The Ontario Municipal Employees Retirement System will stop making direct private equity investments in Europe, Bloomberg reported.

The move is part of the pension-fund operator’s overhaul of its European operations according to Bloomberg, which cited unidentified sources familiar with the matter. OMERS plans to revise its exposure in Europe by investing with partners and third-party managers, the report states.

Meanwhile, an OMERS representative told Bloomberg that Jonathan Musselwhite has left his post as the organization’s head of private equity in Europe. Bloomberg also reported that OMERS will split its $18.6-billion global private-equity portfolio in two after Michael Graham’s previously announced retirement in February.

Michael Block will lead the organization’s global strategy, while Eric Haley remains in charge of the North American buyout program.

Image: OMERS