(Adds comments on timeline, universities)

By Pav Jordan

TORONTO, April 20 (Reuters) - One of Canada's top pension funds wants government-mandated industry consolidation in the nation's most populous province so it can become a "super fund", able to better compete for investment opportunities globally.

The OMERS Administration Corp, or Ontario Municipal Employees Retirement System, wants to grow into a fund managing investment of between C$150 billion ($121 billion) and C$200 billion, compared with the C$44 billion it manages now -- which puts it in 46th place with respect to global competitors.

"We need some form of consolidation in both the public and private sectors because our pension funds are simply too small," OMERS President and Chief Executive Michael Nobrega said in a speech to the Conference Board of Canada, a non-profit think tank analyzing economic trends.

"The next step is for Ontario to mandate through legislation the consolidation of private and public sector pension funds comparable in size to Teachers," he said.

He said there was room to build at least two new super funds in the province, other than the sector-leading Ontario Teachers' Pension Plan, with OMERS being one of them.

He said the next step would be for OMERS to market itself to potential partners, possibly paving the way for voluntary industry consolidation.

A larger OMERS would have more muscle to pick from the choicest assets, likely tripling the maximum size of an asset it could bid on from about C$3 billion these days to about C$10 billion, with or without a partner, Nobrega said.