Participates in EliseAI round
Joins a US$350 million funding round at a US$4 billion valuation.
Pension Fund
Fully funded defined benefit plan for Ontario's teachers and an active global direct investor.
Ontario Teachers' administers defined benefit pensions for 346,000 working and retired Ontario teachers and had C$303.2 billion in net assets at June 30, 2026. It invests directly and with partners across capital markets, equities (including private capital), infrastructure and natural resources, real estate and venture growth, from offices in Toronto, New York, Dallas, San Francisco, London, Singapore and Mumbai. Its late-stage venture and growth arm, Teachers' Venture Growth (TVG, set up in 2019), invests from Series B onward with a 30+ person team across Toronto, San Francisco, London, Mumbai and Asia-Pacific. The plan has been fully funded for 13 consecutive years.
29 interview reports10 open roles151 deals12 people174 sources
Private capital and equity investing (direct, co-investment and fund relationships) led by Dale Burgess; the private equity portfolio was valued at C$50.8 billion at end-2025 and 2025 additions included Spain's Donte Group.
Long-term ownership of transport, energy, utilities, timberland, agriculture and other resource assets, led by Christopher Metrakos; in 2025 the group agreed sales of its five-airport European portfolio and the Sydney Desalination Plant.
Global real estate, including Canadian holdings managed through Cadillac Fairview and a growing European residential book (UK, Sweden, Germany and, from 2026, Denmark); led by Jenny Hammarlund.
Late-stage venture and growth platform set up in 2019 and led by Olivia Steedman. It invests directly in technology companies from Series B onward, preferring to lead, with initial cheques of $50–250M, and commits selectively to outside VC and growth funds; a portfolio development team and senior advisors support companies. The portfolio stood at about C$15.3 billion at end-2025 and returned 30.2% for the year; holdings include Anthropic, SpaceX, Ramp, Harvey and StackAdapt. Its 30+ investment professionals work in Toronto, San Francisco, London, Mumbai and Asia-Pacific.
Public markets investing across public equities, fixed income, credit (including private credit), currency, commodities and derivatives, led by Bernard Grzinic.
Top-down asset allocation, liquidity management and portfolio optimization for the whole fund, overseen by the CIO, Asset Allocation (Stephen McLennan).
A central hub of sustainability expertise rather than a separate investing desk, led by Anna Murray as Senior Managing Director and Global Head of Sustainable Investing. It works alongside the asset-class teams across the whole investment lifecycle: climate and other systemic risks in the strategic asset allocation, diligence sized to each deal and the stake taken, then engagement with portfolio companies after the investment. The 2026–2030 climate strategy targets $70 billion of Climate Transition Aligned private assets by 2030.
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From the inside
Reasons that work in interviews
5 reasons for Ontario Teachers' Pension Plan
Roughly half of investments sit outside Canada with a flexible mandate, so the opportunity set is genuinely global rather than Canada-plus.
The pioneer of the Canadian pension model: if you want to learn direct investing from the institution that invented it, the argument is straightforward.
Industry groups give you focus without losing breadth, which is the right structure for an early-career investor still deciding.
Deal volume keeps you busy, which many funds doing a handful of investments a year cannot offer.
The team is largely people who worked elsewhere first, so the backgrounds in the room are varied rather than uniform.
Unlock the full insights for Ontario Teachers' Pension Plan: every round, the topics tested and what candidates experienced
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Winter 2027
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President & CEO
Executive Team
Leads Ontario Teachers' as President and CEO, succeeding Ron Mock (CEO 2014-2019). Joined the plan in 2012 and was central to its international expansion; before that spent over 20 years at 3i Group in senior group management roles, and has chaired or sat on boards including Helly Hansen and Camelot.
Chief Financial Officer
Finance
Joined as a senior managing director in Finance in January 2023 and became CFO in August 2024, overseeing reporting, valuation, risk analytics and financial operations. Previously spent several years at Brookfield, latterly as CFO of Brookfield Reinsurance.
Chief Investment Officer, Public & Private Investments
Investments
Oversees execution across the Equities, Infrastructure & Natural Resources, Teachers' Venture Growth, Real Estate and Capital Markets departments. With the plan since 1995, she previously ran Capital Markets and earlier led credit, insurance-linked securities and derivatives strategies.
Chief Investment Officer, Asset Allocation
Investments
Responsible for the fund's overall asset mix, liquidity management and portfolio optimization. Joined in 2003 and previously managed the natural resources allocation; earlier worked in Merrill Lynch investment banking in Calgary and at Archer Daniels Midland's Canadian operations.
Executive Managing Director and Global Head, Teachers' Venture Growth
Teachers' Venture Growth
Set up TVG in 2019 and leads it globally. She joined Ontario Teachers' in 2002 as a founding member of its Infrastructure and Natural Resources group and held senior roles there. Earlier she worked in project finance at PwC and as a civil engineer; she is a P.Eng. and CPA with a Queen's civil engineering degree.
Senior Managing Director (North America)
Teachers' Venture Growth
Leads TVG's North American direct investing program and team from San Francisco. He joined in 2021 with nearly two decades of direct venture and growth investing at institutional and strategic funds, and was the TVG spokesperson on the 2026 Harvey investment.
Executive Managing Director, Equities
Equities
Leads the Equities department and the fund's global private equity portfolio, appointed in 2025. Previously headed Infrastructure & Natural Resources and, before that, the Latin America infrastructure team. Joined Ontario Teachers' in 1996; Chartered Accountant and CFA charterholder.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Jan 1, 2027Upcoming
Cathy CranstonAppointment
Board Chair
Ontario Teachers' Pension Plan (Board) → Ontario Teachers' Pension Plan (Board)
Jointly appointed by both plan sponsors (announced before September 2026) as board chair from January 2027, succeeding retiring chair Steve McGirr.
Jan 1, 2027Upcoming
Bruce CooperAppointment
Board member
— → Ontario Teachers' Pension Plan (Board)
Former head of TD Asset Management and TD Epoch appointed to the board by the Government of Ontario.
Jan 1, 2027Upcoming
Margaret StuartAppointment
Board member
Salesforce Canada → Ontario Teachers' Pension Plan (Board)
Technology executive (Salesforce, BlackBerry, SAP) appointed to the board by the Government of Ontario.
Dec 31, 2026Upcoming
Steve McGirrRetirement
Ontario Teachers' Pension Plan (Board) → —
Board chair retiring at the end of 2026 after completing his full term.
Dec 31, 2026Upcoming
M. George LewisRetirement
Ontario Teachers' Pension Plan (Board) → —
Board member retiring at the end of 2026 after serving his full term; seat filled by a government appointee.
Sep 29, 2026
EliseAI
Co-investor · AI software (housing and healthcare operations)
Buyer Investor syndicate led by Andreessen Horowitz and Bessemer Venture Partners
Ontario Teachers' participated in a US$350 million round valuing AI workflow company EliseAI at US$4 billion.
Sep 29, 2026
EliseAI Raises $350 Million at $4 Billion Valuation to Bring AI Deeper Into Housing and Healthcare Operations
Investor
Sep 25, 2026
Danish multi-family residential portfolio (7 assets in Copenhagen and Aarhus)
Acquirer (JV partner) · Real estate - residential
Buyer Ontario Teachers' / H Capital joint venture · Seller Koncenton
First Danish real estate investment for Ontario Teachers': it acquired seven fully let residential buildings in Copenhagen and Aarhus from Koncenton, seeding a new JV with operating partner H Capital.
Sep 25, 2026
Ontario Teachers’ Pension Plan invests in Danish residential market through joint venture with H Capital
Co-investor
Sep 24, 2026
Harvey
Co-investor · Legal technology / AI
Buyer Teachers' Venture Growth and other investors
TVG took part in a second close of Harvey's funding round, which totals US$600M. The release highlights Harvey's Toronto office and its 100+ Canadian law-firm and legal-team customers.
Sep 24, 2026
Teachers' Venture Growth invests in Harvey, the leading AI legal platform
Investor
Sep 15, 2026
Darwinbox
Investor (follow-on) · HR technology (HCM software)
Buyer Teachers' Venture Growth
Follow-on investment in the India-founded HR software company, after TVG's first investment in 2025.
Sep 15, 2026
Teachers' Venture Growth reaffirms conviction in Darwinbox with follow-on investment
Investor
Sep 11, 2026
Ontario Teachers’ sets objective to invest an additional $10 billion in Canada by the end of 2027
Investor
Sep 8, 2026
ICG Infra agrees to acquire Westerleigh Group from Ontario Teachers’ and USS
Seller
Aug 10, 2026
Ontario Teachers’ delivers 9.5% total-fund net return in first half of 2026
Investor
Jul 27, 2026
M&G and Ontario Teachers’ Pension Plan announce €200 million strategic investment in CLO platform
Investor
Jul 21, 2026
Ontario Teachers’ reaches agreement to sell stake in Caruna to Iberdrola
Seller
Jul 16, 2026
Fireworks Raises a $1.5 Billion Series D to Lead the Specialized Intelligence Revolution
Investor
Jun 30, 2026
Mitolo Family Farms sells remaining equity stake to Ontario Teachers’
Seller
Jun 10, 2026
Equus and Ontario Teachers’ Acquire an Industrial Portfolio in Richmond, VA
Acquirer
Jun 9, 2026
NinjaOne Reaches $12.3B Valuation as IT Operations Market Consolidates Around a Single Platform
Investor
Jun 4, 2026
Ramp Raises Series F at $44 Billion Valuation
Investor
Apr 30, 2026
Allworth Financial Announces Expansion of Strategic Investor Group
Investor
Apr 27, 2026
Vinted completes secondary share transaction at €8B equity valuation reflecting consistent profitable growth
Investor
Apr 16, 2026
Sweetwater Royalties (92% interest)
Selling shareholder · Mining Royalties
Buyer Uranium Royalty Corp. · Seller Orion Resource Partners and Ontario Teachers' Pension Plan
Uranium Royalty agreed to combine with Sweetwater Royalties, acquiring a 92% interest from Orion and Ontario Teachers' at an implied 100% enterprise value of about US$1.9 billion, paid in cash and new URC shares.
Mar 23, 2026
Ontario Teachers’ Pension Plan invests in German residential market through joint venture with DWE
Co-investor
Feb 27, 2026
Ontario Teachers’ Pension Plan acquires portfolio of royalties on critical minerals in Western Australia
Acquirer
Feb 24, 2026
UK self-driving firm Wayve secures $1.5B to deploy its global autonomy platform
Investor
Jan 5, 2026
Octopus Energy Group to spin out Kraken at valuation of $8.65bn
Investor
Joins a US$350 million funding round at a US$4 billion valuation.
The plan's first Danish real estate deal extends its European rental housing exposure beyond the UK, Sweden and Germany.
Two new government-appointed directors will join in 2027 as the chair and another director retire; Cathy Cranston becomes chair.
TVG joins Harvey's round; Harvey plans to grow its Toronto team.
Second investment in Darwinbox, announced from Mumbai.
Six-month net return of 9.5% lifted net assets by C$23.8 billion to C$303.2 billion, led by venture growth, public equities and inflation-sensitive assets.
The plan earned 6.7% in 2025 and grew net assets to C$279.4 billion, but underperformed its benchmark, with private equity and real estate in negative territory while venture growth and commodities led.
Macquarie agreed to buy Ontario Teachers' 25% stake in London City Airport, part of the wider European airports exit.
Olivia Steedman sets up Teachers' Venture Growth inside Ontario Teachers'.
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Ontario Teachers' Pension Plan · Jun 4, 2026 · otpp.com
Ontario Teachers' Pension Plan · Apr 30, 2026 · otpp.com
Ontario Teachers' Pension Plan · Apr 27, 2026 · otpp.com
Uranium Royalty Corp. (via Cision/Newswire) · Apr 16, 2026 · newswire.ca
Ontario Teachers' Pension Plan · Mar 23, 2026 · otpp.com
Ontario Teachers' Pension Plan · Mar 10, 2026 · otpp.com
Ontario Teachers' Pension Plan · Mar 10, 2026 · otpp.com
Ontario Teachers' Pension Plan · Mar 10, 2026 · otpp.com
Ontario Teachers' Pension Plan · Feb 27, 2026 · otpp.com
Ontario Teachers' Pension Plan · Feb 24, 2026 · otpp.com
Ontario Teachers' Pension Plan · Jan 5, 2026 · otpp.com
Macquarie · Oct 15, 2025 · macquarie.com
Ontario Teachers' Pension Plan · Jun 18, 2025 · otpp.com
Ontario Teachers' Pension Plan · Apr 10, 2025 · otpp.com
Ontario Teachers' Pension Plan · Jan 12, 2024 · otpp.com
Ontario Teachers' Pension Plan · Jul 2019 · otpp.com
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Ontario Teachers' Pension Plan (reposting The Globe and Mail) · Jan 3, 2017 · otpp.com
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Typical background
GuidanceA Big Six or boutique investment bank, a pension rotation, or asset management.
Large-cap platforms and global multi-strategy funds
Upper mid-market PE, infrastructure, the Maple 8 and large managers
Ontario Teachers' Pension Plan is hereMid-market PE, mid-sized managers, domestic hedge funds and smaller pensions
Small-cap private equity, boutique managers and early-stage VC
Where people go next
GuidanceExecutive Managing Director, Infrastructure & Natural Resources
Infrastructure & Natural Resources
Leads infrastructure and natural resources investing, disposals and asset management globally, appointed in 2025 after running the Natural Resources team. Joined Ontario Teachers' in 2014 after about ten years investing at an unregulated energy company, following early corporate finance roles at two global investment banks.
Managing Director
Teachers' Venture Growth
Toronto-based managing director who helps lead TVG's direct investing in North America. He previously led the TVG Value Creation team, ran growth and innovation strategy in OTPP's Portfolio Solutions Group, and was a founding member of Global Investment Strategy. Before OTPP he was in KPMG's consulting and deal advisory groups, and he teaches global strategy at Rotman Commerce.
Managing Director
Teachers' Venture Growth
Leads TVG's global venture fund investment program, with over a decade in venture fund and direct co-investing. He was previously a Managing Director at Sixty Degree Capital.
Managing Director
Teachers' Venture Growth
Mumbai-based managing director who leads TVG's India investing; he joined in 2022 and led the 2026 Darwinbox follow-on. He was previously an Executive Director in Goldman Sachs' Principal Investment Area and worked at General Atlantic and in Bear Stearns' Financial Sponsors Group.
Managing Director
Teachers' Venture Growth
London-based managing director who joined TVG as a Senior Principal in 2020 and works on executing its global direct-investment strategy. He came from Temasek's direct equity team in London, after roles at Ares Management and in Credit Suisse M&A.