Canada’s Public Sector Pension Investment Board has set up a European private debt team and is targeting a presence in the region's leveraged finance market after hiring HSBC's former European head of capital financing Oliver Duff.

PSP, which with C$112 billion ($86 billion) under management is one of Canada's largest pensions managers, outlined its ambition in a July 12 statement to deploy around C$5.6 billion in private debt financing globally over the next three years.