Ontario Teachers' Pension Plan, a C$106bn ($96bn) pension fund, has made its first acquisition in South America, as Canadian private equity investments are on course to double this year.

The pension fund is buying two water supply, distribution and wastewater services companies in central Chile. It is buying 100% of Aguas Nuevo Sur Maule and a 50.1% interest in Empresa de Servicios Sanitarios del Bio-Bio from Latin American private equity firm Southern Cross Group. Details of the deal were not disclosed.