Investments
Infrastructure
Allocation
9.5%
Annual return
12.69%
Exposure
$0.94 B
Benchmark
6.53%
2025 performance
Our infrastructure investments earned a return of 12.69% in 2025, much higher than the benchmark of 6.53%. The benchmark is based on the 5-year forward inflation rate, plus a 4% risk premium. Our returns were supported by steady income generation and valuation gains from operational performance across several assets, particularly our co-investment portfolio. Overall, the infrastructure program continues to perform well.
Investment approach
We use a disciplined and patient approach to investing in infrastructure. Our investments are diversified across industries, technologies, and geographies to reduce risk.
We focus on medium- and large-scale assets in areas such as transportation, energy, utilities, social infrastructure (for instance hospitals or schools), and digital infrastructure.
We prefer investments that have high barriers to entry, are supported by public regulation, or have long-term contracts that provide steady income. Many of these investments also include protection against inflation.
The portfolio is invested through funds (83%) and direct co-investments (17%).
Capital allocation
Total investments in infrastructure represent 9.5% of total fund assets while our policy benchmark is 8.0%. The balance of $932 million at the end of 2025 is down from $970 million at the end of 2024. The decrease is primarily due to the return of capital from a partnership with OMERS Infrastructure.
As the partnership with OMERS Infrastructure winds down, our goal is to find new high-quality infrastructure investments. In early 2024, we agreed to receive the remaining investment with OMERS Infrastructure back in three payments over 24 months. The final payment will be received in early 2026.
Infrastructure
You can't include multiple times the same chart.
Allocation
9.5%
Annual return
12.69%
Exposure
$0.94 B
Benchmark
6.53%
2025 performance
Our infrastructure investments earned a return of 12.69% in 2025, much higher than the benchmark of 6.53%. The benchmark is based on the 5-year forward inflation rate, plus a 4% risk premium. Our returns were supported by steady income generation and valuation gains from operational performance across several assets, particularly our co-investment portfolio. Overall, the infrastructure program continues to perform well.
Investment approach
We use a disciplined and patient approach to investing in infrastructure. Our investments are diversified across industries, technologies, and geographies to reduce risk.
We focus on medium- and large-scale assets in areas such as transportation, energy, utilities, social infrastructure (for instance hospitals or schools), and digital infrastructure.
We prefer investments that have high barriers to entry, are supported by public regulation, or have long-term contracts that provide steady income. Many of these investments also include protection against inflation.
The portfolio is invested through funds (83%) and direct co-investments (17%).
Capital allocation
Total investments in infrastructure represent 9.5% of total fund assets while our policy benchmark is 8.0%. The balance of $932 million at the end of 2025 is down from $970 million at the end of 2024. The decrease is primarily due to the return of capital from a partnership with OMERS Infrastructure.
As the partnership with OMERS Infrastructure winds down, our goal is to find new high-quality infrastructure investments. In early 2024, we agreed to receive the remaining investment with OMERS Infrastructure back in three payments over 24 months. The final payment will be received in early 2026.