Venture Capital

OMERS Ventures picks new CEO

Damien Steel was named CEO of OMERS Ventures, the venture capital investment subsidiary of the C$95 billion ($73.6 billion) Ontario Municipal Employees' Retirement System, Toronto, spokesman Neil Hrab said.

Also, Mark Shulgan, managing director of platform investments, will assume responsibility for OMERS' platform investments group, Mr. Hrab said.

Messrs. Steel and Shulgan will replace John Ruffolo, CEO and executive managing director, platform investments. Mr. Ruffolo will remain as an adviser to the subsidiary through Dec. 31.

Mr. Steel will retain his managing partner title and Mr. Shulgan will remain managing director. Both will report to Mark Redman, OMERS executive vice president and global head of private equity.

Mr. Ruffolo founded OMERS Ventures in 2011.

OMERS Ventures has C$800 million in assets under management, according to its website.