I Squared Capital paid $1.49bn (€1.29bn) for European and Canadian trailer leasing company TIP Trailer Services, according to Washington State Investment Board (WSIB). 

The pension fund revealed the price in a board meeting report and disclosed that it made a $25m co-investment in the deal.

I Squared Capital announced that it finalised the acquisition of TIP Trailer Services from China’s HNA Group in August but did not disclose the price.

According to the WSIB report, the acquisition was funded with $748m of equity from the $7bn ISQ Global Infrastructure Fund II and a $300m co-investment vehicle called I Squared Transportation Europe.

WSIB, which had already made a $250m commitment to ISQ Global Infrastructure Fund II, increased its exposure to TIP Trailer Services by committing $25m to the co-investment vehicle.

The acquisition of TIP Trailer Services also involved the rolling over of $744m of existing debt, WSIB said.

I Squared Capital declined a request for comment.