Eric Haley, the Head of Buyouts at the Ontario Municipal Employees Retirement System (OMERS), is set to retire at the end of 2025, marking the latest shift within the pension plan’s private equity division, according to a report by Bloomberg.
Haley will remain at the helm of the North American buyout team until his departure.
Haley’s retirement follows a period of restructuring within OMERS’ private equity operations, led by Ralph Berg, who took over as Chief Investment Officer in 2023. As part of the overhaul, OMERS made the strategic decision last year to cease direct private equity investments in Europe, opting instead to pursue a more collaborative approach with external partners and managers. The firm also launched a global funds strategy under the new Private Capital group.
At the time of the restructuring, OMERS’ CAD27.5bn ($20bn) private equity portfolio was split, with Michael Block taking charge of the global funds strategy and Haley overseeing the North American buyout program. The firm has yet to clarify whether Haley’s departure will prompt a replacement.
Haley’s exit is part of a broader wave of turnover in OMERS’ private equity division. In March, Alexander Fraser, a former Partner at a Temasek-backed fund, was appointed as Global Head of Private Equity, succeeding Michael Graham, who retired in February. Additionally, Jonathan Mussellwhite, who had led OMERS’ private equity operations in Europe since 2018, departed prior to Graham’s retirement.
The changes at OMERS reflect a broader trend among Canada’s largest pension funds, often referred to as the “Maple Eight,” which have historically built strong in-house deal teams to lead major private equity transactions. Amid rising borrowing costs and a cooling deal-making environment, some of these funds are shifting towards partnering with external managers to reduce exposure and mitigate risks.
In a similar vein, Ontario Teachers’ Pension Plan (OTPP) recently announced it is reevaluating its buyout strategy, emphasising more collaboration with external partners rather than seeking to control large stakes in private businesses. Meanwhile, Caisse de Depot et Placement du Quebec (CDPQ) signalled plans to scale back direct investments, focusing more on partnerships with third-party managers.
