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OP Trust, the $11-billion pension fund manager for the Ontario Public Service Employees Union, is opening a new private markets office in London, putting a team of dealmakers closer to the European action.

OP Trust is relocating three professionals to the new shop. Spencer Miller, a managing director, will be head of the London office. Director Stan Kolenc and associate portfolio manager Morgan McCormick will also up stakes and head to the U.K.

Canadian pension funds are becoming steadily more international as they hunt the globe for private equity deals.

Like many of its peers, OP Trust is looking to put more cash into private investments such as real estate, private equity and infrastructure. The structure of the pension funds, with their access to cash and their long-term investment horizons, have allowed them to cherry pick a lot of deals in the past year while lack of credit has sidelined other buyers who need more leverage to make the numbers work.

That said, OP Trust has been a relatively quiet player, so the opening of a London office raises the possibility that the pension fund manager may become more active.

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