The Ontario Municipal Employees Retirement System (Omers) will no longer pursue direct private equity investments in Europe as part of a strategic reorganisation of its operations in the region, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as revealing that instead of direct investments, Omers plans to adjust its approach by working alongside partners and third-party managers.
The shift follows the recent departure of Jonathan Mussellwhite, who had led the pension fund’s private equity efforts in Europe since 2018. A spokesperson for Omers confirmed Mussellwhite’s exit earlier this month in a statement on Thursday. The fund had already announced that Michael Graham, its global head of private equity, will retire in February.
In light of these changes, Omers is launching a global funds strategy under a newly formed group called Private Capital. The CAD25.1bn ($18.6 billion) private equity portfolio will now be divided into two segments, with Michael Block leading the global funds strategy, and Eric Haley continuing to manage the North American buyout programme
This latest move follows a decision by Omers’ venture capital arm to exit Europe last year after previously establishing a $332 million fund in 2019 focused on regional startups.
