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OMERS sells off 11 private equity investments

OMERS plans to acquire Lifeways of the U.K.

Kevin Van Paassen/The Globe and Mail

OMERS Private Equity said Tuesday it has signed a deal to sell a portfolio of 11 private equity fund investments, and the related unfunded commitments, to AXA Private Equity.

Financial terms of the sale were not immediately available, but the pension fund manager said the portfolio was entirely made up of buyout funds with a total of $850-million (U.S.) in original commitments.

"This transaction is consistent with OMERS strategic shift towards direct investing," OMERS Private Equity Chief Executive Paul Renaud said in a statement.

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OMERS Private Equity manages more than $6.5-billion in private equity investments for the Ontario Municipal Employees Retirement System pension plan.

OMERS is one of Canada's largest pension funds with over $55-billion in net assets.

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