Investor in Radical Breakouts Fund
OPTrust is among the backers of Radical Ventures' US$1B+ first close.
Pension Fund
Jointly sponsored C$27B Ontario public-service pension with a direct private-markets team in Toronto, London and Sydney.
OPTrust is the business name of the trustees who administer the OPSEU Pension Plan, a defined-benefit plan for 118,000 members jointly sponsored by OPSEU/SEFPO and the Government of Ontario. It started operating on January 1, 1995 and had more than C$27 billion in net assets at the end of 2025, its 17th straight year fully funded. Investing follows a 'Member-Driven Investing' total-portfolio approach: a Toronto-based Total Portfolio Management group runs liquid assets, while a Private Markets Group with teams in Toronto, London and Sydney does direct and fund/co-investment deals in private equity and infrastructure, alongside a Real Estate Group. Students can join as co-ops or interns, including on investment teams, through a three-term hiring calendar.
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Direct investments plus fund and co-investment programs in private equity and infrastructure, run by regional teams in North America (Toronto), Europe (London) and Developed Asia (Sydney). At end-2025 private equity was 18.7% of the portfolio (4.6% return) and infrastructure 17.9% (1.9%, weighed down by some renewable energy assets).
Real estate portfolio that includes development and build-to-core assets such as the Sen̓áḵw rental project in Vancouver. It was 16.9% of the portfolio at end-2025 and returned -8.5% on valuation pressure in development assets.
Runs public markets, both internally and through external managers: government bonds, public equity, credit, absolute return strategies, commodities (including gold) and currencies. It also manages the leveraged funding and liquidity portfolio. Public equity returned 18.2% and commodities 45.0% in 2025.
A small incubation sleeve (0.7% of assets) for thematic and early-stage bets in fintech, digital assets and climate technology, alongside the firm's sustainable-investing team.
| Toronto | ON | headquarters |
London · Sydney
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Reasons that work in interviews
4 reasons for OPTrust
Member-driven investing is the stated frame: the objective is plan sustainability rather than a return target in isolation, which genuinely changes portfolio construction.
Total portfolio approach with a risk budget rather than fixed asset class allocations, so investment decisions compete against each other directly.
Smaller fund, so the investment team is close to the whole portfolio rather than one sleeve.
Long record of full funding, which is a specific and verifiable claim about how the approach has worked.
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President and Chief Executive Officer
Executive Team
Joined OPTrust as President and CEO in 2019. He is responsible for strategy, the Member-Driven Investing approach, pension administration and organizational performance. He was previously President and Head of Investments at State Street Global Advisors, where he ran the Canadian business strategy.
Chief Investment Officer
Investments
Joined OPTrust in 2015 and leads global investment strategy and its implementation through a Total Portfolio Approach. He was previously Vice-President, Strategy & Asset Mix and Chief Economist at Ontario Teachers'. Dalhousie MBA; CFA charterholder.
Senior Executive Managing Director and Global Head of Illiquid (Private) Assets
Private Markets
Joined in 2012 and leads the illiquid assets program across infrastructure, private equity and real estate. She spent more than a decade at a Canadian mid-market private equity firm and started her career in M&A investment banking. Ivey HBA.
Senior Executive Managing Director and Global Head of Liquid Assets, Total Portfolio Management
Total Portfolio Management
Joined in 2016 and heads the Total Portfolio Management group, covering internal and external public-markets strategies in equities, credit, rates, currencies, commodities and hedge funds. He previously spent a decade at Ontario Teachers', including as co-head of its emerging-markets fixed income and FX desk. CFA.
Senior Managing Director & Global Head of Direct Investments
Private Markets Group (North America)
Joined in 2011 and leads North American infrastructure and private equity investing, from sourcing and execution through value creation and exits. He oversees the Private Markets Group's North American team and votes on its investment committee. Ivey HBA.
Senior Managing Director & Global Head of Funds and Co-Investments
Private Markets Group (Europe)
Joined in 2007. He oversees new investments, value creation and exits across the European infrastructure and private equity portfolios and runs the London office. He sits on the Private Markets Group investment committee and previously worked at CIBC World Markets and Empire Company.
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Sep 15, 2026
Radical Breakouts Fund (Radical Ventures)
Co-investor (limited partner) · Venture capital / artificial intelligence
Buyer PSP Investments, CPP Investments, HOOPP, TD Bank Group, BMO Financial Group, CI Global Asset Management, OPTrust and others
OPTrust is named as an investor in the first close (over US$1 billion) of Radical Ventures' late-stage AI fund, which was announced at the Canada Investment Summit. Its individual commitment was not disclosed.
Aug 28, 2025
Sen̓áḵw development (Phases One and Two), Vancouver
Acquirer · Real estate (residential rental)
Buyer OPTrust · Seller Westbank
In a restructured partnership with the Squamish Nation and Nch'ḵay̓ Development Corporation, OPTrust bought Westbank's interest in the first two phases of this False Creek rental project, raising its stake to 50%. Phase One adds more than 1,400 homes opening in 2026.
OPTrust is among the backers of Radical Ventures' US$1B+ first close.
The 2025 Funded Status Report shows more than C$27 billion in net assets and a 6.7% 10-year average return, with over C$1.4 billion in entitlements paid.
OPTrust acquires Westbank's interest in Phases One and Two of the Vancouver rental development.
OPTrust marks 30 years. Membership has grown more than 65% since 1995 and assets nearly fivefold.
The jointly trusteed OPSEU Pension Plan, set up under the 1994 sponsorship agreement between Ontario and OPSEU/SEFPO, officially begins operating.
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HOOPP · Sep 15, 2026 · hoopp.com
OPTrust · Mar 11, 2026 · optrust.com
OPTrust · Mar 11, 2026 · assets.ctfassets.net
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Co-op / Intern · Toronto
Year-round placements for post-secondary students. Teams include Investments, Risk/Actuarial, Finance, Legal, IT, People and Communications, and Member Experience. Jobs are posted on university and college job boards. A quoted former co-op came back full time as a quantitative analyst in Total Portfolio Management.
Typical background
GuidanceOne prior internship: a boutique bank, a small fund, transaction services, or a pension co-op.
Large-cap platforms and global multi-strategy funds
Upper mid-market PE, infrastructure, the Maple 8 and large managers
Mid-market PE, mid-sized managers, domestic hedge funds and smaller pensions
OPTrust is hereSmall-cap private equity, boutique managers and early-stage VC
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