OMERS Promotes Laura Lenz to Lead Ventures Amid Canada-First Push
Ontario Municipal Employees Retirement System has appointed Laura Lenz to head its venture capital arm, the fourth person to hold the job in just over three years, while signalling a continued commitment to backing Canadian technology founders.
Ms. Lenz, a veteran early-stage capital investor who joined OMERS Ventures in 2019 and oversaw its Canadian investments, replaces Saar Pikar, who left in July after just one year on the job to lead Kensington Capital Partners Ltd. He in turn had replaced Michael Yang, who departed two years after replacing Damien Steel, who left in 2023 to lead climate technology startup Deep Sky Corp.
“We have a fantastic track record in Canada, and I’m excited to continue building,” said Ms. Lenz, who started her career as an associate with BMO Capital Markets before taking on investor roles at EdgeStone Capital Partners, MaRS Investment Accelerator Fund and Geoff Beattie-led Generation Ventures. “I know the people, I know our portfolio, I know our strategy.”
OMERS private capital head Michael Block said in an interview: “We have tremendous confidence in her and her whole team. She is very thoughtful and conscious about risk. She’s built a great network of relationships with founders in Canada and has a great reputation.”
OMERS Ventures started in 2011 when then-CEO Michael Nobrega brought on John Ruffolo to back promising Canadian tech entrepreneurs. The timing was ideal. While the Canadian venture capital industry was reeling following the retreat of institutional investors during the 2008-09 credit crisis, the tech startup world was rife with opportunity, as smartphones, cloud computing and artificial intelligence proliferated.
OMERS Ventures made early bets on future Canadian champions including Shopify Inc., Xanadu Quantum Technologies Ltd. and Hopper Inc. It expanded to Britain and the United States and began managing third-party capital before Mr. Ruffolo departed in 2018.
But OMERS Ventures’ relative prominence in the ecosystem faded as other domestic tech financiers including Georgian, Inovia Capital and Radical Ventures amassed billions of dollars in assets.
The information technology sector entered a prolonged slump in 2021 – with the exception of artificial intelligence and quantum computing – and the rise of AI-powered companies weighed on valuations of cloud-software companies, including many held by OMERS Ventures. OMERS this year sustained a nine-figure loss after TouchBistro Inc., which OMERS Ventures and OMERS Growth had backed heavily in the 2010s, was bought by Constellation Software for $100-million.
By then OMERS Ventures had stopped investing in Europe to focus primarily on Canada and shed much of its staff. Today it has four partners including Ms. Lenz, five associates and a principal.
The changes stem from a broader review of OMERS’s private-equity business, which has pivoting toward more investing through third-party funds and as a co-investment partner, with a North American focus. OMERS has also stopped making new growth-stage investments in more mature tech companies through a separate group.
At the same time, Ontario Teachers’ Pension Plan has amassed more than $25.9-billion in investments by financing some of the hottest technology names in the world through its venture growth arm TVG, including Anthropic PBC, Space Explorations Technology Corp. (SpaceX), Databricks Inc. and legal AI software vendor Harvey AI Corp.
OMERS Ventures, which has about $2-billion allocated to venture investments – roughly 1 per cent of the pension giant’s assets – has made four investments in each of the past three years. It has continued to back high-profile emerging Canadian tech names, including Cohere Inc., Waabi Innovations Inc., Float Financial Solutions Inc. and Dominion Dynamics. Its stake in Xanadu, despite a recent selloff, is still worth more than US$200-million –a sizable gain given it invested less than US$30-million for its stake.
Ms. Lenz said OMERS Ventures’ refocusing on Canada has worked out. “It’s where our network is. It’s where our best performing companies are. We have a lot of opportunity here,” she said. She said OMERS is looking to invest $5-million to $15-million per company, focusing on rapidly expanding AI-first businesses led by “ambitious founders that have a global market opportunity.”
Mr. Block said OMERS Ventures would continue “the same direction of travel” under Ms. Lenz and that the pension fund doesn’t plan to increase its allotment to venture capital. But, he added, “we’re open minded. We look at opportunities as they come. We just see a really good opportunity to focus on what we’re focused on.”
Lauren Bailey of Markets Group also reports OMERS taps Laura Lenz to lead Ventures amid Canada-first push:
The Ontario Municipal Employees Retirement System (OMERS) has appointed Laura Lenz managing director and head of its Ventures platform as the fund doubles down on backing Canadian technology companies and founders.
Her appointment comes as OMERS more broadly increases its exposure to Canada. The pension fund, which had C$151.6 billion in net assets as of June 30, has committed to making at least C$10 billion in new Canadian investments over five years and deployed an additional C$1 billion into Canadian equities during the first half of 2026.
“[Lenz] brings the experience, judgment and deep understanding of founders needed to lead OMERS Ventures into its next chapter,” said Michael Block, head of private capital, in a press release. “She will build on the strength of an experienced team with a continued focus on supporting high-potential companies, deploying capital with conviction and helping founders build businesses that can scale globally.”
Lenz has been with OMERS Ventures for seven years and has worked in venture capital since 2004. She brings experience across venture capital, growth investing and company building, along with a strong understanding of founders, technology companies and the Canadian innovation ecosystem.
The appointment builds on leadership changes OMERS implemented within its Ventures group last year, when Lenz was promoted from partner to managing director as the platform increased its focus on Canada while continuing to pursue selective opportunities in the U.S.
Founded in 2011 with its first investment in Toronto-based Wave, OMERS Ventures has backed 46 Canadian companies, including Shopify, Xanadu, D2L, Float, Hopper, Jobber, League, OneVest, Solink, Wave Accounting, Wattpad and Waabi. More recently, it backed Cohere and Dominion Dynamics, participating this year in Dominion Dynamics’ C$139 million Series A funding round.
Under Lenz’s leadership, OMERS said the platform’s focus will continue to be Canada first, backing ambitious founders and category-defining companies while using OMERS’ global network, scale and flexible capital to help founders access capital, customers and growth opportunities.
In a LinkedIn post announcing her appointment, Lenz said OMERS Ventures has two additional investments that have yet to be publicly announced. She grouped those investments alongside Cohere and Dominion Dynamics as examples of where the platform sees the next generation of important companies emerging: at the intersection of artificial intelligence, infrastructure and software.
Lenz also outlined the platform’s investment strategy going forward, noting OMERS Ventures plans to target exceptional early-stage companies with initial investments of C$5 million to C$15 million and remain a meaningful partner as those businesses scale.
“We are a venture platform with the ability to invest early, support companies through scale and bring more than capital to the table,” Lenz wrote.
Today, OMERS Ventures announced the appointment of Laura Lenz as Managing Director, Head of Ventures, backing the next generation of global companies:
OMERS Ventures today announced that Laura Lenz has been appointed Managing Director, Head of Ventures, marking the next chapter for the platform as it continues to back ambitious founders building globally competitive companies from Canada and beyond.
“Laura brings the experience, judgment and deep understanding of founders needed to lead OMERS Ventures into its next chapter,” said Michael Block, Head of Private Capital. “She will build on the strength of an experienced team with a continued focus on supporting high-potential companies, deploying capital with conviction and helping founders build businesses that can scale globally.”
Lenz has been with OMERS Ventures for seven years and has worked in venture capital since 2004. She brings deep experience across venture capital, growth investing and company building, along with a strong understanding of founders, technology companies and the Canadian innovation ecosystem.
“Venture is ultimately a people business,” said Lenz. “The best outcomes come from trust, judgment, conviction and partnership. My priority is to build on that foundation: creating an environment where different perspectives are valued, individual conviction is encouraged and our collective standard remains high.”
Founded in 2011 with its first investment in Toronto-based Wave, OMERS Ventures has been an early and long-standing supporter of Canadian companies, founders and the broader venture ecosystem. Since inception, OMERS Ventures has backed 46 Canadian companies, including Shopify, Xanadu, D2L, Float, Hopper, Jobber, League, OneVest, Solink, Wave Accounting, Wattpad, Waabi, with more recent investments in Cohere and Dominion Dynamics.
Under Lenz’s leadership, OMERS Ventures’ focus will continue to be Canada first: backing ambitious founders and category-defining companies, while using OMERS global network, scale and flexible capital to help founders access capital, customers and growth opportunities.
“The ambition has been here in Canada,” said Lenz. “What is changing is our willingness to build around it. At OMERS Ventures, our part is clear: back exceptional founders early, bring meaningful capital and conviction, use the full strength of the OMERS network where it can help, and support those founders in building companies that can compete with anyone, anywhere.”
As part of OMERS, one of Canada’s largest pension plans, OMERS Ventures is able to connect founders with institutional expertise, global relationships and sector knowledge across markets and geographies. That platform advantage supports the team’s goal of helping companies scale while creating long-term value for OMERS members, and aligns with OMERS broader commitment to invest $10 billion more in Canada over approximately the next five years across asset classes.
OMERS Ventures sees a strong opportunity set in Canada, particularly in areas where AI is creating or reshaping markets, including defence technologies, physical AI, and vertical AI platforms built for specific industry workflows. Next week, OMERS Ventures will host its annual AI Assembly Summit, bringing together leading Canadian and international investors, founders and industry experts to discuss how artificial intelligence is reshaping venture capital, infrastructure, defence, robotics and the broader investment landscape.
Alright, big announcement at OMERS Ventures which has seen a lot of turnover at the helm recently after Saar Pikar, the former head, left the pension fund in July to become president of Kensington Capital Partners Ltd.
That move marked the third time in three years that the OMERS Ventures unit has changed hands. Damien Steel left in 2023. Michael Yang, its most senior venture capital leader, followed two years later.
Hopefully, Ms. Lenz will stick around longer than her predecessors. She has the experience and judgment and an interesting background with great and authentic perspective:
Growing up, the dinner table was my first conference room. My dad's investment banking background merged with my mom's nursing career, and our family’s passion for art, created the foundation for a rich tapestry of conversation. From an early age I was captivated by financial narratives.
I also loved languages. I started teaching myself Spanish in 4th grade and Japanese in 7th grade. My love of languages would lead me to spending time studying or working in Mexico,Tokyo and Peru at various points in my life, ensuring that today I look at most things through a truly global lens. My fascination with Japan was directly linked to my martial arts practice. I still train regularly today and currently hold black belts in Karate and Tae Kwon Do. Not only did martial arts instill in me a deep sense of respect for the role of health in my ability to succeed, but it taught me a level of discipline I still draw upon today.
After a finance-focused undergrad and working in Tokyo and New York City, I discovered my love for private markets - and venture capital in particular - at Edgestone in 2004. It was one of Canada's few early-stage tech funds at the time. And at $104M it was one of the biggest! Working alongside two operators, I honed my investing skills, learning that respect and humility are just as vital as vision and strategy.
While in banking, I was involved in a significant IPO at the time – 724 Solutions – it was a payments engine and soared to a market cap larger than the Bank of Montreal (where I worked at the time). It was quite a journey and helped me to understand a bubble early in my career.
Today, I am most interested in looking at companies operating at the intersection of fintech and commerce - I call it financial value exchange. The areas of fintech I get most excited about include data exchange and enrichment; companies providing the orchestration layer to manage and drive insights from the multitude of applications and point solutions that exist in an enterprise; fraud and identity management; and agile billing platforms that enable companies to be flexible and responsive in their pricing models. I’m also passionate about the ability for technology to unlock financial literacy, and products for those who have traditionally been underserved. I like products that are emerging to prevent people with low incomes from getting trapped in endless debt cycles.
What should founders know about me?
When I sit on your board, my role is to engage in candid, constructive dialogue that propels your company forward. I bring a holistic perspective to the challenges and opportunities facing your business. Whether it's connecting you with the right talent or customers, I'm all in. But I will never shy away from telling you what I really think. It is this transparency that has helped me create long lasting relationships with founders I’ve backed over the last two decades.
And yes, I may be intense but I am far from robotic. The humanity in business matters to me a lot. Whether it's dealing with employees or investors, people are not just line items on an income statement; they're the essence of any successful endeavour.
Despite the fact that my finance career began in the late nineties it was a different era. I was regularly the only woman in the room. And was referred to as ‘sweetheart’ more often than I care to admit. As a result of this - and the fact that I am raising a child with a physical disability - it has been important to me throughout my career to ensure that wherever I work we are creating space for diverse voices to get heard.
While I'm a strong advocate for Canadian talent, my love for languages and diverse cultures runs deep in my DNA. This blend of local pride and international vision defines me, both as a person and an investor.
Very impressive. I think OMERS Ventures has found itself an exceptional leader, and I do wish her a lot of success.
I've seen it all in venture cap: the good, the bad and downright ugly (I was at BDC in 2008, VC got massacred).
It's not an easy game but necessary and can be lucrative (just look at OTPP's success with SpaceX, and soon Anthropic and other companies in its portfolio, including Harvey, the leading AI legal platform).
For it's part, OMERS Ventures has done very well with Xanadu despite that stock's recent selloff.
Its Canadian focus comes at the right time but there is competition in the space.
I recently covered the Canada Investment Summit where I noted Radical Ventures launched Canada’s largest AI fund with $1-billion USD first close and lots of top Canadian pension funds backing it.
I said Canada's VC industry desperately needs major capital and expertise to nurture startups into mature growth companies. Hopefully this new fund will be a huge success.
I wish the same for OMERS Ventures as Laura Lenz takes over the helm.
Just remember, venture cap is never an easy game; you can allocate $5 million or more to 100 companies and are lucky if one or two hit a home run (or grand slam like SpaceX).
This is why pension funds typically allocate between 1 and 3% of their total assets to venture cap/ growth equity.
Alright, let me wrap it up there.
Below, from two years ago, the kickoff CIX Summit with Co-chairs Laura Lenz, (then) Partner at OMERS Ventures and Alison Nankivell, Senior Vice President, Fund Investments at BDC Capital, discussing the current state of the Canadian market, venture capital investing, and the future of the Canadian tech landscape. Great insights from both of them.
Comments
Post a Comment