December 29, 2025

Transforming opportunity into long-term value

BCI’s Infrastructure & Renewable Resources (I&RR) team carried strong momentum through 2025 and delivered a record year, committing more than $4.6 billion¹ to new investments – the highest annual deployment since the program’s inception. This milestone reflects the team’s success in identifying high‑quality opportunities around the world, the expanding global influence of BCI as a direct infrastructure and renewables investor, and the strong expertise embedded within the program.

Over the year, the infrastructure group invested directly in 10 new assets and increased its investment in four existing holdings to support continued growth.

Paramount to these new investments were several firsts: the first take-private transaction BCI accomplished as a sole investor (of BBGI Global Infrastructure S.A.), our first direct investment in the Philippines (Frontier Towers), and our first investment in the recycling and circular economy sector (Renewi PLC). In addition, we continued to increase program exposure to private infrastructure debt – growing this aspect of our strategy to nine significant direct investments.

“Our record year speaks to the talent of our team, the strength of our partnerships, and the clarity of our strategy. We’re building a globally diversified portfolio designed to capture growth, foster sustainability, and create client value that endures for decades,” said Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources.

The infrastructure group’s diversified portfolio provides BCI’s clients with a resilient mix of income-producing and long-term tangible assets across a broad range of sectors and geographies. This mix continues to evolve in line with the program’s growth and several long-term structural trends, including the convergence of energy and digital infrastructure, global population growth, rising demand for private infrastructure capital, and the transition toward sustainable energy. Several renewable resource transactions were announced during the year, including equity stakes in sustainably harvested timberlands in South America and in one of the largest onshore wind farms in North America. Renewable resource investments now represent nearly 28 per cent of the portfolio, reflecting a globally diversified strategy that integrates ESG considerations.

Today, our infrastructure team of more than 60 professionals operate from offices in Victoria, London, and Mumbai. This international reach supports the team in sourcing new opportunities, managing investments effectively across markets, and cultivating close relationships with co-investment partners. Together, our London and Mumbai-based teams help manage 13 direct investments – about 25 per cent of the I&RR portfolio by value – underscoring the importance of local proximity and expertise in building and sustaining long-term international partnerships.

Looking ahead

In 2025, the global infrastructure investing environment remained resilient, with strong long‑term demand for energy, transport, and digital networks helping to support the program’s record deployment and growing international footprint. Looking ahead to 2026, the team is focused on opportunities in energy‑transition infrastructure – including renewables, grids, storage, and circular‑economy assets – as well as digital infrastructure and select emerging markets in South America and Asia, where they invest significant time building relationships and conducting rigorous due diligence. Backed by strong momentum and an expanding global presence, the infrastructure group is well‑positioned to continue building a portfolio of resilient, high‑quality assets that deliver lasting value. With a robust pipeline and clear direction, 2026 is shaping up to be another impactful year.

¹ Updated December 30, 2025.