(Bloomberg) -- Ontario Teachers’ Pension Plan gained 9.4% last year, driven by strong returns in stocks, venture growth and commodities.

The performance boosted the fund’s net assets to C$266.3 billion ($185.2 billion) as of the end of 2024, according to a statement Thursday, although it missed its overall benchmark of 12.9%.

“We had positive contributions from across the plan, with notable success in venture growth, credit, inflation-sensitive and public equity investments,” Chief Executive Officer Jo Taylor said in the statement. He added that the portfolio is “strongly positioned in an unpredictable economic climate.”

With the exception of the pension plan’s real estate portfolio, which lost 0.7%, all of the fund’s asset classes earned returns last year. Stock holdings and venture growth gained by more than 23% each, with commodities surging 25.2%. Meanwhile, private equity notched an 11.7% gain and credit returned 17.2%.

Ontario Teachers’, which manages around 80% of its assets internally, made several investments last year. This includes selling an equity stake in New Zealand’s mobile tower company Connexa and acquiring a co-control stake in Stockholm-based financial adviser Max Matthiessen from private equity firm Nordic Capital.

In 2024, Ontario Teachers’ posted a foreign currency gain of nearly C$7 billion, primarily driven by the appreciation of the US dollar compared with the loonie. The fund’s net exposure to the greenback is “significantly” larger than any other foreign currency.

The Toronto-based pension plan created a department last year to “focus our value creation efforts and drive the predicted outcomes from the portfolio,” according to the statement. The new group, called Portfolio Solutions, is led by Kevin Kerr, who was the head of the fund’s infrastructure team in the Americas.