OMERS Growth Equity, the growth equity arm of the C$97 billion ($75 billion) Canadian pension fund OMERS, this month promoted Saar Pikar to managing director.
Working from OMERS Growth Equity’s office in Toronto, Pikar will collaborate with investment and management teams to assess new deals and execute value-creation initiatives, according to the group’s website.
OMERS declined to comment on this story.
Pikar’s promotion brings the number of managing directors at OMERS Growth Equity to two. The other is Mark Shulgan, OMERS’ head of growth equity, who was hired in 2018 from Canada Pension Plan Investment Board.
Shulgan last year led the creation of OMERS Growth Equity as a third pillar of OMERS Private Equity. The group is focused on making long-term minority investments in mid-stage companies poised to reshape traditional industries. Targeting opportunities in healthcare, software and other sectors in North America, it is expected to eventually invest globally.
Since its launch, OMERS Growth Equity has actively recruited senior- and junior-level personnel. Recent additions include Teresa Lee, brought over in September from OMERS Private Equity as a director.
While setting up shop, OMERS Growth Equity has also sourced investment opportunities. The group closed two deals in 2019. It led a C$158 million financing of Toronto-based restaurant tech solutions provider TouchBistro, as well as a C$227 million financing of Quebec City-based artificial intelligence-enabled search platform Coveo.
Pikar, who joined OMERS Growth Equity in mid-2019, was formerly an operating advisor at the firm. He took on that role after working for nearly two decades at CDI Technologies, a Toronto-based provider of tech solutions to educational institutions, including more than 12 years as the company’s CEO.
In 2010, Pikar led a management buyout of CDI and, three years later, sold majority ownership to HIG Growth Partners. Pikar continued to hold a minority equity interest. Last year, CDI was merged with Phoenix, Arizona’s Troxell Communications, a portfolio company of AEA Investors. The new business, Troxell-CDI, is today led by Erez Pikar, Saar’s brother.
Before CDI, Pikar was a vice president of business development with Techno-Trade (Canada).
Action Item: Learn more about OMERS Growth Equity here.