OMERS Pension Launches Venture Capital Fund To Back Tech Startups

The Ontario Municipal Employment Retirement System (OMERS) is launching a venture capital fund to back early-stage technology companies in North America and Europe.

The $750-million U.S. fund is the OMERS pension’s first transatlantic venture vehicle. OMERS is set to announce two investments in Canadian startups in the coming weeks. It would be the first new venture capital investments the fund has made in Canada in nearly two years, according to the report.

The Toronto-based pension fund manager, which has about $109 billion in assets, expects to make investments of $5 million U.S. to $25 million U.S. in individual companies, focusing on firms bringing innovations to insurance, banking, healthcare and property sectors, as well as workplace technology providers.

About one-quarter of OMERS venture capital fund will be invested in Canada, 40% in Europe and the balance in the U.S. The fund is being solely funded by the pension money.