Saar Pikar, the head of venture capital and growth-equity investments at the Ontario Municipal Employees Retirement System (OMERS), is leaving the pension fund to become president of Kensington Capital Partners Ltd., a Toronto-based private equity and venture capital firm. Pikar is scheduled to begin his new role on July 28, where he will report to Kensington’s chief executive officer, Tom Kennedy.

This transition marks the third leadership change at OMERS Ventures within three years, following the departures of Damien Steel in 2023 and Michael Yang two years earlier. OMERS has indicated that it will announce new leadership plans for the division in the coming weeks.

During his tenure at OMERS, Pikar played a key role in refocusing the venture unit’s investments primarily within Canada, stepping back from prior expansion efforts into the United States and United Kingdom markets. OMERS Ventures currently holds about 1 percent of the pension fund’s total portfolio, approximately $1.5 billion, dedicated to venture investments. The unit has backed 46 companies since its launch in 2011, including notable names such as Shopify Inc., Hopper Inc., Wattpad, and more recently Xanadu Quantum Technologies Ltd.

Michael Block, OMERS’ head of private capital, praised Pikar for bringing “clarity and strong relationship-building” to his work across asset management and growth equity. Pikar expressed pride in the team’s recent progress and cited investments in companies like Dominion Dynamics and Cohere as examples of their focus on building long-term value.

In his role at Kensington, Pikar is set to lead the company’s investment teams and contribute to shaping the firm’s strategic direction. He will oversee venture and growth investments, along with Kensington’s defence and security platform, ONE9, which was acquired last year. Kensington also announced the hiring of Bogdan Cenanovica as senior managing director and head of private equity, who will focus on expanding the firm’s mid-market buyout business. Cenanovica’s experience includes over a decade at Ontario Teachers’ Pension Plan and a recent managing director position at PSG Equity.

While OMERS Ventures has supported early-stage Canadian companies, the division has faced challenges typical of venture investing, which carries higher risk in pursuit of higher returns. The pension fund recently took a significant loss on its investment in TouchBistro Inc., selling its stake for only $2 million after initially investing $140 million.

Despite this setback, OMERS remains committed to venture and growth investing, primarily within Canada. The pension fund plans to add at least $10 billion in new domestic investments over the next five years across multiple asset classes, including infrastructure and real estate. Venture and growth investments, particularly in sectors such as artificial intelligence and defence technology, remain key priorities.

Block emphasized that the OMERS Ventures team continues to seek and evaluate opportunities to support strong Canadian companies, aiming to generate sustained value for its members.