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OMERS says it earned an investment return of 4.2% for 2022 as gains in its private investments lifted its results even as global stock and bond markets tumbled lower.

The return for 2022 followed a gain of 15.7% in 2021.

The pension fund manger for municipal employees in Ontario says its net assets totalled $124.2 billion at Dec. 31.

In its public investments, OMERS says its bonds fell 3.8% for 2022, while its public equity investments lost 11.9%. The fund’s public credit investments gained 3.4% last year.

Meanwhile, the fund says its private equity investments rose 13.7% in 2022, while its infrastructure investments added 12.5%.

OMERS says its private real estate investments gained 13.6%.