**Eric Haley to Retire from Ontario Pension Fund’s Buyout Division**
Eric Haley, the head of buyouts at Ontario’s pension fund for local government workers, is set to retire at the end of the year, marking a significant transition in the fund’s private equity operations. Despite his retirement, Haley will continue to lead the North American buyout team until the end of 2025, as confirmed by Don Peat, spokesperson for the Ontario Municipal Employees Retirement System (OMERS). Peat expressed gratitude for Haley’s dedication to fulfilling the OMERS pension promise and his impactful contributions to the private equity sector and team culture.
Under the leadership of Ralph Berg, who became chief investment officer in 2023, OMERS has been restructuring its private equity unit. Last year, the Toronto-based fund paused direct private equity investments in Europe and shifted its strategy to collaborate with partners and external managers. Additionally, OMERS introduced a global funds strategy within a newly established group called Private Capital. The C$27.5 billion private equity portfolio was divided, with Michael Block at the helm of the global funds strategy and Haley managing the North American buyout program.
It remains uncertain whether OMERS will appoint a successor for Haley. His departure is part of a broader trend of personnel changes within OMERS’ private equity division. In March, Alexander Fraser, a former partner at a Temasek-backed fund, was appointed as the global head of the private equity arm, succeeding Michael Graham, who retired in February. Jonathan Mussellwhite, who had overseen private equity in Europe since 2018, also left earlier this year.
For years, the so-called Maple Eight have expanded their deal teams to take a leading role in private equity transactions. However, some are now opting to rely more on partnerships, as rising borrowing costs have dampened deal activity and reduced the appeal of controlling portfolio companies. Last month, the Ontario Teachers’ Pension Plan announced it is reassessing its buyout unit, focusing on collaboration with partners rather than maintaining large or controlling stakes in private businesses to mitigate risk. Similarly, Caisse de Depot et Placement du Quebec indicated in February that it would reduce direct investments and collaborate with third-party managers.
**FAQ**
**What changes are happening in OMERS’ private equity division?**
OMERS is undergoing significant changes in its private equity division, including the retirement of Eric Haley and a strategic shift towards partnering with external managers rather than making direct investments.
