Key Takeaways
- • OMERS appoints Michael Hill as global head of infrastructure and private equity following the departure of CIO Ralph Berg, who is joining Singapore's Temasek.
- • Hill, who joined OMERS in 2023 from Canada Pension Plan Investment Board with a focus on energy-sector private equity, returns to a expanded role after previously serving as head of infrastructure.
- • OMERS' private equity portfolio recorded its first annual loss since 2020, declining 2.5% in 2025, driven by underperformance in growth and venture holdings plus currency headwinds.
- • CEO Blake Hutcheson has assumed CIO responsibilities on an interim basis, while Michael Block expands his mandate to oversee broader private capital operations and deepen relationships with external fund managers.
- • The restructuring reflects OMERS' effort to stabilize its CAD 145 billion pension plan's private markets performance after a challenging 2025.
Summary
OMERS has announced significant changes to its investment leadership structure following the departure of Chief Investment Officer Ralph Berg, who is departing the CAD 145 billion Canadian pension plan to join Singapore's sovereign wealth fund Temasek. As part of the organizational reshuffle, the pension plan has promoted Michael Hill to the role of global head of infrastructure and private equity, according to Bloomberg.
Hill joined OMERS in 2023 from Canada Pension Plan Investment Board, where he concentrated on private equity investments within the energy sector. The New York-based executive previously held the position of head of infrastructure at OMERS, positioning him with institutional knowledge of the pension plan's existing private markets portfolio. His appointment reflects OMERS' confidence in his ability to lead its combined infrastructure and private equity operations during a period of portfolio challenges.
The leadership transition occurs against the backdrop of deteriorating private equity performance. OMERS' private equity business recorded its first annual loss since 2020 in 2025, with the portfolio declining 2.5% for the year. The pension plan attributed the underperformance primarily to weakness in its earlier-stage growth and venture capital holdings, compounded by currency losses that further pressured returns. This performance decline underscores mounting headwinds facing private markets broadly, particularly in venture and growth-stage segments.
In response to Berg's departure, OMERS Chief Executive Blake Hutcheson has assumed CIO responsibilities, while Michael Block has been assigned a broader private capital mandate focused on strengthening relationships with external private fund managers. This organizational structure allows OMERS to maintain continuity in its investment decision-making while the pension plan conducts a search for a permanent CIO. The reshuffle signals management's intent to stabilize private markets performance and leverage deeper fund manager relationships to navigate the challenging investment environment ahead.
Hill joined OMERS in 2023 from Canada Pension Plan Investment Board, where he concentrated on private equity investments within the energy sector. The New York-based executive previously held the position of head of infrastructure at OMERS, positioning him with institutional knowledge of the pension plan's existing private markets portfolio. His appointment reflects OMERS' confidence in his ability to lead its combined infrastructure and private equity operations during a period of portfolio challenges.
The leadership transition occurs against the backdrop of deteriorating private equity performance. OMERS' private equity business recorded its first annual loss since 2020 in 2025, with the portfolio declining 2.5% for the year. The pension plan attributed the underperformance primarily to weakness in its earlier-stage growth and venture capital holdings, compounded by currency losses that further pressured returns. This performance decline underscores mounting headwinds facing private markets broadly, particularly in venture and growth-stage segments.
In response to Berg's departure, OMERS Chief Executive Blake Hutcheson has assumed CIO responsibilities, while Michael Block has been assigned a broader private capital mandate focused on strengthening relationships with external private fund managers. This organizational structure allows OMERS to maintain continuity in its investment decision-making while the pension plan conducts a search for a permanent CIO. The reshuffle signals management's intent to stabilize private markets performance and leverage deeper fund manager relationships to navigate the challenging investment environment ahead.
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