The Ontario Municipal Employees' Retirement System's private equity arm, OMERS Private Equity, has hired former 3i buyout partner Mark Redman to lead its investment activities in Europe.
Redman worked for 12 years in 3i's London and Amsterdam offices and helped establish its Benelux team. He worked on deals including the purchase and sale of Dutch tank container operator United Transport TankContainers, which generated 3i a 2.6x money multiple and 40 percent IRR on its original investment.
For OMERS Private Equity, Redman will establish and lead its direct investment team in the UK and Continental Europe. He will be based in the firm's London office, which it opened in October 2008.
“It is exciting to have the opportunity to start up a mid-market private equity operation with substantial financial backing from an institution the scale and size of OMERS,” Redman said in a statement.
OMERS is one of the largest Canadian institutional investors with roughly $43 billion in assets.
OMERS Private Equity has about $4 billion in assets under management. It invests in private equity funds and also does direct mid-market deals, writing equity cheques ranging from $100 million to $500 million.