OMERS Ventures, the venture capital investment arm of the Ontario Municipal Employees Retirement System, is expanding into Europe with the launch of a 300 million euro fund.
Focusing on innovative technology startups, the fund’s aim is to support a multi-year global strategy for OMERS, following a major uptick in startup activity in Europe, according to a release. The new investment comes off the back of the firm’s recent expansion into Silicon Valley.
“We’ve seen the European tech sector reach escape velocity over the past couple of years, producing more and more companies of worldwide renown,” said Damien Steel, managing partner and head of ventures at OMERS Ventures. “As the next step in our global expansion strategy, we’re now committing dedicated capital to the continent’s most innovative startups because we believe the best is yet to come.”
Read: OMERS Ventures opens new office in San Francisco
In other investment news, the Caisse de dépôt et placement du Québec is taking on a 27 per cent stake in financial services provider Hilco Global. Based in Northbrook, Ill., Hilco specializes in asset valuation, monetization and advisory solutions with 11 offices worldwide. Further, the Caisse and Hilco will work together to target annual investments of about US$150 million, focusing on distressed assets.
“Our investment is motivated by Hilco Global’s excellent reputation, track record and strong management team,” said Stéphane Etroy, executive vice-president and head of private equity at the Caisse. “Hilco Global, whose role is to transition existing and often undervalued assets in challenged sectors into profitable use, helps businesses adopt new technologies and adjust to changing consumer habits.”
Read: Caisse to invest in Indian financial services company
In further acquisitions, the Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan are part of a group of investors that have agreed to acquire British telecom company Inmarsat. Joined by Apax Partners and Warburg Pincus, the consortium is paying about $3.4 billion for the company.