By David G. Barry
A key member of
the Ontario Teachers’ Pension Plan investment team is leaving to join a growth
equity firm.
Bogdan “Bo” Cenanovic, who has served as Ontario Teachers’ head of
technology, media & telecom, financial services, and healthcare, was named
a managing director at PSG. In that role, he will seek to bolster the
firm’s Canadian deal flow pipeline. Since its founding in 2014, PSG has
completed four platform investments in Canada and 28 add-on acquisitions.
In a statement, Cenanovic said, “PSG has significant experience serving as an
accelerant for growth-stage tech companies, and I’m eager to work with the team
to enhance the company’s presence in Canada.”
At PSG, Cenanovic also will lead underwriting for the firm’s encore strategy,
which focuses on making investments in firm portfolio companies upon their
complete or partial exit. To date, PSG has done five such investments.
Cenanovic was with Ontario Teachers for 13 years, overseeing direct investments
in the TMT, financial services, and healthcare sectors. He joined Ontario
Teachers from Canadian private equity firm TorQuest Partners.
An Ontario Teachers’ spokesperson did not immediately respond to a query about
its plan to replace Cenanovic.
One of Canada’s largest pension funds, Ontario Teachers had net assets of
CA$242.5 billion (US$187.9 billion) as of June 30.
PSG partners with software and technology-enabled services companies to help
accelerate their growth. It has raised more than $10 billion, including its
fifth North American fund in 2021 at $4.5 billion. PSG has more than 185
employees operating out of offices in Boston, Kansas City, London, Paris, Madrid,
and Tel Aviv.
In a statement, Peter Wilde, PSG’s cofounder and chairman, said that
over the past 10 years, he has seen Cenanovic “exemplify the values we
prioritize at PSG.”
Wilde and Cenanovic were both on the board of Ascend Learning, which was a
portfolio company of Ontario Teachers and Providence Equity Partners. PSG
emerged from Providence Equity Partners. Another member of the PSG team,
Managing Director Bill Aliber, was Ascend’s CFO.
Ascend was sold in 2017 to Blackstone and Canada Pension Plan
Investment Board.