The Ontario Municipal Employees’ Retirement System’s private equity portfolio generated a 23.6 percent return in 2013, above its 19.2 percent return in 2012.
OMERS Private Equity outperformed every other asset class in the pension plan’s private market portfolio, with real estate returning 14.3 percent, infrastructure returning 12.4 percent and OMERS Strategic Investments – comprised primarily of oil and gas assets – returning 9.1 percent. OMERS’ private equity assets stood at C$7.1 billion (€4.7 billion; $6.4 billion) as of 31 December, 2013, representing 10.8 percent of the system’s total assets.
OMERS has not made a fund commitment in more than four years. The majority of its private equity assets are comprised of direct investments.
Michael Latimer, OMERS’ current chief investment officer, will succeed Michael Nobrega as the system’s next president and chief executive officer following Nobrega’s retirement on 31 March. Nobrega has held the position of president and CEO since July 2009, prior to which he was the system’s property head. His retirement marks the final step in a succession plan that began in 2010.
At OMERS, Latimer has driven the investment strategy as CIO since 2010. He has had full accountability for the strategic, operational and financial leadership of OMERS’ investment activities in capital markets, infrastructure, private equity and real estate. He will continue in the CIO role.
Prior to joining OMERS, Latimer was president and CEO of Oxford Properties Group, the real estate investment arm of OMERS.
OMERS manages more than C$65 billion of assets and has nearly 430,000 members. The system invests in public and private market assets including publicly-traded equities, fixed income, infrastructure, private equity and real estate.