TowerBrook Capital Partners’ new commercial lender is to be backed by two large state Canadian pension schemes, in the largest European private-equity backed start-up for three years.

The C$34bn (€21.4bn) Public Sector Pension Investment Board and OMERS Private Equity, the C$4bn alternative investments arm of OMERS Administration Corporation, are backing the creation of Haymarket Financial alongside TowerBrook's buyout fund.