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The committee approved the act – which would roll back regulatory oversight of private equity – by 30 votes to 26.

The deal closed around six months after a board member at the US pension expressed scepticism about selling stakes on the secondaries market.

Secondaries investments made up 23% of investment volume, and a further 22% went into “select private markets managers”, the firm said.

The C$287bn pension fund is losing global head of private investments Mark Jenkins, who is leaving to join Carlyle.

The firm has raised €164m for Stafford Infrastructure Secondary Fund II, more than two-thirds of its target.

The global investment firm is using its latest dedicated secondaries fund for the take-private offer.

The Canadian pension giant has emerged as the buyer of stakes in Apollo Global Management and Blackstone-managed funds, Secondaries Investor has learned.

The bill imposes more requirements on California-based public pensions to disclose private equity fees and was passed into law at the end of August.

Secondaries firms with headquarters in the US accounted for the majority of capital raised since 2011, according to the Si30 ranking.

The appointment comes as the German asset manager fundraises for a vehicle that will invest in infrastructure through fund and direct secondaries.