issuance in Canadian dollars.

Investment costs

Ontario Teachers’ is committed to cost effectiveness and links its costs to the investment value creation process. Total investment costs including administrative expenses, transaction costs and external management fees totaled $1,886 million (78 cents per $100 of average net assets) in 2022, compared to $2,030 million (91 cents per $100 of average net assets) in 2021.

The decrease in investment costs was driven primarily by a decrease in transaction fees incurred from lower direct and fund acquisition volumes this year than in 2021, and a decrease in external management fees due to lower performance-based fees than in the prior year.

About Ontario Teachers’

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of $247.2 billion as at December 31, 2022. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 336,000 working members and pensioners.

With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 400 investment professionals bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.5% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit and follow us on Twitter @OtppInfo.


Dan Madge
Ontario Teachers’ Pension Plan
Phone: +1 416-419-1437

Note to Editors: To read our Annual Report, please click here.

  • Annual Report (PDF)

Forward-Looking Statements

This annual report contains forward-looking information and statements that are intended to enhance the reader’s ability to assess the future financial and business performance of Ontario Teachers’. Forward-looking information and statements include all information and statements regarding Ontario Teachers’ current beliefs, targets, intentions, plans, and expectations concerning its objectives, future performance, strategies, and financial results, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking information and statements often but not always use words such as “trend,” “potential,” “opportunity,” “believe,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions. Because the forward-looking information and statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond Ontario Teachers’ control or are subject to change, actual results or events could be materially different. Although Ontario Teachers’ believes that the estimates and assumptions inherent in the forward-looking information and statements are reasonable, such information and statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such information or statements due to the inherent uncertainty therein. Ontario Teachers’ forward-looking information and statements speak only as of the date of this annual report or as of the date they are made and should be regarded solely as Ontario Teachers’ current plans, estimates and beliefs. Ontario Teachers’ does not intend or undertake to publicly update such statements to reflect new information, future events, and changes in circumstances or for any other reason.

Cautionary Statement

In connection with our multi-faceted climate strategy, we have made certain commitments and set certain goals and targets (“Targets”). In establishing our Targets, we relied on various laws, guidelines, taxonomies, methodologies, frameworks, market practices and other standards (collectively, “Standards”) and also made good faith assumptions and estimates in establishing our Targets. Given the complex and evolving nature of the global response to climate change, these Standards may change over time, and our assumptions and estimates may prove incorrect or inaccurate for reasons we cannot foresee or predict.

To monitor and report on our progress toward our Targets, we rely on data obtained from our portfolio companies and other third-party sources. Although we believe these sources are reliable, we have not independently verified this data, or assessed the assumptions underlying such data, and cannot guarantee its accuracy or completeness. We also attempt to improve accuracy in the data through an independent limited assurance review.  The data may be of varying quality or usefulness and may change over time as Standards evolve. These factors could impact our Targets and our ability to achieve them.


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UBS set for talks with Michael Klein to terminate Credit Suisse investment bank deal




March 21 (Reuters) – UBS (UBSG.S) is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse’s (CSGN.S) investment bank, the Financial Times reported on Tuesday.

UBS on Sunday agreed to buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.

Klein, a veteran dealmaker, was merging his eponymous advisory boutique into Credit Suisse’s investment banking operations to create CS First Boston as a standalone business which he would have led from New York.


UBS has now assigned a legal team to examine how to void the contract Credit Suisse signed with Klein in the cheapest way possible, according to the FT report, which cited people with direct knowledge of the matter.

“We assume he (Klein) is cherry picking. The deal was done when the selling bank had a gun held to its head and we are no longer in that position,” a person close to UBS said, according to the report.

UBS and Credit Suisse declined to comment, while Klein could not be immediately reached for comment.

Reporting by Anirudh Saligrama in Bengaluru; Editing by Shounak Dasgupta



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Biden’s first veto: Stops block of ESG retirement climate investment





President Joe Biden issues first veto on retirement investments bill

The veto comes after Congress voted to block a rule allowing retirement plans to weigh impacts of social factors and climate change on investments.


Scott L. Hall and Patrick Colson-Price, USA TODAY

WASHINGTON — President Joe Biden issued his first veto Monday after Congress voted to block a Labor Department rule allowing retirement plans to weigh the long-term impacts of social factors and climate change on investments — a move Republicans say is a “woke” policy that hurts retirees’ pockets.

“I just signed this veto because the legislation passed by the Congress would put at risk retirement savings of individuals across the country,” Biden said in a video posted to Twitter. “They couldn’t take into consideration investments that would be impacted by climate impacted by overpaying executives.”

Senate Republicans, along with two Democrats, voted on the measure March 1, needing only a simple majority for it to pass. Sens. Jon Tester, D-Mont., and Joe Manchin, D-W.Va., who are both up for reelection next year in Republican states, voted with Republicans.

The GOP-controlled House of Representatives voted on the legislation last month. In a message to the House, Biden said “Retirement plan fiduciaries should be able to consider any factor that maximizes financial returns for retirees across the country.

“That is not controversial – that is common sense,” he said.

Ahead of the bill going to his desk, Biden said he would veto it. A two-thirds majority of Congress would be needed to override Biden’s veto.

President Donald Trump vetoed 10 bills, while President Barack Obama vetoed 12 bills.

What is ESG?

Environmental, social and governance or ESG for short, is an investing strategy that takes into account businesses’ environmental and social risks as part of a wider financial analysis.

It is popular with major pension funds that invest the retirements of millions of workers as well as retail investors.

Republicans call ESG ‘woke’

Republican lawmakers and conservative advocacy groups have decried the ESG rule.

Florida Gov. Ron DeSantis, who will likely run for the 2024 GOP presidential nomination, has become a leader in the anti-ESG movement.

Many conservative states, such as Florida, Texas and West Virginia have launched investigations because of the rule.

Conservative advocacy groups backed by right-wing donors have mounted a campaign in statehouses across the country. They say that ESG is just another example of “woke” influence on big business.

Reach Rebecca Morin at Twitter @RebeccaMorin_


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Biden issues his first veto on retirement investment resolution




President Joe Biden issued the first veto of his presidency Monday on a resolution to overturn a retirement investment rule that allows managers of retirement funds to consider the impact of climate change and other environmental, social and governance factors when picking investments.

Republican lawmakers led the push to pass the resolution through Congress, arguing the rule is “woke” policy that pushes a liberal agenda on Americans and will hurt retirees’ bottom lines, while Democrats say it’s not about ideology and will help investors.

The resolution, which would rescind a Department of Labor rule, passed both chambers of Congress with Democratic Sens. Joe Manchin of West Virginia and Jon Tester of Montana voting with Republicans in the Senate.


“I just signed this veto because legislation passed by the Congress would put at risk the retirement savings of individuals across the country. They couldn’t take into consideration investments that wouldn’t be impacted by climate, impacted by overpaying executives, and that’s why I decided to veto it – it makes sense to veto it,” Biden said in a video posted to social media Monday afternoon.

Biden is seen signing the veto in the video, taken in the Oval Office earlier Monday.

The veto makes good on Biden’s frequent promise to veto legislation passed by the GOP-controlled House he disagrees with. Even before Republicans took control of that chamber, Biden often mentioned his ability to nix their priorities. “The good news is I’ll have a veto pen,” he told a group of donors in Chicago just days before November’s midterm elections.

Opponents of the rule could try to override Biden’s veto, but at this point it appears unlikely they could get the two-thirds majority needed in each chamber to do so.

Biden’s first presidential veto reflects the reality of a changed political order in Washington with Republicans now in control of the House after they won back the chamber from Democrats in the 2022 midterm elections.

Previously, Democrats controlled both the House and the Senate. Now, the president’s party only has a majority in the Senate.

Most legislation passed by the current GOP-controlled House will not be able to pass the Democratic-controlled Senate. But the resolution to overturn the investment rule only needed a simple majority to pass in the Senate. Republican lawmakers advanced it under the Congressional Review Act, which allows Congress to roll back regulations from the executive branch without needing to clear the 60-vote threshold in the Senate that is necessary for most legislation.

Opponents of the rule have argued that it politicizes retirement investments and that the Biden administration is using it as a way to promote a liberal agenda.

Republican Sen. John Barrasso of Wyoming said at a news conference earlier this year, “What’s happened here is the woke and weaponized bureaucracy at the Department of Labor has come out with new regulations on retirement funds, and they want retirement funds to be invested in things that are consistent with their very liberal, left-wing agenda.”

Supporters of the rule argue that it is not a mandate – it allows, but does not require, the consideration of environmental, social and governance factors in investment selection.

Senate Majority Leader Chuck Schumer said in defense of the rule that Republicans are “using the same tired attacks we’ve heard for a while now that this is more wokeness. … But Republicans are missing or ignoring an important point: Nothing in the (Labor Department) rule imposes a mandate.”

“This isn’t about ideological preference, it’s about looking at the biggest picture possible for investments to minimize risk and maximize returns,” he said, noting it’s a narrow rule that is “literally allowing the free market to do its work.”

The statement of administration policy warning that Biden would veto the measure if presented with it similarly states, “the 2022 rule is not a mandate – it does not require any fiduciary to make investment decisions based solely on ESG factors. The rule simply makes sure that retirement plan fiduciaries must engage in a risk and return analysis of their investment decisions and recognizes that these factors can be relevant to that analysis.”

This story has been updated with additional developments.


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