Mr. Shulgan, who led the pension giant’s investments in tech startups is departing and will be replaced by senior managing director Michael Block
The head of growth equity at Ontario Municipal Employees Retirement System, Mark Shulgan, who led the pension giant’s investments in later-stage tech startups, has been pushed out of the organization and is being replaced by senior managing director Michael Block, two sources familiar with the situation said.
Separate growth investments made by other teams at OMERS are expected to be consolidated under Mr. Block, one of the sources said. Mr. Shulgan’s departure follows other high-level personnel changes at OMERS in recent months. One week after Mr. Berg’s promotion to CIO was announced in early February, with previous investment chief Satish Rai moving to an advisory role, OMERS hired Daniel Fournier as the new head of its real estate arm, Oxford Properties Group Inc., drawing him out of retirement to serve as executive chair. He succeeded Michael Turner, who stepped down after five years as Oxford’s president.
For a time, Mr. Shulgan’s group was busy doing a spate of deals as the market for technology companies turned hot and valuations soared. On his watch, OMERS growth equity led or participated in high-profile investments that included buying stakes in Canadian software companies TouchBistro, Themis Solutions Inc. which operates under the brand Clio, and Coveo Solutions, as well as U.S. companies Dialpad Inc. and GitLab. Today OMERS growth equity oversees 20 investments, 11 of which were led by Mr.
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