The Ontario Teachers Pension Plan has just beaten European buyout firm CVC Capital Partners to the chase to buy UK lottery operator Camelot Group. While the £389m (€432.3m) deal may be relatively small, it could be the start of a wider trend.

Pension funds such as Ontario Teachers are bypassing secondary funds to take charge of equity investments themselves. Their offers of longer-term ownership, and the potential for paying higher prices, could give them an edge with vendors.