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Victoria, British Columbia – British Columbia Investment Management Corporation (BCI) is pleased to announce the permanent appointment of Ramy Rayes as executive vice president, investment strategy & risk. An extensive recruitment search was completed for the role after it became vacant in July of this year. Amongst a pool of global candidates, Rayes was determined to be the best suited for the position.

“Ramy has done a tremendous job as acting executive vice president for the last several months and we are pleased to welcome him permanently to the executive management team,” said Gordon J. Fyfe, BCI’s chief executive officer and chief investment officer. “He is well positioned to lead the strategy and risk functions of our business today and into the future. We look forward to the evolution of the program under his guidance.”

“Development of investment strategy and risk management are at the core of what we do at BCI. It’s all about helping our clients meet their investment objectives within their risk tolerances. I am thrilled to be assuming leadership of this very important program,” Ramy Rayes said upon his permanent appointment to the role.

Rayes joined BCI in 2016 and previously served as vice president of strategic asset allocation. He advised clients on their strategic asset allocations and the implementation of their investment strategies. Prior to joining the corporation, Rayes held a senior position at LifeWorks (formerly known as Morneau Shepell) where he advised employers on all aspects of asset & liability management for their pension and benefit funds. Rayes holds a bachelor of science in mathematics from the University of Montreal. He is an associate of the Society of Actuaries and the Canadian Institute of Actuaries, and a financial risk manager certified by the Global Association of Risk Professionals. Ramy also serves on the Continuing Education Committee of the Canadian Institute of Actuaries.

For more information, please contact media@bci.ca.

As a long-term investor, incorporating environmental, social, and governance (ESG) considerations into our approach is an essential part of who we are and what we do. That is why we are proud to announce BCI is tied for the top spot in the Responsible Asset Allocator Initiative’s (RAAI) 2021 Leaders List of the 30 Most Responsible Asset Allocators.

“How we assess and manage ESG investment opportunity and risk is an integral part of our fiduciary responsibility to our clients,” said Gordon J. Fyfe, chief executive officer / chief investment officer at BCI.

“This recognition reflects our commitment to continuously improving our ESG practices and highlights BCI’s leadership as a responsible investor.”

The RAAI rated 251 global asset allocators representing approximately US$26 trillion in assets, including sovereign wealth funds and government pension funds, on their responsible investing (RI) practices to identify 30 leaders and 22 finalists.

BCI received perfect marks across all 10 categories, including disclosure, integration, implementation, commitment, accountability, standards, and development.

BCI is one of only two Canadian asset allocators and 16 worldwide to achieve a 100 per cent score. BCI has been included on the RAAI Leaders List since its inception in 2016.

“We welcome the RAAI recognizing BCI as one of the world’s leading responsible investors,” said Jennifer Coulson, senior managing director, ESG at BCI.

“We continue to strengthen our approach to ESG as a source of value creation and risk mitigation, including through the development and implementation of our corporate-wide ESG strategy.”

The RAAI index was developed by U.S. independent public policy think tank New America in partnership with the Fletcher School at Tufts University. The 2021 Leaders List represents approximately US$7.9 trillion in assets under management and includes asset allocators from 15 countries in Africa, Asia, Australasia, Europe, and North America.

“The RAAI Leaders List provides a window into the future of investing, a world where the planet’s top investors are addressing the world’s greatest challenges,” said Scott Kalb, founder and director of the RAAI at New America.

As a reflection of BCI’s ranking, Susan Golyak, senior manager, ESG in public markets, was invited to participate in a roundtable discussion in early December on the 2021 Index and Leaders List Report co-hosted by the RAAI.

We are also pleased to announce that BCI is one of three finalists in the Sustainable Investing category for the 2021 Canadian Investment Review Pension Leadership Awards. The winners will be announced in February.

Learn more about BCI’s approach to ESG in our 2020 ESG Annual Report and our Climate Action Plan.

For more information, please contact communication@bci.ca

BCI announces the reappointment of Peter Milburn as a Director and Chair of BCI’s Board of Directors, extending his term to December 31, 2022. Peter was first appointed by the Minister of Finance on December 31, 2016, for a three-year term. He has now been reappointed for a third one-year extension.

We also announce the reappointment of Sheila Taylor to BCI’s Board of Directors by the Minister of Finance. Sheila first joined BCI’s Board in 2018, and her term has now been extended to December 31, 2024. Sheila is currently chair of BCI’s Human Resources and Governance Committee.

Donna Lommer has been reappointed to BCI’s Board of Directors by the Municipal Pension Plan Board of Trustees. Donna first joined BCI’s Board in 2019, and her term has now been extended to December 31, 2024. Donna is a member of BCI’s Audit Committee.

We congratulate Peter, Sheila, and Donna and look forward to their continued contribution.

BCI also announces that Rob Taylor will join the Board of Directors on January 1, 2022. The Teachers’ Pension Plan Board of Trustees has appointed Rob for a two-year term.

Rob is currently chair (vice-chair beginning on January 1, 2022) of the Teachers’ Pension Board of Trustees, having first been appointed to that board in January 2015.

Rob is a retired educator who spent 34 years in the education sector, including 25 years as a classroom teacher and five years as director of instruction – human resources in School District 27 (Cariboo-Chilcotin). He also spent four years working on the staff of the BC Teachers’ Federation as an assistant director responsible primarily for pensions and benefits.

Rob holds a B.Ed and M.Ed from the University of Victoria. He has also completed the Pension Plan Administration Certificate at Humber College, the International Foundation of Employee Benefit Plans’ Advanced Trust Management Standards program, and other professional development activities related to public sector pension plans.

Rob succeeds Ken Tannar as the Teachers’ Pension Plan member on the BCI Board. Ken first joined the board in 2015 and has been a member of the Human Resources and Governance Committee and the Audit Committee. As we welcome Rob and look forward to his contributions, we also want to express our sincere thanks to Ken for his long-standing commitment to BCI’s governance.

Our board is structured in accordance with the Public Sector Pension Plans Act. Of the seven-member Board, BCI’s four largest pension plan clients each appoint a member from their board of trustees, and the Minister of Finance appoints the other three — two of which must be representatives of clients.

You can find more information about BCI’s Board of Directors and further biographical information here.

For information, please contact communication@bci.ca

Today, BCI published our updated Code of Ethics and Professional Conduct (the “Code”), which sets out the guiding principles and standards of behaviour expected of BCI employees and contractors.

“The Code of Ethics and Professional Conduct is central to who we are and what we do. Our continued success in delivering results for our clients —and our ability to maintain our clients’ trust — depends on our collective adherence to the Code.” — Gordon J. Fyfe, chief executive officer / chief investment officer of BCI

BCI is dedicated to having a high standard of conduct that is consistent with best practices. To maintain this, every three years BCI’s Board of Directors is responsible for reviewing reports on the adequacy and effectiveness of the Code. This year, the Board approved several updates, including the addition of “We Value Diversity and Inclusion” to our guiding principles.

For more information, please contact communication@bci.ca.

Victoria, British Columbia – BCI is honoured to be named as one of Canada’s Top 100 Employers for a third consecutive year. The award recipients from this nationwide competition were announced today in a special feature published in the Globe and Mail and on the Canada’s Top 100 Employers website, together with key reasons for selection.

“This recognition reflects our focus on strengthening our world-class approach to talent,” said Norine Hale, BCI’s executive vice president, human resources.

“But the best evidence that BCI is a great place to work is how we show up for each other, and I’m tremendously proud of the supportive, inclusive culture our people help foster every day.”

With $199.6 billion invested globally on behalf of British Columbia’s public sector, BCI’s active management and ability to generate returns for our clients depends on the specialized skills and expertise of our workforce. Continued recognition as a top employer is a testament to our commitment to delivering a great workplace for our people through holistic programs and benefits.

BCI has continued to expand on our efforts to support employees through the uncertainty and challenges of the pandemic. This included broadening the criteria for our physical activity reimbursement to include at-home fitness equipment, given many of the usual activities under the program were unavailable, and temporary adjustments to vacation carryover limits.

“Many old mindsets have been broken – for example, the way we use technology to create flexibility in our work and improve collaboration,” said Lincoln Webb, executive vice president and global head of infrastructure & renewable resources.

“The pandemic also opened up our thinking about how we can support our people in the future. We’ve improved variable work arrangements, enhancing opportunities for staff to balance work and family.”

Beyond ensuring the availability of existing programs and benefits, BCI also introduced new initiatives focused on supporting health and wellness and professional development in a hybrid environment. Employees now have access to virtual cost-friendly counselling services and an online learning platform providing text and audio summaries of a broad range of books, podcasts, and webinars.

Most importantly, being named one of Canada’s Top 100 Employers is a reflection of how BCI’s employees promote a supportive work environment that prioritizes physical, mental, and social well-being.

“Despite working remotely, the staff are bound together more closely since the pandemic. It really strengthened the collective commitment to the firm and each other. And it resulted in one of our best investment years ever.”

Canada’s Top 100 Employers is operated by Mediacorp Canada Inc. – the nation’s largest publisher of employment periodicals, reaching over 15 million Canadians each year. This is the 22^nd anniversary of the award and the third time that BCI has applied.

Applicants are evaluated by the editors using eight criteria^[1] and are compared to other organizations in their field to identify those that lead their industries in offering the most forward-thinking programs and exceptional workplace cultures.

Find out more about opportunities to work with us at BCI.ca/careers

CONTACT
Ben O’Hara-Byrne, Senior Manager, External Stakeholder Engagement
778-410-7310 | communication@bci.ca

[1] (1) PHYSICAL WORKPLACE; (2) WORK ATMOSPHERE & COMMUNICATIONS; (3) FINANCIAL BENEFITS & COMPENSATION; (4) HEALTH & FAMILY-FRIENDLY BENEFITS; (5) VACATION & PERSONAL TIME-OFF; (6) EMPLOYEE ENGAGEMENT & PERFORMANCE; (7) TRAINING & SKILLS DEVELOPMENT; AND (8) COMMUNITY INVOLVEMENT.

RBC Global Asset Management Inc. (“RBC GAM Inc.”) announced that RBC Canadian Core Real Estate Fund (the “Fund”) successfully completed the third phase of its multi-year investment program on October 29, 2021, comprising an acquisition of over $700 million in real estate assets. Additionally, the Fund earned a ranking of first in Canada in the “Diversified” category for non-listed, standing investments, and was named as an “Overall Regional Sector Leader” in the Americas in its inaugural Global Real Estate Sustainability Benchmark (“GRESB”) assessment.

THIRD CLOSING OF THE FUND
The third closing of the Fund exceeded its target by raising over $450 million in equity subscriptions, continuing its phased investment strategy with British Columbia Investment Management Corporation (“BCI”) and QuadReal Property Group (“QuadReal”). The Fund, created based on an aligned partnership with BCI and QuadReal, provides investors with access to one of Canada’s largest, highest quality and most diversified commercial real estate portfolios, with assets located in key cities across the country. After the closing on October 29, 2021, the Fund has $2.7 billion in assets under management, and an ownership share in 62 assets valued at over $3.4 billion (at share), with BCI owning the remaining interest in the $9+ billion portfolio. QuadReal will continue to operate and manage the properties.

2021 GRESB REAL ESTATE ASSESSMENT
In its inaugural assessment by GRESB, the Fund was recognized as an “Overall Regional Sector Leader” in the Americas due to its strong performance relative its peer group¹. The GRESB Sector Leader Awards recognize real estate funds and assets that have demonstrated outstanding leadership in sustainability each year. In addition, the Fund was ranked first in Canada and fourth globally in the “Diversified” category for non-listed, standing investments, and was awarded a five-star rating² overall, demonstrating its commitment to sustainability excellence.

GRESB is an organization that provides standardized and validated Environmental, Social and Governance (ESG) data to financial markets. The GRESB assessments are guided by what investors and the industry consider to be material issues in the sustainability performance of asset investments, and are aligned with international reporting frameworks, goals and emerging regulations. The GRESB ESG Benchmark grew this year to cover more than $6.4 trillion of assets under management globally. For more information on the GRESB Assessment and Benchmark, visit https://gresb.com/nl-en/gresb-assessments/.

1 GRESB Sector Leaders are the best performers by sector, region, and nature of ownership from across the GRESB Assessments. The entity with the top GRESB score, as well as the entities with a score within 1 point of the top score, in a category are recognized as Sector Leaders. The RBC Canadian Core Real Estate Fund’s region is ‘Americas’, sector is “diversified’, and nature of ownership (legal status) is ‘non-listed.’ The Fund was 1st in Canada (out of 13), 2nd in the Americas (out of 86) and 4th globally (out of 246). https://gresb.com/nl-en/2021-real-estate-assessment-results/
2 The GRESB Rating is based on the GRESB Score and the quintile position an entity occupies relative to all entities participating in the GRESB Assessment globally. If an entity is placed in the top quintile, it is rated GRESB 5 Star. Each year, only 20% of entities receive this rating. GRESB 5 Stars is the highest rating and recognition for being an industry leader.

“Since launching RBC Canadian Core Real Estate Fund in 2019, we have experienced exceptional interest from clients, speaking to the quality of the portfolio as well as the alignment embedded in our partnership with BCI and QuadReal,” said Michael Kitt, Head, Private Markets and Real Estate Equity Investments at RBC Global Asset Management Inc. “Across RBC Global Asset Management’s investment platform, we believe that integrating environmental, social and governance considerations can enhance the long-term, risk-adjusted returns of the portfolios we manage for clients. The Fund’s strong GRESB ratings demonstrates our commitment to clients, and extends our focus on sustainability into private market assets.”

Remco Daal, President, Canadian Real Estate at QuadReal adds, “Incorporating progressive ESG management into all planning and decision making is a fundamental commitment we make to our clients, including BCI and RBC GAM Inc., and to the communities in which we are a part. We share the collective goal of achieving sustainable results. Validating our progress is a way in which we demonstrate this to ourselves and our stakeholders.”

This information is not intended to be an offer or solicitation to buy or sell securities. The Fund is offered by RBC GAM Inc. RBC GAM Inc. is a member of the RBC Global Asset Management group of companies and an indirect wholly owned subsidiary of Royal Bank of Canada.

Investments in alternative funds are speculative and involve significant risk of loss of all or a substantial amount of your investment. Investors should consult their professional advisors and consultants regarding any tax, accounting, legal or financial considerations before making a decision as to whether the Fund is a suitable investment for them.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 88,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $580 billion in assets and have approximately 1,500 employees located across Canada, the United States, Europe and Asia.

About QuadReal Property Group
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $61.2 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest.

QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.

QuadReal: Excellence lives here.

www.quadreal.com

For more information, please contact:
Brandon Dorey, RBC GAM Corporate Communications, 416-955-7397

[Toronto, ON – October 25, 2021] – Citing their fiduciary responsibility, 36 institutional investors managing $5.5 trillion in assets have signed a new Canadian Investor Statement on Climate Change. The Statement, signed by asset management divisions of five of Canada’s largest banks along with major institutional investors such as the Ontario Pension Board, calls on companies to act on material climate risks including through their industry association and lobbying activities.

Coordinated by the Responsible Investment Association (RIA), the Statement also makes clear the actions major Canadian investors will take to advance the global pursuit of net zero ahead of the most important climate gathering in history – COP26. This includes disclosing their financed emissions and setting an expectation that their investees will establish emissions targets and report on their progress.

“By centering reconciliation and a just transition, this statement adds a Canadian perspective that is missing from the global conversation,” says Dustyn Lanz, RIA CEO. “The signatories recognize that Canada’s path to net zero depends on a transition that leaves no one behind and supports the transformation of every sector, while aligning itself with Indigenous rights for self-determination.”

RIA worked closely with the Reconciliation and Responsible Investment Initiative (RRII) in the development of the Statement to ensure Indigenous perspectives are incorporated into the Statement. “Despite Indigenous Peoples often being the first and most affected by the climate crisis, Indigenous perspectives and voices are often left out of investors’ decision-making on climate action,” says Mark Sevestre, Founding Member of NATOA. “This raises the stakes of the transition to a low carbon economy for Indigenous Peoples. For the transition to be just in Canada, Indigenous Peoples’ rights and perspectives need to be centred and prioritized.”

Like their counterparts across the world, Canadian investors are also sending an unequivocal message to companies and governments that disclosure is key to maintaining and growing private investment in the low-carbon transition of our industries. “For the investment community, clear, comprehensive, comparable data isn’t a nice to have, it’s a must,” says Lanz.

“Ultimately, this is an invitation from Canadian investors to Canadian businesses to navigate this transition together,” explains Lanz. “The investment community is stepping up its game, so that the business community steps up theirs.”

The Statement remains open to additional investor signatories and Lanz expects this list will continue to grow as we approach a “tipping point” for sustainable finance momentum in Canada.

To learn more and read the full statement visit: https://www.riacanada.ca/investor-statement-climate-change/

The RIA would like to thank Jamie Bonham, Rosa van den Beemt, Delaney Grieg, Maia Becker, Susan Golyak and Reconciliation and Responsible Investment Initiative (RRII) for their individual contributions to the Statement.

Quotes from Signatories and Supporting Organizations

“Institutional investors manage their clients’ assets, yet they are also in a position to play a key part in the quest for net zero emissions by 2050. As COP26 approaches, the financial industry should spare no effort in underscoring the urgency of the situation and in helping to prevent irreversible damage to the environment. The Canadian Investor Statement on Climate Change allows us to put this crucial matter in the spotlight.” Roger Beauchemin, Chair of the Board, RIA and President and CEO of Addenda Capital

“Collaboration across the institutional investment community is essential to driving change, as we seek a just transition to a net-zero economy. As an asset manager and investor, and steward of our clients’ assets, RBC Global Asset Management uses stewardship to communicate our views and expectations with issuers on climate actions, outcomes and disclosures. We look forward to our continued partnership with the RIA and other like-minded investors on this important initiative.” – Maia Becker, Director, Corporate Governance and Responsible Investment, RBC GAM

“The Canadian Investor Statement on Climate Change sends an important message to the Canadian business community that climate change poses a systemic risk to the Canadian economy, and as investors, we are hopeful that the businesses we invest in put forward credible plans to achieve net zero carbon emissions by 2050.” – Priti Shokeen, Head of ESG Research and Engagement, TDAM

“As Canadian investors, we recognize the importance of transitioning Canada to a low-carbon economy in a way that is just and informed by Indigenous perspectives. BMO GAM has a long history of active involvement in global climate initiatives, and we are pleased to show our support through this statement alongside many of our Canadian peers. We look forward to continuing to advance climate action in our investments, engagements, and industry.” – Nalini Feuilloley, Head of Responsible Investment, BMO GAM

“At Desjardins, the climate crisis is a top priority because we’re committed to ensuring the well-being of our communities, now and in the future. That’s why we’re joining forces with members of Canada’s financial industry to speed up the transition to a low-carbon economy. Our day-to-day operations are already carbon neutral. Our goal now is to achieve net zero emissions by 2040 in our procurement and lending activities and our own investments in 3 key carbon-intensive sectors: energy, transportation and real estate.” – Guy Cormier, President and CEO, Desjardins Group

“BCI is committed to seeing our clients capitalize on opportunities for value creation while mitigating the physical and transition risks associated with climate change. The Canadian Investor Statement on Climate Change represents another important step in making clear our expectations of the companies in which we invest while reinforcing our commitment to supporting the transition to a lower-carbon economy.” -Gordon J. Fyfe, CEO and CIO, British Columbia Investment Management Corporation (BCI)

“There is no simple or easy path to net zero, but we have to combine forces and harness our energies for the journey. This statement represents that collective ambition. NEI Investments is proud to be a signatory to the Canadian Investor Statement on Climate Change, and we look forward to working with our peers to drive progress toward a net-zero future.” – Jamie Bonham, Director, Corporate Engagement, NEI

List of Signatories

Addenda Capital MD Financial Management
Amundi National Bank Investments
Bâtirente McConnell Foundation
BMO Global Asset Management Inc. NEI Investments
British Columbia Investment Management Corporation Ninety One
British Columbia Municipal Pension Board of Trustees Ontario Pension Board
British Columbia Public Service Pension Board of Trustees Pacifica Partners Inc.
Caisse de dépôt et placement du Québec Pension Plan of The United Church of Canada
Canada Post Corporation Pension Plan Rally Assets Inc.
CIBC Asset Management RBC Global Asset Management
Desjardins Group Simon Fraser University
ELFEC TD Asset Management Inc. (TDAM)
Gestion FÉRIQUE The United Church of Canada
Honeytree Investment Management The United Church of Canada Foundation
IG Wealth Management Trottier Family Foundation
Investment Management Corporation of Ontario (IMCO) University of Toronto Asset Management (UTAM)
Jarislowsky Fraser Global Investment Management University Pension Plan
Mackenzie Investments Vancity Investment Management Ltd. (VCIM)

List of Supporting Organizations

Æquo, Shareholder Engagement Services MICA Cabinets de services financiers
Edgewater Financial Products RE Royalties Ltd.
Fin-ML/IVADO Stephen Whipp Financial
Good Investing The Silicz Wealth Management Team
Impact Wealth TMX Group
Institute for Sustainable Finance, Smith School of
Business, Queen’s University
Toronto Finance International (TFI)
Ivey Foundation
Johnny Fansher Financial
Libro Credit Union

About the Responsible Investment Association

The Responsible Investment Association (RIA) is Canada’s industry association for responsible investment. The RIA’s membership includes asset managers, asset owners, advisors, and service providers who support its mandate of promoting responsible investment in Canada’s retail and institutional markets. Learn more at www.riacanada.ca.

Media contact
Ashley Kenley
Argyle PR for Responsible Investment Association
akenley@argylepr.com
647-967-9324

Adams Outdoor Advertising is one of the largest out of home media operators in the U.S.

The partnership positions Adams to capitalize on the significant growth opportunity in the U.S. out of home advertising industry and across Adams’ local markets.

New York, NY: Searchlight Capital Partners, L.P. (“Searchlight”), a leading global private investment firm, in partnership with British Columbia Investment Management Corporation (“BCI”), one of the largest asset managers in Canada, today announced the signing of a definitive agreement for a strategic investment into Adams Outdoor Advertising (“Adams”). Terms of the transaction were not disclosed.

Adams, founded in 1983 by Steve Adams, is the fourth largest, and largest privately-held, out of home media operator in the United States. The family-owned business has been instrumental in promoting the power of outdoor advertising by providing clients with bespoke media solutions to target audiences at the local level. Adams operates in a number of strategically relevant local markets across the states of Illinois, Michigan, North and South Carolina, Pennsylvania, Virginia and Wisconsin.

“Out of home plays an important role in the infrastructure of the advertising ecosystem, particularly given the unique and differentiated capabilities that the medium offers for local businesses, governments and economies,” said Darren Glatt, Partner at Searchlight. “As one of the leading investors in the media and technology sectors, Searchlight has been at the forefront of the ongoing evolution of the broader advertising ecosystem. We believe Adams is strongly positioned to continue to capture opportunities presented by the digital transformation of its estate. We look forward to working with Kevin Gleason and his team to further drive Adams’ growth through (i) expanding its footprint, (ii) developing new digital sites, (iii) capitalizing on emerging opportunities around programmatic and technology innovation and (iv) executing on strategic M&A.”

Dave Hong, Senior Managing Director, Private Equity at BCI, added: “We are excited to work with Kevin Gleason, his management team and Searchlight, to support the company’s growth. Our investment in Adams aligns with BCI’s long-term investment approach of investing in stable industries that provide compelling risk-adjusted returns for our pension plan and insurance fund clients.”

Kevin Gleason, CEO of Adams, added: “We are delighted to partner with Searchlight and BCI to support Adams’ continued growth and to accelerate the development of our capabilities across various forms of emerging technology. We have always believed that outdoor advertising is more powerful than anyone has yet to imagine and believe that Searchlight’s demonstrated track record in the out of home and media sectors positions us to unlock that power and value for our clients and investors. We are thankful for the support of Searchlight and BCI and are confident that this marks the start of an exciting next chapter for our business, employees and local partners.”

Searchlight was advised by Barclays and Latham & Watkins. Weil, Gotshal & Manges served as separate legal counsel to BCI. Adams Outdoor Advertising was advised by PJ SOLOMON and Kaplan, Strangis and Kaplan.

-ENDS-

About Searchlight Capital Partners, L.P.

Searchlight is a global private investment firm with nearly $9 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.

About Adams Outdoor Advertising

Adams Outdoor Advertising (“Adams”) is a privately owned company offering out of home and online media solutions. Adams offers unique and award-winning creative, audience-based multi-media sales expertise, and a people-first approach to client service. Adams boldly proclaims its mission of reinventing the medium known as outdoor by proving it to be more relevant and powerful than anyone has yet to imagine. By maintaining strong member relations with industry leaders such as Geopath and the OAAA, Adams employs data-driven media proficiency that raises the standard for out of home.

About BCI

With C$199.6 billion of assets under management as of March 31, 2021, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s private equity program, with C$20.7 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise with more than 40 investment professionals investing across financial and business services, healthcare, industrials, consumer, and TMT sectors.

We are pleased to announce that Weldon Cowan joined the BCI Board of Directors on September 1, 2021. The College Pension Board of Trustees has appointed Weldon for a three-year term.

Weldon is a labour relations specialist with the Federation of Post-Secondary Educators of BC (FPSE). He has completed the Advanced Trust Management Standards program and holds the ICD.D designation from the Institute of Corporate Directors.

Weldon was appointed a trustee to the College Pension Board in 2005 and has served in that position since then. He is currently Chair of the College Pension Board of Trustees and Chair of the Interplan Trustee Education Committee. Weldon was a director of the BC Pension Corporation from 2012 to 2019. During that time, he served as Chair of the BC Pension Corporation Board of Directors for four years and vice-Chair for three years.

Weldon holds a Bachelor of Science degree with a specialization in chemistry from Concordia University and a Diploma in education from McGill University. He taught French immersion science for over 15 years at the secondary level before joining FPSE.

Weldon succeeds Karen Maynes as the College Pension Plan member on the BCI Board. Karen has served as a director for the past seven years and as chair of the Audit Committee since 2018. As we welcome Weldon and look forward to his contributions, we also want to express our sincere thanks to Karen for her long-standing commitment to BCI’s governance.

Our board is structured in accordance with the Public Sector Pension Plans Act. Of our seven-member board, our four largest pension plan clients each appoint a member of their board. The other three directors are appointed by the Minister of Finance – two of which must be representative of clients.

For information, please contact communication@bci.ca

Middleton, WI; New York, NY; Victoria, BC; and Santa Monica, CA – Springs Window Fashions (“Springs”), one of the leading providers of custom window covering products in the world and portfolio company of AEA Investors LP (“AEA”) and British Columbia Investment Management Corporation (“BCI”), announced today that Clearlake Capital Group, L.P. (together with certain of its affiliates “Clearlake”) have entered into a definitive agreement to acquire Springs. Springs’ management team, led by CEO Eric Jungbluth, will continue to lead the company after the closing of the transaction.

Headquartered in Middleton, Wisconsin, Springs is a leading custom window treatments provider in the United States, where its suite of brands including Graber, Horizons, Bali, Mecho and SWFcontract are sold throughout various residential and commercial channels.

AEA and BCI acquired Springs in 2018. Since that time, Springs has achieved significant growth through product innovation, channel expansion, marketing and operational improvements. Additionally, AEA and BCI supported Springs’ global expansion with its acquisition of B&C International, based in The Netherlands, which took place earlier this year.

“We have appreciated the partnership with AEA and BCI during the past three years,” said Jungbluth. “Their support of our growth strategies and willingness to invest has been critical to our success. We look forward to continuing our growth with Clearlake.”

Brian Hoesterey, CEO of AEA Investors, said, “We are very pleased with the growth of Springs, whose success has surpassed the expectations set forth when first partnering with management three years ago. We are confident that the company is well positioned for a very bright future ahead.”

“Eric Jungbluth and the Springs team have delivered strong results for our pension plan and insurance clients by focusing on attractive growth initiatives,” said Jim Pittman, Executive Vice President & Global Head, Private Equity, BCI. “Springs is a great example of the value our investments bring to our clients.  We wish them well and ongoing success in the future.”

Deutsche Bank Securities Inc. is acting as lead financial advisor to the company. BofA Securities is also acting as financial advisor to the company. J.P. Morgan provided committed debt financing to Clearlake in support of the transaction.

The acquisition is subject to customary regulatory approvals and is expected to close in the third quarter of 2021.

ABOUT SPRINGS WINDOW FASHIONS 

Springs Window Fashions, the Best Experience Company, is a leading global supplier of blinds, shades, specialty treatments and window hardware. Its Bali®, Graber®, Horizons®, SWFcontract™, Mecho™, Mariak™, and SunSetter™ brands are sold through retailers and distributors within North America.  In Europe, the company manufactures and sells products through its B&C International division.  Based in Middleton, WI, Springs has facilities worldwide and employs more than 9,000 associates. For more information, visit www.springswindowfashions.com.

ABOUT AEA

AEA Investors LP was founded in 1968 by the Rockefeller, Mellon and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives and leaders; many of whom invest with AEA as active individual investors and/or join its portfolio company boards or act in other advisory roles. Today, AEA’s approximately 100 investment professionals operate globally with offices in New York, Connecticut, San Francisco, London, Munich and Shanghai. The firm manages funds that have over $15 billion of invested and committed capital including the leveraged buyouts of middle market companies and small business companies, growth capital and mezzanine and senior debt investments.

ABOUT BCI

With C$199.6 billion of assets under management as of March 31, 2021, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s private equity program, with C$20.7 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise with more than 40 investment professionals investing across financial and business services, healthcare, industrials, consumer, and TMT sectors. For more information about BCI, please visit www.bci.ca.

ABOUT CLEARLAKE

Clearlake Capital Group, L.P. is a leading investment firm founded in 2006 operating integrated businesses across private equity, credit, and other related strategies. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.^® The firm’s core target sectors are industrials, technology, and consumer. Clearlake currently has approximately $39 billion of assets under management, and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.

MEDIA CONTACT INFORMATION

Springs Window Fashions – Mower Public Relations:

Mary Gendron | 917.340.1006 | mgendron@mower.com

Jamie Scalici | 212.980.9194 | jscalici@mower.com