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OMERS Infrastructure and OMERS Infrastructure US
OMERS Infrastructure, the C$28.6B infrastructure arm of Canada's OMERS pension plan, led by Michael J. Boyd, invests in core-plus assets globally.
OMERS Infrastructure and OMERS Infrastructure US
OMERS Infrastructure traces its roots to 1962, when the Ontario Municipal Employees Retirement System was established. It launched a dedicated infrastructure direct-investment program in the early 2000s, making it one of the first pension funds to build an internal infrastructure team. The strategy targets core and core-plus assets with strong market positions and predictable cash flows. The portfolio spans energy generation and distribution, digital infrastructure (data centers, fiber), transportation assets (ports, airports), regulated utilities, and social infrastructure (public-private partnerships). Deal structures include wholly owned direct investments and co-investments alongside institutional partners. Confirmed holdings include a 50% stake in the Port of Montreal's container terminal, a portfolio of UK regulated water assets, and US digital infrastructure investments. Geographic focus is North America, Europe, and Australia, with selective OECD markets. OMERS total AUM was C$127.4B at end of 2023; the infrastructure portfolio represents roughly $28.6B. OMERS Infrastructure US, registered and headquartered in New York, was formed to facilitate US direct investments under local regulatory frameworks. The infrastructure team employs over 100 professionals across offices in Toronto, London, New York, Sydney, and Mumbai. In March 2024, OMERS Infrastructure closed the acquisition of a 24% stake in Southampton Airport in the UK (per OMERS, March 2024). Unlike many OECD pension funds that rely on external managers for infrastructure, OMERS builds and operates its assets internally through a dedicated operating partner model. This full-cycle approach — from origination to asset management to divestiture — is underpinned by a permanent capital base, avoiding the liquidity constraints of closed-end funds.
General information
Firm type
Pension Fund
Year founded
1962
AUM
$127.4B total OMERS AUM, approximately $28.6B in infrastructure (per OMERS 2023 Annual Report, 2023)
Location
Region
North America
Country
Canada
City
Toronto
Corporate office
Toronto, Ontario, Canada
Additional offices
London, United Kingdom · New York, United States · Sydney, Australia · Mumbai, India
Principals
Michael J. Boyd
Global Head of Infrastructure
Jonathan Scherer
Head of OMERS Infrastructure US
Sector focus
Frequently asked questions
Who runs investment decisions at OMERS Infrastructure?
Michael J. Boyd is Global Head of Infrastructure, overseeing the direct-investment platform. Jonathan Scherer leads OMERS Infrastructure US, the separate US-domiciled entity. Investment decisions are made by the infrastructure leadership team, with final approval from OMERS' Investment Committee.
How does OMERS Infrastructure source proprietary deal flow?
The firm sources opportunities through its internal origination team across five global offices, sector-specialist relationships, and its network of operating partners. OMERS also participates in club deals and co-investments alongside other pensions and sovereign funds. Its permanent capital base allows it to act as a patient, long-term counterparty.
Is OMERS Infrastructure structured as a separate fund or as part of the pension plan?
OMERS Infrastructure is a direct-investment division of OMERS, the Ontario Municipal Employees Retirement System. It operates with dedicated investment professionals and a separate portfolio, but within the pension's overall asset allocation. OMERS Infrastructure US is a distinct legal entity registered in the US for compliance and tax efficiency.
Does OMERS Infrastructure participate in fund commitments or only direct deals?
OMERS Infrastructure primarily invests directly, seeking control or significant minority stakes in individual assets. It also takes co-investment positions alongside other institutional investors, but it does not commit to external private infrastructure funds. This direct approach reflects its internal operating partner model.
What investment stages does OMERS Infrastructure typically target?
The firm targets core and core-plus infrastructure assets that are operational and generate stable, inflation-linked cash flows. It occasionally pursues greenfield development in regulated or contracted segments, such as renewable energy and digital infrastructure, but the emphasis is on existing assets with limited construction risk.
Which sectors does OMERS Infrastructure explicitly avoid?
The firm avoids pure commodity exposure (e.g., unhedged oil and gas upstream), cyclical real estate development, and early-stage venture infrastructure. It focuses on regulated and contracted assets with long-term revenue visibility, such as regulated utilities, airports, ports, data centers, and renewable energy.
How is OMERS Infrastructure US related to OMERS Infrastructure?
OMERS Infrastructure US is a wholly owned, US-domiciled sub-entity established to hold and manage US direct infrastructure investments. It operates with the same investment strategy and oversight but is subject to US securities and tax laws. Jonathan Scherer serves as its Head, reporting to Michael J. Boyd.
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