Haley's exit follows a series of structural shifts initiated under OMERS' CIO
Eric Haley, who leads buyout investments at the Ontario Municipal Employees Retirement System (OMERS), is set to retire, with plans to leave the organisation by the end of 2025. His departure comes during an ongoing period of strategic change within the pension fund’s private equity operations, according to a report by Bloomberg.
Until his retirement, Haley will continue to head OMERS’ North American buyout activities, spokesperson Don Peat confirmed in an email. “We are deeply grateful to Eric for his dedication to advancing the OMERS pension promise and for the lasting impact he has had on our private equity platform and team culture,” Peat said.
Haley’s exit follows a series of structural shifts initiated under Chief Investment Officer Ralph Berg, who assumed the role in 2023. Last year, OMERS revamped its approach to private equity, winding down direct investment activities in Europe and focusing instead on co-investments and partnerships with external managers. A new division, Private Capital, was created to support these initiatives, with the global funds strategy led by Michael Block and the North American buyout program overseen by Haley.
OMERS’ private equity portfolio currently stands at C$27.5 billion (US$20 billion). The fund has not yet disclosed whether it will seek a replacement for Haley after his retirement.
His planned departure adds to a series of leadership changes within OMERS’ private equity group. Earlier this year, Alexander Fraser, formerly of a Temasek-affiliated fund, was appointed Global Head of Private Equity, replacing Michael Graham, who retired in February. In late 2024, Jonathan Mussellwhite, who had been responsible for private equity in Europe, also left the organisation.
The reshaping of OMERS' private equity operations reflects a broader industry trend among Canada’s largest pension investors — often referred to as the "Maple Eight." These institutions, traditionally known for building strong in-house teams to lead direct transactions, are increasingly pivoting towards collaborative investment strategies.
Amid higher interest rates and softer private equity deal flow, other funds are taking similar steps. The Ontario Teachers’ Pension Plan recently launched a review of its buyout strategy to place greater emphasis on partnerships, while the Caisse de dépôt et placement du Québec (CDPQ) announced in February its intent to reduce direct private equity investments in favour of working with third-party managers.
