When the Canadian province of Ontario’s $60 billion pension fund unveiled plans to build a European buyout team in 2009, many in the market were sceptical.

Although it was not the first investor to consider cutting out the middleman to compete directly with the private equity industry, the timing and the decisiveness of the move was seen as bold. Not only would the Ontario Municipal Employees Retirement System cease being an investor in funds, it would attempt to outbid them in auctions.