Category: Uncategorised

BCI invests in inaugural bond issuances by Stonlasec8 Indigenous Alliance Limited Partnership

Victoria (CANADA), July 3, 2025 – British Columbia Investment Management Corporation (BCI) is pleased to announce its participation in the inaugural bond issuances by Stonlasec8 Indigenous Alliance Limited Partnership (Stonlasec8). The capital raised supports 38 First Nations in British Columbia with their equity investment in Enbridge Inc.’s Westcoast System.

The senior and guaranteed bonds will enable the Stonlasec8 consortium to invest approximately C$736 million for a 12.5 per cent equity interest in the Westcoast natural gas pipeline system. This financing will allow the First Nations to reap economic benefit from assets located within their traditional territories. The transaction, facilitated by the Canada Indigenous Loan Guarantee Corporation (CILGC), represents the first major investment to be guaranteed under the Canadian Indigenous Loan Guarantee Program.

“Our investments generate returns that BCI’s pension plan and institutional clients rely on to meet their financial objectives,” said Daniel Garant, Executive Vice President & Global Head, Public Markets. “Through this primary bond market participation, BCI’s investments fund tangible economic benefits for Indigenous Peoples.”

Read more about this investment in the previous announcements issued by Enbridge and Stonlasec8.

Leading by example: BCI recognized for governance and resilience by Global SWF for second consecutive year

Two BCI employees leaning against a wall

BCI has once again earned a perfect score from Global SWF in its 2025 Governance, Sustainability and Resilience (GSR) Scoreboard, positioning us among just nine institutional investors worldwide demonstrating the highest industry standards.

“For 25 years, strong governance and responsible investing practices have underpinned BCI’s approach – enabling us to deliver for our clients and create enduring value in British Columbia and beyond. Earning this recognition for a second consecutive year reflects our continued commitment to excellence and accountability, and we’re proud to stand alongside a growing list of industry leaders.”

-Gordon J. Fyfe, CEO/CIO

Assessing GSR best practices and performance

Established in 2020, the GSR Scoreboard is an annual benchmark that evaluates the public disclosures of the world’s 200 largest sovereign wealth and public pension funds, which together manage a total of US$29.4 trillion across 80 countries. This year, Global SWF highlighted that while overall averages remained flat, governance scores declined for the first time since 2020 as geopolitics and trade tensions took priority and some funds pulled back on transparency – giving BCI’s achievement special significance.

Building on a quarter century of industry leadership

As one of Canada’s largest institutional investors managing C$295 billion in assets, our commitment to high standards in governance, sustainability, and resilience is embedded in our investment beliefs. We continue to evolve our approach in line with best practices and look for opportunities to raise the bar across the broader investment landscape. In 2024, BCI also achieved our highest score ever in the Global Pension Transparency Benchmark, which assesses the quality of public disclosures of 75 of the world’s largest pension fund investors across 15 countries, where we ranked fourth for responsible investing and fifth overall.

Our consistent performance reflects our commitment to:

Long-term value creation: Focus on long-term, risk-adjusted returns for our clients
Transparency and accountability: Public disclosure practices that exceed industry standards
Responsible investing: ESG integration throughout our investment decision-making process

Read the full Global SWF announcement and see the complete rankings in the 2025 GSR Scoreboard Report.

Fiscal 2025 CEO/CIO Letter

BCI achieved a 10 per cent annual return, surpassing client expectations and further strengthening pension plan surpluses.

As a long-term investor with carefully managed liquidity, BCI is well-prepared to weather ongoing geopolitical headwinds through our sound, purpose-built strategy.

Fiscal 2025 was characterized by ongoing macroeconomic volatility, including heightened geopolitical risks, increased inflationary pressures, and abrupt trade and tariff policy shifts that roiled markets and strained international relations.

For many of BCI’s seasoned investment professionals, the resulting sudden market shifts were reminiscent of the 2008 Global Financial Crisis and other past bear markets.

This prepared us for the current environment, and we leveraged our bench strength and ample liquidity to capitalize on the opportunities that can arise during turbulent times.

Against this backdrop, our resilient investment strategy, aligned with our clients’ long-term investment needs, provided strong returns, further adding to the actuarial surpluses in client plans. BCI’s gross assets under management reached a new high of $295 billion, with net investment income of $21.9 billion. The combined pension plan returned 10 per cent for fiscal 2025, exceeding the average client actuarial rate of six per cent.

Nearly all asset classes delivered strong results, in both absolute and relative terms. Our Private Debt and Infrastructure & Renewable Resources assets were noteworthy performers. Over the course of the fiscal year, these programs increased their focus on high-growth Asian markets with Private Debt seeking investment opportunities with attractive yields and diversification benefits, while Infrastructure & Renewable Resources made its first direct investment in Japan.

Private Equity and Real Estate Equity underperformed their respective benchmarks. Although Private Equity delivered a robust 13.4 per cent return, it missed its 30.1 per cent benchmark which was driven by strong public equity returns and the Magnificent Seven AI-related companies. BCI’s Real Estate portfolio, managed by QuadReal, also underperformed its 6.8 per cent absolute return benchmark by 8.5 per cent, though it remained impressive compared to Maple 8 peers in these difficult market conditions.

From a longer-term perspective, BCI continues exceeding actuarial discount rates, with client funding ratios ranging from 103 to 133 per cent. However, given the lingering uncertainty around global trade and the investment environment, we may face several tough years ahead. We are closely monitoring developments, actively modelling client portfolios against potential scenarios, and briefing clients on risk-reduction strategies designed to help mitigate geopolitical and trade uncertainty impacts.

Operating on a global scale

This year, we released a new three-year business plan, focused on three ambitions: Driving Sustainable Growth, Accelerating Innovation, and Operating on a Global Scale. In pursuit of the latter ambition, we continue to expand our footprint globally. In fiscal 2025, we established a new European Private Equity hub in London, which will strengthen access to deals and help attract talent, while equipping us to operate in closer proximity to our already sizeable holdings in the region. About $11.5 billion of BCI’s $33.6 billion Private Equity portfolio is currently invested in Europe, while more than 50 per cent of our Infrastructure and Renewable Resources assets are outside North America.

In an era of great volatility and restructuring of international trade relations, diversification and adaptability become crucial for long-term portfolio resilience. Beyond our growing New York and London offices, we now maintain a small Mumbai team overseeing investments in India, the Philippines and Middle East, while scouting out ASEAN opportunities.

Innovation and the challenge of change

Innovation is a part of our everyday operations. Across the organization, our teams are busy integrating AI into their workflows, transforming the way we work and deliver value. Our investment professionals utilize AI-powered interactive deal rooms, rapidly extract actionable insights from thousands of unstructured documents to strengthen analysis, and conduct technology security reviews with unprecedented speed. We’re also preparing BCI to be post-quantum ready, ensuring our data and systems remain secure.

ESG — Responsible investing

As an active asset manager, BCI monitors ESG factors and engages with regulators and companies to promote effective long-term risk management through good corporate governance. Our commitment to ESG remains firm, regardless of shifting political winds or anti-ESG sentiment in some corporate and political realms.

BCI continues to be a leader in this space, recognized as one of only five among 200 institutional investors to achieve a perfect Governance, Sustainability and Resilience score from Global Sovereign Wealth Fund. In October 2024, we released our first public Stewardship Report, detailing how BCI uses influence and ownership rights to drive responsible performance with our portfolio companies. I’m also proud to report that BCI has already exceeded our 2025 objective of $5 billion in sustainable bond investments, reaching $6 billion.

BCI Welcomes Four Pillars Society as a new client

This year, BCI was awarded a $2 billion investment mandate by The Four Pillars Society (TFPS), a not-for-profit organization established following a class-action lawsuit settlement against the Government of Canada. TFPS represents 325 First Nations across Canada, with settlement funds to be invested to support the revitalization of the crucial “Four Pillars” of language, culture, heritage, and well-being. TFPS Executive Director, Cliff Fregin, called the BCI relationship “a milestone in the management of Indigenous capital in Canada” that will “help ensure we can continue to empower Indigenous communities to preserve what matters most.”

We are deeply honoured by this partnership and continue evolving our practices and deepening organizational understanding of Reconciliation. This also marked the second year of BCI’s Indigenous Empowerment Award scholarship program, which provides participants with financial support as well as hands-on asset management experience. We plan to expand the program through partnerships with post- secondary institutions, to eventually welcome Indigenous students from across Canada.

British Columbians’ investment needs remain paramount

While BCI continues to grow into a truly global asset manager, the investment needs of our clients and the British Columbians they serve remain the focal point of BCI’s operations and decision-making. Thirty-eight per cent or $112 billion of BCI’s $295 billion gross assets under management are invested in Canada. We would consider further increasing our Canadian investment exposure if the right opportunities involving airports and other infrastructure became available.

25 years of clients first — Investing that matters

As 2025 unfolds, BCI celebrates its 25th anniversary. Founded through the Public Sector Pension Plans Act, BCI generates investment returns to help secure financial futures for more than 750,000 pension beneficiaries. A Canadian Centre for Economic Analysis study found that BCI’s ecosystem—encompassing retirement benefits, insurance payments, business operations, and private investments—drives 5.9 per cent of the B.C. economy, supporting over 225,000 jobs and generating $12.2 billion in wages. Today, all B.C. plans are fully funded and in surplus — well administered, well run and well respected.

In closing

I would like to acknowledge a tragic occurrence at QuadReal’s Oakridge Park development site in Vancouver, which claimed the life of 41-year-old construction worker Yuridia Flores, a mother of two. This tragedy reminded us that while financial losses may be part of the investment business, human life loss cannot be tolerated. On behalf of everyone at BCI and QuadReal, I extend our condolences to Ms. Flores’ family and loved ones.

Finally, I commend the remarkable professionals throughout this organization whose collective efforts enable us to derive order from a chaotic macroeconomic environment and honour our commitments to clients and partners. Having earlier mentioned the bench strength of our professionals, I wish to reiterate that BCI clearly benefits from our executive leadership team’s stability and experience. In times like these, it’s good to be surrounded by trusted people who have previously navigated difficult and volatile periods.

I would like to thank the Board for its valuable support over the past year, and to recognize Sheila Taylor, who retired after six years of dedicated service as a Board Director and Chair of the Human Resources and Governance Committee.

BCI achieves 10% annual return in fiscal 2025

Six people holding hands on a mountain ridge at sunset, overlooking a winding river and valley.

Marks 25^th anniversary by delivering $9.3 billion in added value since inception

VICTORIA, BC — June 25, 2025 — British Columbia Investment Management Corporation (BCI) today announced an annual combined pension plan return¹ of 10 per cent for the fiscal year ended March 31, 2025. The combined pension plan return represents the performance of BCI’s six largest pension clients by assets under management (AUM).

Gross AUM² grew to $295 billion with net AUM totalling $251.6 billion. Investment income contributed $21.9 billion net of all fees to AUM growth, demonstrating the strength of BCI’s diversified investment approach.

“Despite the severe market turbulence leading up to our March 31 year-end, we did an excellent job in fiscal 2025 rolling out a resilient, defensive-leaning investment strategy closely aligned with our clients’ long-term investment needs,” said Gordon J. Fyfe, BCI’s Chief Executive Officer and Chief Investment Officer.

BCI continues to deliver annualized long-term returns that exceed clients’ actuarial discount rates. Over the five-year period, BCI returned 8.9 per cent and 8.6 per cent over 15 years. Since inception, BCI has delivered $9.3 billion in cumulative value add, demonstrating the strength and resilience of its well-diversified investment strategy. BCI repeatedly delivers sustainable value for its clients, regardless of market volatility or economic uncertainty.

“BCI’s long-term performance has enabled our pension clients to remain in surplus positions, with funding ratios ranging from 103 to 133 per cent,” added Fyfe. “As we continue to face market uncertainty, we are actively modelling client portfolios against a range of risk scenarios. In all market conditions, great deals can still be found, and we continue to leverage our strong liquidity position to transact across asset classes globally.”

Strong Performance Across Asset Classes

All asset classes generated positive returns except for Real Estate Equity, which faced continued market headwinds despite modest interest rate cuts. Public Equities, Fixed Income, and Private Equity were the largest contributors to total performance during the fiscal year.

Within Public Equities, absolute return strategies generated strong results during a period when active equity managers faced headwinds. These strategies aim to provide consistent positive returns regardless of market conditions. Since inception in fiscal 2020, they have achieved a 16.1 per cent annualized return.

The Fixed Income portfolio delivered robust returns through active interest rate positioning and strong credit selection. The Corporate Bond Fund grew to $18.5 billion in net AUM, while the Principal Credit Fund expanded to $19.4 billion in net AUM. The Fund broadened its offerings by introducing asset-backed lending (ABL) through three new strategic partnerships, providing enhanced downside protection and attractive risk-adjusted returns. With shorter loan durations and increased flexibility, ABL strengthens portfolio resilience and offers stability and opportunity during periods of market volatility.

BCI Private Equity delivered strong results despite challenging market conditions. The team executed $2.2 billion in new investments and announced significant exits, Hayfin Capital and Ziply Fiber³, two of its five largest assets. It also generated $1.6 billion in proceeds from the completion of two secondary sales.

BCI Infrastructure & Renewable Resources experienced 18 per cent net AUM growth for the calendar year. In fiscal 2025, the group originated and executed $5.1 billion in new investments. The asset class delivered excellent total returns despite turbulent markets and geopolitical stress. Notable transactions included the take-private of BBGI Global Infrastructure S.A. and two key investments which support the energy transition economy, Renewi PLC, a recycling company, and Shepherds Flat wind project, one of the world’s largest windfarms.⁴

BCI’s Real Estate investments demonstrated resilience and strategic positioning in tough market conditions. The Real Estate Debt portfolio delivered a positive return due to strong asset selection and active management. Real Estate Equity produced the lone negative result, due to market-driven valuation adjustments coming from higher interest rates rather than realized losses. Strong portfolio fundamentals and positive income supported overall performance, with stable occupancy rates and rent growth experienced by industrial, alternative, and residential sectors.

Return Summary for Combined Pension Plan Clients

	Annualized Returns (%)
	1 Year	5 Year	10 Year	15 Year	20 Year	25 Year
Combined Pension Plan Return	10.0	8.9	7.4	8.6	7.8	7.0
Benchmark	12.3	9.0	7.1	7.8	7.2	6.4

Public Markets	Annualized Returns (%)
	1 Year	5 Year	10 Year	15 Year	20 Year
Fixed Income
Short Term	8.3	2.8	2.3	2.3	2.7
Nominal Bonds	6.9	1.1	2.1	3.5	4.0
Private Debt	10.2	9.2	–	–	–
Funding Program	4.3	2.6	–	–	–

Public Equities
Canadian Public Equity	12.6	16.5	8.4	8.2	8.0
Global Public Equity	14.3	16.8	11.3	12.7	9.4
Emerging Markets Public Equity	12.8	9.6	5.4	6.3	–

Private Markets
Infrastructure & Renewable Resources	8.3	8.9	9.1	9.6	9.7
Private Equity	13.4	15.4	16.2	16.1	13.9
Real Estate Equity	(1.8)	2.6	–	–	–
Real Estate Debt	6.1	5.1	4.6	4.9	5.3

An internal rate of return (IRR) methodology is used to calculate returns for infrastructure & renewable resources, private equity, and real estate equity. The assets are valued as at December 31, 2024.

Committed to Responsible Investing

During the fiscal year, BCI continued making strong progress in responsible investing. Highlights for the year included surpassing $6 billion in cumulative sustainable bond participation, exceeding BCI’s 2025 expectation of $5 billion, hosting BCI Private Equity’s inaugural ESG Value Creation Conference, and achieving a 100 per cent score from the Global Sovereign Wealth Fund’s Governance, Sustainability and Resilience Scoreboard.

BCI’s Ecosystem⁵

The effects of BCI’s operations extend far beyond investment returns. In 2024, the organization’s ecosystem contributed $24.4 billion to British Columbia’s provincial GDP, representing 5.9 per cent of the province’s economy. This impacted 1 in 10 British Columbia households and supported the creation of 225,800 jobs provincially and an additional 8,000 jobs nationally, generating $12.2 billion in wages for workers across all age groups.

For more corporate highlights, including BCI’s focus on sustainable growth, innovation, and operating on a global scale, read the 2024-2025 Corporate Annual Report released today.

Please refer to our Annual Report for additional details, which may supplement or supersede the information provided herein.

All figures are in Canadian dollars unless otherwise stated.

¹ The combined pension plan clients reflect the investments of BCI’s six largest pension clients: BC Hydro Pension Plan, College Pension Plan, Municipal Pension Plan, Public Service Pension Plan, Teachers’ Pension Plan, and WorkSafeBC Pension Plan.

² Gross assets under management include all investment assets, before deducting Real Estate Debt and Equity recourse debt directly issued by QuadReal Property Group, BCI and QuadReal Property Group Real Estate Debt and Equity uncollateralized derivative liabilities, and BCI’s Funding Program liabilities.

³ Transaction has been announced but not yet closed; remains subject to satisfaction of closing conditions, including regulatory approvals.

⁴ Transactions were signed before BCI’s March 31 year-end but closed during the first quarter of the subsequent fiscal year.

⁵ These figures come from a 2024 Canadian Centre for Economic Analysis study and show the economic activity supported by BCI’s payments, its clients, operations, and investments during its fiscal year ending March 31, 2024. The study focused on BCI’s economic contributions and does not compare different retirement or insurance plan options.

BCI completes acquisition of BBGI Global Infrastructure S.A.

Acquisition represents the first take-private transaction BCI has completed as the sole investor

BCI Infrastructure & Renewable Resources has committed more than C$3.5 billion for new
investments in the first half of 2025

Victoria (CANADA), June 23, 2025 – British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors, today announced it has completed the £1.0 billion (C$1.9 billion) take-private acquisition of BBGI Global Infrastructure S.A. (“BBGI”). This acquisition marks the first take-private transaction BCI has completed as the sole investor.

BBGI is a Luxembourg-based global infrastructure investment company that provides responsible capital to build and maintain critical infrastructure—including hospitals, schools, affordable housing, bridges and roads—across seven countries. Partnering with the public sector, BBGI invests in infrastructure that strengthens local economies through a value-driven approach, combining active asset management with prudent financial oversight.

“BBGI is a highly complementary and strategic addition to our portfolio. Through this acquisition, BCI gains a specialized investment platform focused on high-quality, long-term contracted infrastructure projects. The portfolio also features several Canadian concessions—including transportation, healthcare, and energy infrastructure in British Columbia—that directly benefit many of our clients,” said Lincoln Webb, Executive Vice President and Global Head of Infrastructure & Renewable Resources (“I&RR”) at BCI. “With a longer-term investment horizon, reliable capital to support future expansion opportunities, and access to BCI’s extensive infrastructure expertise, BBGI is well positioned for strong growth ahead.”

Duncan Ball, CEO, BBGI commented: “We are proud of what BBGI has achieved as a listed company since our IPO in 2011, and are excited to begin the next chapter with BCI as our new owners. With BCI’s long-term capital and strategic alignment, we look forward to building on our strong foundation of delivering essential infrastructure that creates long-term value for communities and stakeholders alike.”

The acquisition of BBGI is now complete. The company’s shares have ceased trading on the London Stock Exchange and BBGI is now a private company owned by BCI.

In the past six months, BCI I&RR has committed more than C$3.5 billion of capital for new investments, including the BBGI acquisition, a significant minority equity investment in Renewi, a significant minority investment in Frontier Towers (through Pinnacle Towers), and smaller investments across sustainable energy infrastructure.

Lincoln Webb added: “We are finding exceptional opportunities to invest in high-quality infrastructure and renewable resource assets at the moment, across many geographies and sectors, and at prices we believe do not reflect the full potential of the assets and their long-term values.”

For more information about BBGI, visit: www.bb-gi.com.

About BBGI’s Portfolio

BBGI’s portfolio of concessions includes more than 50 transport and social infrastructure projects located in Canada, the U.S., the U.K., Germany, the Netherlands, Norway and Australia. BBGI manages the projects in its portfolio, collecting inflation-linked revenue through long-term agreements with government-backed entities.

BBGI’s portfolio of projects includes:

19 transportation projects with more than 500 bridges and structures, over 23 kilometers of tunnels and nearly 2,800 single kilometers of roadway.

More than 41 essential health care facilities, accommodating more than 2,400 patient beds.

14 education assets comprising 33 schools and colleges, providing an effective learning environment for over 36,000 students.

Three affordable residential housing developments, comprising 100 housing units, and two community centres.

Justice assets comprising four police stations and 26 fire stations.

BCI completes anchor investment in new private credit fund

Option to co-invest in additional direct lending opportunities with Arini, sourced through their alliance with Lazard

Expands BCI’s exposure to European mid-market credit market

Victoria (CANADA), June 19, 2025 – British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors, today announced it has completed a US$200 million anchor investment in the newly launched, Europe-focused, Arini Direct Lending Fund (“the Fund”) as part of the recently announced alliance between Arini Capital Management and Lazard, Inc. (the “Alliance”) to provide bespoke direct lending solutions to mid-market companies across Europe. In addition, BCI plans to invest, at its discretion, an additional US$400+ million as a co-investor in future European direct lending opportunities.

The Fund is well positioned to meet the rising demand for independent financing and tailored capital solutions among European mid-market companies, as industry dynamics have shifted many lenders up-market. By leveraging Lazard’s extensive corporate advisory network for deal origination and Arini’s deep experience in credit underwriting, the Fund and Alliance offer a differentiated approach to efficiently source attractive opportunities and underwrite private credit investments.

“Our anchor investment in the Fund positions us as a key partner in this differentiated private credit platform, created through the alliance between Arini Capital Management and Lazard, Inc., supporting our strategy to geographically diversify BCI’s Partnership Portfolio. The opportunity to co-invest with Arini in other exclusive lending opportunities will also provide BCI with more targeted exposure to various segments of the European market,” said Daniel Garant, Executive Vice President & Global Head, Public Markets at BCI. “This initiative not only provides us access to Europe’s vibrant private credit sector, but also positions us well to help deliver high-quality, risk-adjusted returns for our clients, while fostering the growth of dynamic mid-market businesses.”

The Fund will focus on a diversified mix of senior and junior debt, targeting resilient, risk-adjusted performance. Co-investment opportunities for BCI are expected to arise when facility sizes are too large for the Fund based on portfolio concentration limits.

Jeremy Trickett joins BCI’s Executive Management Team

BCI is pleased to announce that Jeremy Trickett has joined our Executive Management Team, effective June 9, 2025 in the role of Executive Vice President, Legal Affairs & Chief Legal Officer. Jeremy reports directly to Gordon J. Fyfe, Chief Executive Officer/Chief Investment Officer (CEO/CIO).

“Jeremy has done an excellent job of leading our legal and compliance teams, and I’m pleased to welcome him to our Executive Management Team,” said Gordon J. Fyfe, CEO/CIO. “His expertise and international experience make him well-positioned to contribute to BCI’s long-term growth as we expand our global footprint and deliver diversified investment opportunities at scale for our clients.”

“I’m honoured to join BCI’s Executive Management Team as we advance our client-first strategy in an ever-evolving legal and regulatory environment,” said Jeremy Trickett. “I look forward to continuing to work closely with our Senior Management Team and to leading our talented Legal Affairs professionals in delivering practical guidance that supports BCI’s and our clients’ long-term goals.”

Jeremy joined BCI in 2023 as Senior Vice President, Legal Affairs & Chief Legal Officer. He leads BCI’s legal and compliance teams, which have enterprise-wide responsibility for supporting transactional, investment, and operational activities. In his expanded role, he will also lead BCI’s government relations function.

Before joining BCI, Jeremy served as Senior Vice President & Chief Governance Officer at Great-West Lifeco Inc. He holds an Honours BA, JD, and an LLM, and is a member of the law societies of British Columbia, Alberta, Manitoba, Ontario, and England and Wales. Read more in Jeremy’s biography here.

About BCI’s Executive Management Team

The Executive Management Team sets the overall direction of BCI, aligned with our clients’ investment needs and expectations. This involves developing the strategic business plan, preparing the budget, and determining the corporate priorities. The team provides leadership to staff, oversees operations, and coordinates resources.

BCI Invests in KKR Tower Platform Pinnacle Towers

SINGAPORE & VICTORIA, Canada – June 9, 2025 – KKR, a leading global investment firm, British Columbia Investment Management Corporation (“BCI”), and Pinnacle Towers, an Asia-based digital infrastructure platform with a focus on the Philippines, today announced the signing of definitive agreements under which BCI will acquire a minority stake in Pinnacle Towers from KKR, which will remain the majority shareholder.

Pinnacle Towers was established in 2020 to serve the rapidly increasing demand for connectivity and quality telecommunications infrastructure in the Philippines. Led by a highly experienced management team, the platform specializes in executing on Build-to-Suit (“BTS”) telecommunications tower projects, optimizing the use and management of Sale-and-Leaseback (“SLB”) assets with leading mobile network operators, and providing ancillary management services to industry players. In the span of five years, Pinnacle Towers has scaled to become the largest independent tower company in the Philippines with around 7,000 towers.¹

Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources, BCI, said, “We are excited to work closely with KKR and Pinnacle’s management team to support the growth of the business. The Philippines represents a compelling market for long-term capital, especially in essential digital infrastructure services. This investment aligns with our emerging markets strategy of backing high-quality infrastructure assets alongside strong institutional partners. We look forward to supporting Pinnacle Towers as it continues to enhance digital connectivity and drive meaningful impact across the Philippines.”

Projesh Banerjea, Managing Director, Infrastructure, KKR, said, “We are very proud of the success that we have achieved with Pinnacle Towers to serve the Philippines’ connectivity needs. Since our initial investment, we have collaborated closely with Pinnacle Towers’ outstanding management team to deepen the platform’s capabilities and scale its presence organically and through bolt-on acquisitions. We are delighted to welcome BCI, who share our long-term vision and commitment to developing critical digital infrastructure, as strategic partners and look forward to building on Pinnacle Towers’ strong growth momentum.”

Patrick Tangney, Chairman and CEO of Pinnacle Towers, said, “Over the last five years, with the support of KKR, Pinnacle Towers has grown to become the leading independent tower company in the Philippines. BCI’s investment marks an important milestone in our journey and is a strong endorsement of our mission. With BCI and KKR as strategic partners, we are well-positioned to continue driving greater digital connectivity in the Philippines and across the region.”

BCI Infrastructure & Renewable Resources has a global portfolio with nine active investments in the Asia-Pacific region, including Rakuten Mobile (a leading communications tower company in Japan), Altius (a leading communications tower company in India), and Cube Highways (the largest toll road operator in India). The program continues to expand its presence in the region with the addition of this minority stake acquisition in Pinnacle Towers.

KKR made its investment in Pinnacle Towers from its Asia Infrastructure Funds I and II. KKR first established its global infrastructure team and strategy in 2008 and has since been one of the most active infrastructure investors around the world. KKR’s Asia Pacific infrastructure platform was established in 2019 and has since organically grown to approximately US$13 billion in assets under management.

The transaction is expected to be completed by Q3 2025, subject to customary regulatory approvals.

¹Including sites contracted to build or acquire

BCI and Macquarie Asset Management complete acquisition of Renewi

London, U.K. and Victoria, Canada, 06 June 2025 – Macquarie Asset Management, via Macquarie European Infrastructure Fund 7, and British Columbia Investment Management Corporation (BCI) (together, “the Consortium”), have completed the acquisition of Renewi, a leading waste-to-product company.

Renewi is a pure-play recycling company that focuses on extracting value from waste and used materials, diverting waste flows from incineration or landfill. The company sorts and processes more than 10 million tonnes of waste and wastewater at around 150 sites, primarily across the Netherlands and Belgium, two of Europe’s most advanced circular economies. Renewi utilises innovative processes and advanced technology to transform waste into circular materials, including paper, metal, plastics, glass, wood, building materials (including sand, gravel and cement replacements), compost and water.

The Consortium will support Renewi to further enhance its position as the circular economy leader across the Netherlands, Belgium, France and Portugal, and will support the business’ transformation initiatives, including the One Renewi strategy that was recently launched to strengthen Renewi’s logistics and processing capabilities. The Consortium’s investment will also enable Renewi to achieve its growth ambitions and increase the company’s recycling yield further.

Gabriele Duesberg, Head of Diversified Infrastructure – EMEA at Macquarie Asset Management, said:

“We are delighted to have finalised the acquisition of Renewi, a market leader in the waste sector. As countries across Europe look to transition to waste-free economies, Renewi is well positioned to capitalise on this demand with its strong growth ambitions and innovative waste solutions. We look forward to supporting the business as it becomes a European leader in the circular economy.”

Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources at BCI, said:

“This acquisition represents an exciting opportunity for us to work alongside Renewi, an established player in the waste sector. We look forward to supporting the business with its transformation initiatives and long-term growth plans, helping to contribute to a more circular economy in Europe.”

Annemieke den Otter, Chief Financial Officer and Board Member at Renewi, said:

“We are excited to partner with the Consortium as we focus on advancing circularity and becoming the leading waste-to-product company for Europe’s most advanced circular economies. We have made great progress on this goal over recent years, and as I look ahead, I am confident that with this new collaboration, and through the passion and dedication of our teams, we will create a more sustainable society for all.”

Macquarie Asset Management has invested in, managed and supported the development of assets in the waste management sector for more than 15 years in Europe, the Americas, and Asia-Pacific. Through its investments, Macquarie Asset Management supports the growth strategies of these waste management companies by providing additional capital to scale the businesses, while investing in initiatives to improve performance.

Macquarie Group has been invested in the Benelux region for 20 years. Since 2005, Macquarie Group has been investing in the region’s infrastructure including HES International, one of Europe’s largest diversified port terminals, and SkyNRG, a developer of sustainable aviation fuel.

BCI’s investment in Renewi was made through its Infrastructure & Renewable Resources program, which invests in tangible long-life assets in the Americas, U.K., Europe, and Asia Pacific, including a portfolio of direct investments in regulated utilities, energy, telecommunications, transportation, timberlands, renewable resources and agri-businesses. BCI Infrastructure & Renewable Resources has a long-established presence in the U.K. and Europe through notable direct investments such as A2 Motorway, Eku Energy, National Gas Transmission, and Reden Solar.

Emerging investment strategies: Insights from BCI’s client education event

Navigating today’s complex and volatile market environment requires innovative investment strategies. Our recent client education event featured a panel that brought together experts to share their insights and experiences on emerging investment approaches. Highlighting strategies that address the decelerating deal landscape and create opportunities for diversification, risk management, and value creation, the panel included:

Lynn MacAdam, Vice President, Client Partnerships

Zaman Velji, Senior Managing Director, Infrastructure & Renewable Resources

Kenton Freitag, Senior Managing Director, Private Debt

Here are some highlights from the panel discussion:

Q&A with the Panelists

Q: Can you provide an example of a new investment strategy that you’ve recently implemented or are currently working on?

Kenton Freitag: In private debt, one of the most recent strategies we’ve launched is asset-backed financing. This involves lending to a pool of assets, for example, student or car loans, or trade receivables, rather than directly to companies. By increasing the opportunity set, this approach allows us to achieve diversification, augment returns, and lower risk. Instead of being exposed to the risk of a single company, we spread our risk across multiple assets. This diversification helps to mitigate potential losses and enhances the stability of our returns, which is crucial in today’s volatile market environment.

While we are starting this strategy in a modest fashion, with sponsor-backed lending continuing to be the primary driver of our strategy, we anticipate that asset-backed financing will significantly grow within the next two to three years. This growth will allow us to further diversify our investment portfolio, reduce risk, and potentially increase returns by tapping into different asset classes and market opportunities.

Q: What are some innovative areas you’re exploring in the infrastructure sector?

Zaman Velji: We’re participating in opportunities in infrastructure debt, particularly in data centres, which are attractive in this interest rate environment. Investing in debt rather than equity allows us to manage risk more effectively while still participating in the growth of this sector.

As another, more preliminary example, we’re exploring the potential of nuclear energy, which is experiencing a resurgence, and seeking to understand how new technologies, such as small modular reactors, are evolving and the implications they could have for power generation globally.

Q: Can you share an example of an investment idea that didn’t make the cut and why?

Zaman Velji: We take a patient, evolutionary approach with emerging sectors. As an example, for electric vehicle charging infrastructure, we’ve conducted multiple evaluations over several years, tracking how business models are developing and which players are surviving. Several from our first look years ago have disappeared, which validates our cautious approach.

We examine fundamental questions like how money is made—is it through energy sales, retail offerings like at gas stations, or long-term availability-based contracts? We also look at operational requirements like having enough scale to support maintenance teams efficiently. With EV charging, we’ve seen the surviving players all chasing the same growth opportunities, creating intense price competition. As a result, we’ve held back despite the tremendous growth potential in the sector. That said, I imagine it’s just a matter of time before we see EV charging infrastructure mature to fit our risk profile, but we’re not quite there yet.

Q: What are you most proud of for your teams over the past year?

Kenton Freitag: Growing the portfolio while keeping it safe and maintaining spreads has been a significant achievement for our team. Over the past year, we have faced numerous challenges in the market, including increased volatility and economic uncertainties. Despite these obstacles, we have successfully expanded our portfolio by identifying and capitalizing on new opportunities, while ensuring that we keep risk low. This has allowed us to achieve consistent returns for our clients and uphold the integrity of our investments in navigating these complex market conditions.

Zaman Velji: I’m most proud of how we’ve maintained our culture while expanding in size, in breadth, in strategy. With team members in London, Mumbai, Vancouver, and Victoria, keeping a cohesive identity and approach is a source of strength. Despite the distance and time zones, we’ve stayed true to our foundational values—putting clients first, operating with transparency, and maintaining absolute integrity in all we do. These values aren’t just words on a wall; they guide our daily decisions across every office. In a world pulling people in many different directions, preserving this unified culture while growing our footprint has been our most meaningful achievement. That shared DNA makes us stronger as investors and as partners to the communities where our infrastructure assets operate.

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