The C$48 billion (US$41 billion) Ontario Municipal Retirement System is looking to increase its private equity exposure in Asia and is allocating over C$200 million (US$170 million) to the space, according to Paul Renaud, CEO of OMERS Capital Partners, the system’s p.e. arm.
Currently, the system has roughly 10% of it total assets dedicated to private equity and, “in our mind we will probably have somewhere in the mid- to high-single digits in Asia,” said Renaud.
The system, which invests in external fund managers as well as making direct p.e. investments, will seek to gain exposure to China, India, Japan and Australia through existing relationships with p.e. heavyweights such as Texas Pacific Group and Kolhberg Kravis Roberts, as well as through new relationships.
OMERS’ 2006 private equity returns, which are expected at the end of the month, are expected to be in the mid- to high-teens, according to Renaud.