OMERS targets more than $10bn PE fund programme following senior hire

Canadian pension fund OMERS is planning a major expansion of its private equity fund investment programme, with commitments expected to increase from around $2bn today to more than $10bn over the next five to 10 years, according to a report by BuyoutsInsider.

The strategy will be led by newly appointed Managing Director and Head of Funds Adam Buzanis, who joins OMERS from CAAT Pension Plan, where he most recently served as head of private markets.

The planned increase marks a significant evolution in OMERS’ private equity strategy, positioning the CAD145bn ($104bn) pension fund as a potentially important source of capital for general partners at a time when many institutional investors continue to face liquidity constraints and slower capital recycling.

Buzanis will oversee the continued development of OMERS’ external private equity funds programme, expanding relationships with fund managers globally while also helping to grow the pension’s co-investment activities. He will report to Michael Block, Head of Private Capital.

The appointment forms part of a broader transformation of OMERS’ private equity platform. For many years, the pension focused primarily on a “direct-drive” model, investing directly in and actively managing portfolio companies rather than allocating capital to third-party funds.

However, the organisation has shifted its approach over the past two years, re-establishing an external funds strategy alongside its direct investment programme to provide broader market access and enhance investment flexibility.

Buzanis brings significant experience in building institutional private equity portfolios. During his time at CAAT Pension Plan, he oversaw a substantial expansion of the pension’s private equity allocation while strengthening its direct investment and co-investment capabilities.

His appointment is the latest in a series of senior leadership changes across OMERS’ private markets business. Last month, Michael Hill was appointed Global Head of Infrastructure and Private Equity, while Block assumed wider responsibility for the firm’s private capital activities. The changes follow the appointment of Alexander Fraser last year to lead the restructured OMERS Private Equity platform.

As of the end of 2025, OMERS had CAD26bn invested in private equity, representing approximately 18% of its total assets. The planned expansion of its external fund commitments is expected to make the pension one of the more active institutional limited partners in the global fundraising market over the coming years.