Laura Lenz Takes Over OMERS Ventures Amid Leadership Turmoil

OMERS Ventures has named Laura Lenz its new head, the third person to lead the pension fund's venture arm in three years. The Ontario Municipal Employees Retirement System announced the appointment on Thursday.

Lenz replaces Saar Pikar, who left the fund in July to become president at Kensington Capital. She takes over an early-stage investor widely considered one of Canada's top tech funds — and one that has cycled through leadership at a striking pace.

Lenz joined OMERS Ventures in 2019 and led the fund's Canadian investment activity. Her venture career includes backing Canadian tech companies Float, Hopper, and Solink.

In a LinkedIn post announcing the move, Lenz pushed back against a persistent critique of the country's startup scene.

"There has been a lot written about whether Canadians are ambitious enough. I pushed back on that argument when it surfaced a couple of years ago. I didn't think our founders lacked ambition then, and I don't think they do now," Lenz wrote. "The question is whether the ecosystem around them is prepared to match that ambition with patient capital, early customers, global networks, open markets, and institutions willing to use their scale to help Canadian companies succeed."

The leadership turnover at OMERS Ventures began roughly two years ago, when Damien Steel left the global head role to become CEO of carbon-capture technology company Deep Sky. Michael Yang then replaced Steel, taking the titles of managing partner and head of ventures and growth. Pikar took over from Yang last year before departing in July.

Lenz's promotion also follows a broader "strategic shift" at OMERS Ventures toward more Canadian investing. That repositioning now coincides with a political tailwind: Prime Minister Mark Carney is pushing to stimulate domestic investment, and renewed calls are mounting for Canadian pension funds to participate more in the country's economy.

For OMERS Ventures, the bet is that an insider with a track record in Canadian deals can bring stability — and that public sentiment has finally shifted in the fund's direction. The test will be whether Lenz outlasts her predecessors and whether the patient capital she demands from the ecosystem materializes from her own institution.