HOOPP Achieves 7.7% Gain Amid Market Turbulence Impacting Private Assets

Rowan Ashford

Published: March 11, 2026 3:27 PM ET

HOOPP Achieves 7.7% Gain Amid Market Turbulence Impacting Private Assets

The Healthcare of Ontario Pension Plan (HOOPP) reported a 7.7% investment gain despite a challenging market environment. The performance comes amid sluggish returns from private markets influenced by economic turbulence.

Investment Overview

For the fiscal year, HOOPP’s gain trailed behind its benchmark return of 8.6%. Chief Executive Officer Annesley Wallace noted that two significant investments in infrastructure and private credit posed challenges to overall performance.

Publicly traded stocks achieved a remarkable 22.2% return.
Average annual return over the past decade stands at 7.8%.

Asset Growth

HOOPP’s net assets grew to $132 billion, up from $123 billion the previous year. The plan is currently 109% funded, indicating it possesses $1.09 for every dollar in expected pension payouts.

Market Challenges

The report highlights issues attributed to tariffs and high inflation, which complicated long-term investment assumptions. Valuations for private assets such as real estate and private equity experienced downward pressure due to hesitation in the market.

Specific Investment Issues

In infrastructure, a single investment in the U.S. renewable energy sector negatively affected returns, yielding only 1.8%. This decline reflects broader volatility in renewable energy, exacerbated by changing U.S. policies.

Additionally, in private credit, HOOPP reported a 0.9% return, hindered by specific performance issues within a single investment. Investors remain cautious, with notable firms like Blue Owl Capital and Blackstone facing pressured redemption requests.

Future Investment Plans

Wallace emphasized the potential opportunities in private credit while underscoring the need for discipline in lending practices. Currently, 49% of assets are allocated to Canadian investments, with 29% in the United States.

HOOPP aims to pursue smaller Canadian investment projects, which might be executed more swiftly than larger federal projects. “There’s lots of active discussions,” Wallace stated regarding prospective deals.

Legal Challenges

HOOPP continues to contest a tax dispute with Dutch authorities over claimed dividend tax refunds amounting to approximately $340 million. The organization is appealing a court ruling that found against it concerning these tax refunds from 2013 to 2018.

Despite these challenges, HOOPP remains focused on its robust governance and risk management practices, confident in navigating through complex financial landscapes.