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Following BCI’s recent announcement of his appointment, Jon Salon officially begins his role today as Executive Vice President and Global Head of Private Equity. With more than three decades of private equity and executive management experience, Jon brings a proven record of leadership, strategic vision, and operational discipline to his new role.

Jon joins BCI’s executive leadership team with a clear mandate: to advance BCI Private Equity’s high‑conviction, globally diversified investment strategy that creates sustainable, long‑term value for pension fund and institutional clients. He now leads a team of more than 75 professionals based in Victoria, New York, and London, overseeing a C$36 billion+ portfolio across fund, direct, and co‑investment strategies.

We sat down with Jon to hear his views on private equity, BCI’s evolving priorities, and where he sees opportunity ahead.

Drawing on three decades of diverse experience

Jon’s career spans the full spectrum of private equity and corporate leadership, from investment management and operations to legal and capital structuring and deployment. Before joining BCI, he spent 15 years as a Managing Partner at Bedford Funding, a US$1.4 billion private equity firm specializing in growth equity and buyouts across healthcare and technology. In this role, he developed a deep understanding of technology, growth and transformation initiatives. More recently, Jon served as President and CEO of MDLIVE, an Evernorth company within the Cigna Group and a leading provider of virtual healthcare services across the United States.

“I’ve had the rare opportunity to sit on all sides of the table – as a GP, LP, and corporate leader,” Jon reflects. “That breadth of experience gives me a deep understanding of how alignment and trust drive successful business outcomes.”

Perhaps unexpectedly, Jon began his career in transactional law, where he built deep expertise in corporate risk analysis, structuring and governance, and dealmaking. Those early legal insights continue to inform his approach to complex transactions today.

Lessons from a career in private equity

Reflecting on his career, Jon emphasizes that private equity is, at its core, a relationship‑driven business.

“This is an industry where talent and analysis matter, but long‑term success is built on trust and alignment,” he says. “Strong partnerships – whether with company management teams, co‑investors, or internal colleagues – are what enable us to act with conviction.”

Evolving strategy, building on strength

When asked whether his appointment signals a significant shift in strategy, Jon is clear: “Our direction remains largely consistent, with an emphasis on selective, high‑conviction investing, deep partnership collaboration, and operational value creation at the core. What’s evolving is our ability to effectively execute that strategy on a truly global scale – with the appropriate processes, partners, and team-based approach to drive growth.”

He expects continued emphasis on direct investments with meaningful governance rights, alongside greater geographic diversification. “Our talent is our greatest differentiator,” he adds. “We’ll continue empowering our professionals across regions to cultivate deep relationships and work closely with portfolio companies and partners on the ground to drive meaningful outcomes.”

He adds: “In private equity, we are not in the business of selling products or services. We are in the business of making sound investment decisions. How we support that decision-making is what sets us apart. It’s the combined strength of our deeply talented team, our technology, and our relationships that enables us to make decisions with conviction.”

What sets BCI Private Equity apart

Jon sees BCI’s integrated global model as one key advantage. “Our teams in Victoria, New York, and London collaborate seamlessly to deliver a global perspective and local execution,” he explains. “Even as some of our peers have retrenched, we continue to see quantifiable value from our internationally based offices – especially in terms of origination and asset management.”

Our flexible approach to investment structures also differentiates us. “Our Private Equity team evaluates direct opportunities with a broad view of the capital stack, recognizing that value and risk can often be optimized through thoughtful structuring rather than traditional equity alone. Structured debt and equity solutions are increasingly important components of our toolkit, allowing us to tailor solutions for situations with strong upside potential while also providing additional downside protection and capital preservation.” These types of investments often provide enhanced resilience in an evolving market environment.

Speed, flexibility and decisiveness further define BCI Private Equity’s approach. The program is increasingly adopting a capital allocation strategy that enables us to redeploy liquidity into high-conviction opportunities with very little lead time. “Our ability to move quickly, execute complex transactions efficiently, and invest across the capital structure gives us a real edge in today’s market.”

Where opportunity lies in the next 12–24 months

Looking ahead, Jon emphasizes both disciplined growth and deeper partnerships. A key priority is continuing to build out BCI’s presence in London – an important hub for European deal flow and co‑investor relationships.

“Our London team is integral to BCI’s global connectivity,” he says. “They’re sourcing quality opportunities and strengthening relationships with Europe‑centric companies and co‑investors. That local presence gives us both visibility and agility.”

Jon also highlights the value of deepening strategic partnerships. Going forward, BCI Private Equity expects to direct a greater share of capital commitments towards a more selective group of core GP partners.

“We’re refining our network to focus on GPs who bring differentiated opportunities, demonstrate a strong track record of superior returns, and share our views and principles around collaboration. These relationships, rooted in alignment and trust, allow us to act quickly and decisively on attractive transactions and value‑creation opportunities.”

Over the next several quarters, BCI Private Equity intends to take a strategic approach to fund engagement and rationalization.

Trends shaping the future

In an environment marked by a slower pace of exits, Jon notes that discipline has become more critical than ever. “We’re being highly deliberate about where we deploy capital, ensuring every investment has multiple credible, visible paths to exit and alignment across partners.”

There are also opportunities to differentiate BCI as a flexible capital solutions provider in this environment. “Our flexible capital strategies and broader BCI relationships can often support our portfolio companies as they mature through the capital lifecycle – whether that be through recaps, structured equity, debt financing, or more traditional exit pathways.”

Building on a strong foundation

Jon believes BCI Private Equity’s team should be proud of the momentum they’ve built over the past several years. The team has taken meaningful steps to build value creation capabilities within its investment process, integrating data‑driven tools and AI capabilities to support portfolio company growth.

“We’ve redefined how we work together as one Private Equity team, bringing deep sector expertise and specialized skill sets into a more integrated way of operating,” he says. “It’s positioning us, and our partners, to unlock greater value and seize market opportunities.”

As Jon begins his new leadership role, his message is one of continuity and confidence. “BCI Private Equity’s foundations are built on disciplined investing, trusted partnerships, and a global perspective. My focus is on amplifying what we already do well at greater scale and continuing to deliver for our clients.”

By Pirkko Juntunen
Published: January 2025

British Columbia Investment Management Corporation (BCI) has been active in the natural capital space for two decades with an approach focused on long-term stewardship, cycle-aware deployment and respect for local realities

British Columbia Investment Management Corporation’s (BCI) large portfolio reflects two decades of investing in forestry and agriculture – asset classes that now form a key part of the Canadian institution’s infrastructure and renewable resources programme.

BCI says its involvement long predates the recent surge in interest. “We started investing in natural capital, specifically forestry, dating back to 2005, then agriculture in 2012. I got involved in 2008, but then became more active in the agriculture space in 2015,” says Sameer Jinnah, managing director of infrastructure and renewable resources.

Together, forestry and agriculture currently represent around 20% of BCI’s infrastructure and renewable resources portfolio, although natural capital is not treated as a standalone asset class.“Clients allocate their capital to infrastructure and renewable resources. We decide whether forestry and agriculture – the two natural capital sectors we invest in – fit the strategy. We don’t look at them as their own portfolios; we look at them as part of a broader infrastructure programme,” he says.

BCI pursues a buy-and-hold approach. Rather than building portfolios purely for exit, the focus is on timing, opportunity and structural value. “We invest in forestry and agriculture opportunistically. These investments are inherently cyclical, and there are times when it’s the right time to buy. We’re not natural sellers. For us, it’s about buying and building,” Jinnah notes.

“Historically, we’ve been able to help out in situations where there’s a capital-structure issue or where the company is at a point in the cycle where margins haven’t yet recovered. BCI’s flexibility has been and continues to be key,” he says.

Natural capital investments must meet or exceed the risk-return profile of infrastructure investments.“Forestry and agriculture are good diversifiers within our programme, but they still have to justify themselves on financial terms,” he emphasises. The long-term performance experience is a high single-digit return.

Agriculture follows what Jinnah calls “a barbell”. On the low-risk, lower-return side lies traditional farmland; on the higher-risk, higher-return end is integrated agriculture, covering production through marketing, distribution and delivery to the consumer. Agricultural logistics sits between these.

Forestry also spans a spectrum, with returns varying across regions, driven by cost structures and market access. “As we get into forestry regions in Latin America, for example, we’re looking for higher returns to match the higher risk,” Jinnah says.

Brazil forestry debut

BCI is in the process of closing its first Brazilian forestry transaction, attracted by competitive costs.“The assets we’re investing in are very much tied to global pulp markets. The US pulp industry is challenged right now; prices are low, costs are high. But if you go to a low-cost producing region like southern Brazil, the picture changes,” he explains.

Under the deal, BCI has acquired a significant minority equity stake in the Brazilian platform, equivalent to roughly 100,000 hectares of sustainably managed mature timberland. The transaction was structured in partnership with Klabin, a large Brazilian producer of paperboard packaging, and BTG Pactual Timberland Investment Group. The total investment by all parties is US$700m (€597m).

A similar logic applies in Uruguay, where plywood production has drawn BCI. “Uruguay is the second-lowest-cost producer of plywood globally. That, combined with access to US, European and Mexican markets, makes the region attractive,” he says.

BCI’s natural-capital portfolio is global but not without boundaries. “We stick primarily to OECD countries,” Jinnah says.“In some cases, we’ll veer from that, but we need strong conviction to do so.”

Ecological and social outcomes

As natural capital increasingly intertwines with ecological and biodiversity objectives, assessment and integration become essential – but not uniform.

“Biodiversity, water use, local environmental pressures and community expectations vary widely across regions. It’s very specific to the assets and their situations. We manage to the environmental and community context of each of those regions,” Jinnah says.

“Indigenous relations are critical. It’s very different on the west coast of Canada, in Chile, or in Brazil. In Chile, for example, the interests of indigenous communities vary even between adjacent communities. If you get it wrong, your investment will not be successful,” he adds.

Hands-on team structures support this viewpoint. “We partner with teams on the ground who have long histories operating in these regions – not just operating the assets but working with the specific communities.”

While nature-based financial products such as green bonds and biodiversity credits have proliferated in recent years, BCI focuses on the underlying real assets rather than the instruments built around them.

“For our purposes, we are not investing in these products directly. We invest in the assets. If there are revenues generated from carbon sequestration or solar leases, that’s over and above. But the asset has to stand on its own merits,” Jinnah says.

Carbon may create upside, but it is not the central thesis. “Whether the price of carbon is going to rise is speculative. We don’t rely on it,” he explains.

Scaling challenges

Scaling natural capital can be challenging for structural reasons, and forestry illustrates this most clearly. “The easiest way to scale is to aggregate, buy adjacent assets and build a platform,” Jinnah says. BCI has platforms in East Texas, Chile, Uruguay and western Canada. But bolt-on opportunities are slow. “We may zero in on a region, and it could be five years before we find a reasonable bolt-on. Or it could be the very next year.”

For this reason, timing and governance are critical. “We want to invest when the risk-return makes sense for our clients and generates the same or stronger risk-return as we are seeing in infrastructure. That requires patience.”

Jinnah says BCI’s relative exposure to natural capital “is appropriate”, currently at about 2% of its €190bn in total assets. “These are illiquid private investments,” he says.

There are no long-term plans to materially increase this share but the larger programme continues to grow. “We don’t have a target beyond maintaining a portion of our infrastructure portfolio in forestry and agriculture over the long term,” he says.

Climate risk concerns

One of the most rapidly evolving considerations is climate risk. “The impacts of climate change across different regions vary substantially, and that’s going to continue to change over the next 10 to 20years. We’re constantly evolving that part of the practice,” he says. Policy environments, especially in non-OECD markets, are also dynamic and resource-intensive.

Republished with permission. Read the original article on IPE Real Assets.

Salon to lead BCI Private Equity’s C$36 billion+ program

Victoria, BC — British Columbia Investment Management Corporation (BCI) today announced that Jon Salon has been appointed Executive Vice President & Global Head, Private Equity, effective February 2, 2026. Salon brings more than 30 years of private equity investment and executive management experience to the role. He succeeds Jim Pittman, who has led the program since 2016 and will be leaving BCI at the end of January.

Salon joined BCI Private Equity in 2024 as Senior Managing Director and Global Head of Healthcare, quickly growing his role to include leadership of BCI’s venture & growth strategies and being named head of the New York office. He joins BCI’s executive leadership team with a mandate to advance the high‑conviction, globally diversified private equity strategy that delivers sustainable, long‑term value for BCI’s pension fund and institutional clients. He will lead a team of more than 75 professionals across Victoria, New York, and London, overseeing fund, direct, and co‑investment strategies, with an emphasis on active ownership, operational value creation, and strategic partnerships with leading sponsors and management teams. 

“Jon has been an exceptional addition to our private equity leadership, and I’m pleased to welcome him to BCI’s executive management team in this new capacity,” said Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer at BCI. “With nearly three decades of investment and operational experience, he brings the vision, discipline, and track record to advance BCI Private Equity’s strategy and continue delivering long-term value for our clients.”

Salon is based in New York and will report to Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer, BCI.

“I look forward to leading BCI Private Equity’s world‑class program and working with our exceptional team of investment professionals to further refine and execute our strategy,” said Jon Salon. “Together, we will continue to build on BCI’s global reputation as an innovative, flexible, and strategic capital partner and pursue opportunities that deliver enduring value for our clients, co‑investors, and portfolio companies.”

Since joining BCI in 2016, Pittman grew BCI Private Equity from a C$7 billion portfolio into a globally recognized C$36 billion+ platform, while broadening the strategy and expanding its global footprint with offices in New York and London. 

“Jim has been instrumental in building this program, and we’re grateful for his leadership and many contributions over the past decade,” adds Fyfe.

Following its Q4 ‘25 launch and pre-seed raise, the accelerated financing marks a generational shift in Canadian national security

OTTAWA, CANADA — Dominion Dynamics, a defence technology company engineering interoperable, attritable systems for contested theatres, today announced a $21M CAD ($15.2M USD) Seed raise led by Georgian. The round included participation from Bessemer Venture Partners and British Columbia Investment Management Corporation (BCI), marking one of the largest early-stage investments in the defence sector. Dominion has now raised $26M CAD ($18.8M USD) since launching in Q4 2025.

Dominion is building the “Arctic autonomy stack”—a fusion of sensing, autonomy, and networked platforms designed for NATO’s most strategically exposed operating environment. The company’s mission is to provide allied forces with interoperable, rapidly deployable, software-defined systems that are affordable enough to be risked—a fundamental shift from legacy procurement and platform-centric warfare.

“We are building systems that can scale, talk to each other, and be risked in combat,” said Eliot Pence, Founder and CEO of Dominion Dynamics and a former executive at Anduril Industries. “Future deterrence will depend on speed of fielding, economic advantage, and the ability to operate across domains.”

Dominion Dynamics will use the funding to accelerate the deployment of Auranet, a network of ruggedized sensors and autonomous systems designed to monitor Canada’s vast northern frontier, as well as on its autonomous collaborative platform, a drone designed to pair with fifth-generation fighter jets. As geopolitical tensions rise in the Arctic, Dominion’s technology provides the persistent monitoring and data interoperability required not just for Canadian sovereignty, but for the collective security of the NATO alliance. The company has already completed successful field trials in Northern Ontario and is currently deployed in the Yukon, validating its systems for use by Canada and its NATO partners.

“Defence is no longer just about hardware; it is about software, data, and speed,” said Margaret Wu, Lead Investor at Georgian. “In our view, Dominion Dynamics represents the future of the Canadian ecosystem: deep tech, dual-use, and mission-critical. We are backing a team that is fundamentally reimagining how Canada and its allies protect their interests.”

Dominion is entering a significant growth phase following its October pre-seed raise, actively hiring engineering and operational talent in Ottawa and Toronto as it ramps up nationwide recruitment, aiming to bring on five times more engineers across Canada. The company plans to open a new development office in Toronto and a 25,000 sq. ft. factory in Kanata, ON, while simultaneously expanding its XLabs programs to additional universities. Dominion is also advancing key field initiatives, including deployment to the Arctic as part of Operation Nanook, and accelerating the development of an autonomous collaborative platform purpose-built for Arctic operations.

New funding follows a year of sustained growth, with revenue up 16x and adoption across the top 100 U.S. government contractors

NEW YORK, USA — As government contracting teams face growing pressure to deliver more with fewer resources, GovDash, the AI-powered platform transforming how companies win, manage, and deliver government contracts, announced today that it has raised $30M in an oversubscribed Series B round. The financing was led by Mucker Capital and British Columbia Investment Management Corporation (BCI), with participation from existing investors Northzone and Y Combinator.

Since its Series A, GovDash has experienced significant growth. Revenue increased 16x, customer count expanded 18x to nearly 200 companies, and the team scaled from three employees to more than 45. The company expanded its headquarters in New York and opened a second office in Arlington, Virginia. GovDash also signed multiple companies from the top 100 U.S. government contractors, demonstrating strong adoption across both middle-market and enterprise customers.

In addition, GovDash achieved FedRAMP Moderate Equivalency, a critical security milestone that enables the company to serve defense contractors and enterprise customers handling Controlled Unclassified Information. This certification aligns GovDash’s infrastructure and controls with rigorous federal cybersecurity standards.

GovDash began as an AI-native business development platform and has rapidly evolved into a full AI-driven enterprise resource planning platform for government contracting. Its product suite includes Discover, which automatically identifies relevant bid opportunities; Capture, a CRM for pipeline management and solution development; Proposal, which enables faster creation of high-quality, compliant submissions; Contract, which manages the full contract lifecycle; and Dash, an intelligent AI agent that synthesizes data, maintains context, and executes workflows across the organization.

GovDash customers won more than $5B in government contracts in 2025, pursuing three times more opportunities and reducing proposal cycles to as little as 24 hours. SPATHE Systems cut draft turnaround 90% and scaled IDIQ no-notice responses from two per month to seven or eight without new staff. PowerTrain tripled drafting efficiency and boosted weekly pursuits 150%. Sumaria Systems cut RFI turnaround from 2.5 weeks to three days and standardized nearly 400 resumes. These businesses submit high-quality bids, win more often, and grow faster.

The government contracting market experienced significant turbulence in 2025. Government shutdowns and operational disruptions forced teams to operate with fewer resources. More than 50 percent of GovDash customers were directly impacted, and all required ways to maintain productivity without adding headcount.

“Companies are not just reacting to temporary disruptions,” said Sean Doherty, CEO and founder of GovDash. “They are rethinking how they run their government business and leaning into technology to become more resilient and efficient for the long term.”

This need is especially acute in the defense technology sector, where companies rely on modern, fast, and secure software to operate effectively. GovDash packages decades of operational knowledge from established contractors into a single platform, enabling technology-first organizations to execute at speed while meeting the strict requirements of government work.

Forward-leaning defense and government services providers, including SPATHE Systems, Blue Rose Consulting, Aviation Training Consulting, Threat Tec, PowerTrain, Schatz Group, Brite Group, iWorks, JSL, BrennSys, Sumaria Systems, and Scale AI, now use GovDash as the backbone of their government contracting operations.

“GovDash has become a force multiplier for SPATHE Systems,” said Darren Williams, VP of Solution Development at SPATHE Systems. “It has strengthened our ability to lead complex capture efforts, maintain real-time visibility across the business development pipeline, and drive accountability throughout the proposal lifecycle. As a result, we have enhanced our responsiveness and strategic alignment across the enterprise.”

“The U.S. government depends on a strong private sector to execute critical missions, but the systems supporting that relationship have not kept pace,” said Sanjiv Kalevar of Mucker Capital. “GovDash is building the modern infrastructure that allows companies to work with the government at the speed and scale the moment requires. We believe this platform will play a foundational role in strengthening public and private sector collaboration.”

The Series B funding will support expansion of GovDash’s engineering teams across all product areas, including Discover, Capture, Proposal, Contract, Delivery, and its AI agent. The company will also invest in customer success and continue growing its presence in New York and Virginia.

GovDash plans to further integrate workflows across the platform, enabling teams to operate government businesses at near-autopilot levels. “In five years, GovDash customers will spend far less time on administrative overhead and far more time improving the products and services they deliver to the country,” said Doherty.

2025 marked a major year of product advancement for GovDash. Discover expanded to include GSA eBuy and state, local, and education opportunities. Capture evolved into a full-featured CRM for government work, providing end-to-end visibility from opportunity identification through proposal kickoff. Proposal underwent a major backend overhaul, improving compliance tracking, multi-proposal support, and citation automation. Contract Cloud matured into a post-award management system, supporting contract modifications, CLINs, and complex hierarchical structures. Dash became more autonomous and deeply integrated, delivering context-aware assistance across the organization.

New research provides evidence of how ESG drives returns in private markets

VICTORIA, B.C. & STANFORD, CALIFORNIA – January 7, 2026 – British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors, and Stanford University’s Long-Term Investing Initiative (SLTI) today released new research in a whitepaper demonstrating how Environmental, Social, and Governance (ESG) factors can contribute to measurable value creation in private equity investments.

The whitepaper, ESG Value Creation in Private Equity: From Rhetoric to Returns, combines BCI Private Equity’s operational investment insights with SLTI’s research methodology to show how financially material ESG initiatives can contribute to EBITDA improvements, reduce operational risk, and strengthen exit readiness. Drawing on illustrative case studies from BCI’s global private equity portfolio, the publication offers evidence-based pathways for integrating ESG into core value-creation strategies.

“ESG integration in private markets is not just about managing risk; it is about creating value,” said Jim Pittman, Executive Vice President & Global Head, BCI Private Equity. “This research demonstrates how rigorous ESG practices can enhance portfolio performance while advancing the sustainability outcomes our clients expect.”

“For too long, the ESG discussion in private markets has been dominated by labels, ratings, and broad commitments. What has been missing is financial evidence,” said Evan Greenfield, Managing Director, ESG, BCI Private Equity. “This research shows that when ESG is treated as a financially material operating discipline, it strengthens the fundamentals that matter to investors:  higher earnings, lower risks, and clearer pathways to enhanced value at exit.”

“Academic–practitioner research collaborations like this one are essential for moving beyond rhetoric to evidence,” said Ashby Monk, PhD, Executive Director, Stanford Long-Term Investing Initiative. “BCI Private Equity brings real-world operational insights and data that most researchers never access. The findings help the industry understand not only whether ESG creates value, but how and under what conditions it does so.”

The whitepaper provides a practical framework that investors, general partners, and policymakers can apply to assess ESG materiality, quantify certain financial outcomes, and embed ESG across the private equity investment lifecycle from due diligence and ownership to exit strategy. The findings offer new insights in a field often challenged by inconsistent definitions and data limitations.

The publication builds on BCI’s longstanding leadership in responsible investing. BCI integrates ESG factors across its C$295 billion global portfolio and publishes an annual Stewardship Report outlining its approach to engagement across all asset classes and long-term value creation.

View the full whitepaper at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6000614   

Planet First Partners leads round, reinforcing commitment to climate-focused technology

 VANCOUVER, British Columbia, January 6, 2026 — Photonic Inc., a global leader in distributed quantum computing, announced today that it has raised $180M CAD ($130M USD) in the first close of its latest investment round, led by Planet First Partners, with participation from new investors Royal Bank of Canada (RBC), TELUS, and others. This significant raise underscores strong investor confidence and the company’s rapid growth. Existing investors – including BCI and Microsoft – also returned for this round, bringing the total raised by the company to $375M CAD ($271M USD).

Photonic is accelerating the path to fault‑tolerant quantum systems with their Entanglement First™ Architecture – a unique approach that combines silicon‑based qubits and native photonic connectivity, enabling seamless scaling across existing global telecom infrastructure. With this new funding, the company will continue advancing key product milestones toward commercialization, expanding its technical and business teams, and deepening customer and partner engagements.

“Quantum computing can unlock breakthroughs in clean energy, advanced materials, and human health that are beyond the reach of classical systems,” said Nathan Medlock, Managing Partner at Planet First Partners, who is joining the Board. “Photonic’s distributed architecture provides a credible path to rapidly scale towards utility-scale systems – enabling innovations in areas such as battery materials, low-carbon catalysts, and drug design that can meaningfully accelerate climate solutions and improve global wellbeing.”

“Photonic’s game‑changing approach to deliver on the decades‑old promises of quantum computing continues to be fueled by committed investors and best‑in‑class employees,” said Paul Terry, CEO of Photonic. “This funding round attracted not only new financial investors but also partners from sectors poised to be transformed by quantum technology—including sustainability, telecommunications, finance, and security.”

“This marks our first direct equity investment in a quantum computing company, and we’re proud to support Photonic as they pioneer the next era of distributed quantum technologies,” said Barrie Laver, Managing Director, Head of Venture Capital & Private Equity with Royal Bank of Canada. “We believe Photonic’s scalable quantum architecture has the potential to unlock key applications in the financial sector, ranging from security through to portfolio optimization and risk modelling. In our view, Photonic’s team and technology helps position them as a leader in bringing practical quantum capabilities to market.”

“At TELUS Global Ventures, we invest in breakthrough technologies that create tangible value today and for the future and believe quantum computing represents a transformational technology that will fundamentally reshape secure telecommunications infrastructure,” said Terry Doyle, Managing Partner at TELUS Global Ventures. “Photonic’s approach to distributed quantum computing and networking is exactly the kind of game-changing innovation we seek. Together, we’re not just investing in technology, we’re building Canada’s quantum future and delivering solutions that will transform industries worldwide.”

Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer at BCI, added: “Since our initial investment in Photonic, the company has achieved significant technical milestones and demonstrated exceptional capital efficiency. Photonic is advancing secure quantum solutions while forging strategic commercial partnerships. As one of Photonic’s largest shareholders, BCI is proud to support the Photonic team in the pursuit of developing one of the world’s first fault-tolerant quantum computers.”

Creating value through a disciplined investment strategy

2025 was a transformational year for BCI Private Equity, as the team refined its strategic focus, leaned further into high‑conviction direct investing opportunities, and continued to build out its in‑house value‑creation capabilities – demonstrating the strength of its platform, the depth of its partnerships, and its disciplined approach to investing more than $34 billion under management.

In today’s private equity landscape, generating strong, sustainable returns increasingly depends on active ownership and operational value creation, rather than traditional reliance on balance sheet structuring. Reflecting this shift, direct investments became a larger focus of our private equity strategy – and now represent approximately 48 per cent¹ of the portfolio, growing from $1.7 billion less than a decade ago to more than $16 billion in 2025.

With sector specialization across business services, consumer, financial services, healthcare, industrials, TMT, and venture & growth, Private Equity invested $3.1 billion across 23 direct investments, including six follow-on investments that supported growth within existing companies, in addition to ongoing fund commitments.¹ Key direct investments that closed during the year include Pave America, BroadStreet Partners, and Yinson Production.

We also advanced a focused strategy in GP partner‑led continuation vehicles (CVs) backed by proven, high‑conviction managers, completing four new or rolled‑over CV investments this year. This disciplined strategy allows Private Equity to maintain exposure to high‑performing assets, or gain access to new opportunities with robust growth expectations.

BCI Private Equity also grew its global footprint in 2025 by establishing London as its dedicated European hub, adding local investment professionals to originate, execute, and manage opportunities across the region. The expanded team deepens BCI’s access to European deal flow, reinforces long‑standing GP relationships, and supports the program’s strategy of disciplined, high‑conviction investing in global private markets.

Collectively, these actions deepened Private Equity’s geographic diversification, with approximately $13.2 billion of the portfolio now invested in Europe. The team also partnered with five new high-calibre GP co‑investors, underscoring BCI’s expanding global presence and growing capabilities in private markets.

“This year underscored the importance of being selective, global, and disciplined in how we deploy capital,” said Jim Pittman, Executive Vice President & Global Head, Private Equity. “With a larger share of our program in direct investments, a growing in-house value creation team, and a stronger foothold in Europe, we’re better placed than ever to partner with leading businesses and support their next stage of growth.”

Alongside new investments, the team continued to actively manage the existing portfolio, generating approximately $3.8 billion¹ in proceeds through secondary transactions and exiting two major positions – Hayfin Capital and Ziply – delivering meaningful value for clients and releasing capital for redeployment.

With a team of more than 80 professionals across Victoria, New York, and London, our Private Equity group continued to expand their value‑creation capabilities during the year. The team works closely with portfolio companies to enhance operations, accelerate digital transformation, and embed sustainability and climate‑related initiatives that drive long‑term resilience and performance. This strength and partnership‑driven approach earned BCI Private Equity industry recognition early in 2025, when the team was named ‘2024 Limited Partner of the Year’ by Private Equity International.

Looking to 2026

In a global private equity market characterized by a gradual rebound in deal activity and a heightened emphasis on operational value creation, BCI Private Equity’s disciplined, high‑conviction strategy has positioned the portfolio well to navigate a more discriminating investing environment. We remain focused on identifying high‑quality opportunities with strong fundamentals and sustainable growth drivers, leveraging an integrated approach that combines investment discipline, operational expertise, and active partnership to pursue high‑impact opportunities and drive long‑term value creation.

¹ Updated Jan. 8, 2026

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.