Teachers’ Pension Plan, known widely as a top private equity investor, is perhaps underestimated in its foremost role as a buyer and seller of companies.

The pension system was in the thick of last year’s vigorous PE dealmaking, investing or committing about $7.8bn globally, roughly 2x its outlay in 2020 and 2019.

The deployment was a mix of direct and fund investing, however, the lion’s share was absorbed by about 20 direct deals, three-quarters of them led or co-led by Ontario Teachers’. They included the acquisition of software provider Mitratech for $1.5 billion and the acquisition alongside PAI Partners of eye-care clinic network Veonet, reportedly for $2.3 billion.

Read more: Press Release