Key Takeaways
- • Saar Pikar, head of venture capital and growth-equity investments at Ontario Municipal Employees Retirement System (OMERS), is departing to become president of Toronto-based Kensington Capital Partners Ltd., effective July 28, 2026, where he will report to CEO Tom Kennedy.
- • Kensington Capital Partners, managing $2.1 billion in assets across private equity and venture capital, is simultaneously appointing Bo Cenanovic as senior managing director and head of private equity to expand its mid-market buyout business.
- • Pikar's departure marks the third leadership change at OMERS Ventures in three years, following exits by Damien Steel in 2023 and Michael Yang in 2025, signaling persistent senior management turnover in the pension fund's venture division.
- • Under Pikar's brief tenure as head of ventures and growth (since summer 2025), OMERS refocused its venture strategy on Canada after retreating from underperforming expansions into the U.S. and United Kingdom, where competitive disadvantages limited returns.
- • OMERS maintains approximately $1.5 billion in venture capital allocations, representing roughly 1% of its total portfolio, with new leadership plans expected to be announced in the coming weeks.
Summary
Saar Pikar is exiting his role as head of venture capital and growth-equity investments at Ontario Municipal Employees Retirement System to assume the presidency of Kensington Capital Partners Ltd., a Toronto-based investment firm managing $2.1 billion in assets. Pikar's appointment becomes effective July 28, 2026, and he will report directly to Kensington CEO Tom Kennedy. This move represents a significant senior leadership transition for both organizations and reflects ongoing changes within OMERS' venture investment division.
The departure of Pikar marks the third consecutive leadership turnover at the top of OMERS Ventures within a three-year window. Previous heads Damien Steel (departed 2023) and Michael Yang (departed 2025) have both exited the role, creating a pattern of instability in the division's senior management. Pikar had assumed his position as head of ventures and growth in summer 2025, providing a tenure of approximately one year before his move to Kensington. OMERS has signaled it will announce succession plans for the ventures division in the coming weeks.
Pikar joined OMERS in 2019 as an adviser to the growth equity team and expanded his responsibilities progressively before his recent promotion. During his tenure leading the ventures division, he oversaw a strategic reorientation of the fund's investment focus. OMERS retreated from earlier expansions into the United States and United Kingdom, both markets where the pension fund struggled to achieve competitive advantages against entrenched players. The fund subsequently recommitted resources to Canadian venture opportunities, a more focused geographic strategy.
Michael Block, OMERS' head of private capital, characterized Pikar's contributions through an e-mailed statement, noting he brought "clarity and strong relationship-building to his work across asset management, growth equity and, most recently, Ventures & Growth." OMERS allocates approximately $1.5 billion to venture investments, representing roughly 1% of its total portfolio.
Concurrently with Pikar's appointment, Kensington Capital Partners is hiring Bo Cenanovic as senior managing director and head of private equity. Cenanovic spent more than a decade at Ontario Teachers' Pension Plan and most recently served as a managing director at PSG Equity. His mandate centers on expanding Kensington's mid-market buyout operations, signaling the firm's growth ambitions in that segment.
The departure of Pikar marks the third consecutive leadership turnover at the top of OMERS Ventures within a three-year window. Previous heads Damien Steel (departed 2023) and Michael Yang (departed 2025) have both exited the role, creating a pattern of instability in the division's senior management. Pikar had assumed his position as head of ventures and growth in summer 2025, providing a tenure of approximately one year before his move to Kensington. OMERS has signaled it will announce succession plans for the ventures division in the coming weeks.
Pikar joined OMERS in 2019 as an adviser to the growth equity team and expanded his responsibilities progressively before his recent promotion. During his tenure leading the ventures division, he oversaw a strategic reorientation of the fund's investment focus. OMERS retreated from earlier expansions into the United States and United Kingdom, both markets where the pension fund struggled to achieve competitive advantages against entrenched players. The fund subsequently recommitted resources to Canadian venture opportunities, a more focused geographic strategy.
Michael Block, OMERS' head of private capital, characterized Pikar's contributions through an e-mailed statement, noting he brought "clarity and strong relationship-building to his work across asset management, growth equity and, most recently, Ventures & Growth." OMERS allocates approximately $1.5 billion to venture investments, representing roughly 1% of its total portfolio.
Concurrently with Pikar's appointment, Kensington Capital Partners is hiring Bo Cenanovic as senior managing director and head of private equity. Cenanovic spent more than a decade at Ontario Teachers' Pension Plan and most recently served as a managing director at PSG Equity. His mandate centers on expanding Kensington's mid-market buyout operations, signaling the firm's growth ambitions in that segment.
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