The head of buyouts at Ontario’s pension fund for local government workers, Eric Haley, will retire and leave the firm at the end of the year in the latest change to the plan’s private equity business.
Haley will continue to lead the North American buyout team until the end of 2025, Don Peat, spokesperson for the Ontario Municipal Employees Retirement System, said in an email. “We are deeply grateful to Eric for his commitment to delivering on the Omers pension promise and his significant contributions to our private equity business and team culture.”
Omers has been revamping its private equity unit under Ralph Berg, who became chief investment officer in 2023. Last year, the Toronto-based fund halted direct private equity investments in Europe and opted to shift its strategy by investing alongside partners and external managers. The pension also launched a global funds strategy within a new group called Private Capital.
The $27.5 billion (US$20 billion) private equity portfolio was split, with Michael Block leading the global funds strategy and Haley overseeing the North American buyout program, the firm said at the time. It’s unclear whether Omers will replace Haley.
Haley’s departure continues a period of employee change within Omers’ private equity business. In March, Alexander Fraser, a former partner of a Temasek-backed fund, joined as global head of its private equity arm. He succeeded Michael Graham, who retired in February. Jonathan Mussellwhite, who had led private equity in Europe since 2018, left a few months before that.
For decades, the so-called Maple Eight have built up their deal teams to take a leading role in some private equity transactions. Now, some of them want to lean more on partners, as higher borrowing costs choked deal activity and diminished the allure of controlling portfolio firms.
Last month, Ontario Teachers’ Pension Plan said it’s re-examining its buyout unit, aiming to work more with partners rather than owning large or controlling stakes in private businesses as it seeks to mitigate risk. And Caisse de Depot et Placement du Quebec said in February that it will scale back its direct investing and team up with third-party managers.
Layan Odeh and Paula Sambo, Bloomberg News
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