Ontario Teachers' Pension Plan’s involvement in a €500m purchase of shares in buyout-backed Danish business services provider ISS takes the total value of European deals done by Canadian pension funds in the last two-and-a-half years to well over $20bn.

Teachers and family office Kirkbi Invest have taken a 26% stake in the business. The existing owners, EQT Partners and GS Capital Partners, have not sold shares in the transaction and the proceeds will be used to pay down debt in the company.