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On April 10, 2025, BroadStreet Partners (the “Company”) announced that BCI, Ethos Capital, and White Mountains Insurance Group, Ltd. will acquire a co-control ownership position in the Company, alongside current investor, Ontario Teachers’ Pension Plan.

“BroadStreet is a marquee insurance brokerage platform with a differentiated agency partnership strategy that drives sustainable long-term growth with entrepreneurial ‘Core Partners’ across North America,” said Derrick Estes, Senior Managing Director, Private Equity at BCI. “BCI’s investment demonstrates our confidence in the BroadStreet strategy, their experienced management team, and the organic and inorganic growth opportunities ahead. We’re pleased to co-invest alongside our partner, Ethos Capital, and prominent insurance specialist, White Mountains, to support BroadStreet in driving future growth.”

Learn more about this investment in the BroadStreet news release.

“BCI is pleased to support Blackstone through partially funding their equity investment in the new Rogers Communications joint venture subsidiary holding backhaul network infrastructure,” said Daniel Garant, Executive Vice President & Global Head, Public Markets, at BCI. “Rogers is a longstanding and respected Canadian company, with a strong network of telecommunications infrastructure. Blackstone’s equity investment will ultimately enable Rogers to unlock greater value from their existing assets.”

Read more about the consortium’s investment in Rogers here.

At BCI, we integrate ESG across our total portfolio and asset classes, recognizing its vital role in shaping strategies and driving sustainable growth. As a leader in engagement, we are committed to fostering meaningful dialogue and collaboration across our portfolio.

In February 2025, BCI Private Equity’s inaugural ESG Value Creation Conference, hosted by Evan Greenfield, Managing Director of ESG for Private Equity, was a resounding success. BCI brought together key investment partners and portfolio companies for a day of education, dialogue, and sharing of best-in-class value creation practices attributable to sustainability. The event spotlighted BCI’s approach to ESG integration, from due diligence to exit, and showcased the tangible benefits on financial returns from active ESG engagement.

Portfolio Representation

Nearly 50 participants across investment partners, GPs and BCI portfolio companies took part with attendees spanning six sectors. The 14 GPs in attendance represented nearly $10.2 billion in exposure¹ and four BCI portfolio companies were represented with approximately $1.5 billion in net assets value².

¹Total exposure as of Q3-24, includes Fund and Direct investments covered under GP relationships.

²Net assets value as of Q3-24.

Background and Outcomes

The event featured presentations, fireside chats, and case studies underscoring the financial drivers attributable to ESG in BCI’s PE portfolio. Key portfolio companies and GPs connected to learn about BCI’s ESG framework, highlighted by examples of tangible, results driven portfolio company engagements, and quantifiable return impacts from BCI’s approach to ESG integration.

Recent examples of our active ESG engagement in the portfolio includes partnering with PS Logistics management team to support the establishment of the company’s ESG credentials and tying ESG practices to financial outcomes and engaging with BMS Group to develop sustainability and climate-related value-creation initiatives.

Key takeaways from our portfolio companies that surfaced in discussions were the value that BCI brings as an investment partner including:

• Aiding management in innovating through new business line creation
• Quantifying ESG-related business drivers
• Connecting them with complementary BCI portfolio companies, GPs, or best-in-class resources to enhance their business positioning

The event underscored BCI’s commitment to active ESG engagement and ESG integration. Overall, this event enabled BCI Private Equity to further reinforce our program to our GPs, and encourage a movement to link ESG to returns, paving the way for future opportunities focused on ESG value creation.

Impact and Feedback

We are thrilled at the feedback we received following the event and look forward to further engaging with our partners around value creation!

“Wonderful session with our Partners at BCI highlighting how stakeholder capitalism can create measurable value for employees, customers, vendors, communities, and shareholders. Thank you, Evan Greenfield, for organizing and leading such an informative and valuable event!”

– Erik Brooks, Ethos Capital

“This enlightening event featured insightful sessions and presentations from some of the industry’s leading experts. Each guest speaker shared innovative approaches and distinctive perspectives on Environmental, Social, and Governance (ESG) issues, emphasizing the advantages for investors in this rapidly evolving market.”

– Cory McGraw, Valence Surface Technologies

“BCI brought together a diverse group of companies from their investment portfolio, including BMS, as well as representatives from numerous private equity firms. The event’s agenda offered insightful thought leadership and reinforced the idea that an ESG-driven approach to product development and innovation will result in positive outcomes and value creation for all involved.”

– BMS Group

Settlement fund will support the revitalization of language, culture, heritage, and well-being for Indigenous communities over the long term

The Four Pillars Society, a not-for-profit organization representing 325 First Nations across Canada, has selected British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors, as an investment manager to support its nationwide mandate.

Established through a class-action lawsuit settlement by the Canadian Government for the loss of culture and language rights of Indigenous communities due to Residential Schools, The Four Pillars Society is responsible for administering the funds to advance the revitalization and protection of the four pillars of Indigenous language, culture, heritage, and well-being.

“This marks a momentous milestone in the stewardship of these settlement funds and the management of Indigenous capital in Canada,” said Cliff Fregin, Executive Director, The Four Pillars Society. “Through this unprecedented partnership, we have entrusted BCI as an investment manager to help to grow and safeguard our collective assets, ensuring that we can continue to empower Indigenous communities to preserve what matters most.”

Following a competitive review, The Four Pillars Society chose BCI to manage the majority of the funds based on its total portfolio approach, in-house asset management capabilities, responsible investment leadership, and cost recovery model emphasizing equity, accuracy, and transparency, among other factors.

“We are deeply honoured to be awarded this significant investment mandate, and for the trust placed in us by The Four Pillars Society to manage these settlement funds, which will have a lasting, positive impact on Indigenous people and communities for many generations. With gratitude, we look forward to building a strong partnership with The Four Pillars Society, working together to achieve their goals,” said Gordon J. Fyfe, Chief Executive Officer/Chief Investment Officer, BCI.

With $250 billion in gross assets under management, BCI has a proven track record as a leading global investor serving a range of British Columbia pension fund and institutional clients. The partnership with The Four Pillars Society represents BCI’s first client mandate extending beyond British Columbia.

ABOUT THE FOUR PILLARS SOCIETY 

The Four Pillars Society is a not-for-profit organization created for the sole purpose of investing and distributing a $2.8 billion settlement fund granted by the Government of Canada to 325 Band Class members that signed onto the class action lawsuit. The settlement fund is governed by The Four Pillars Society Board of Directors and focuses on building the language, culture, heritage, and well-being of Indigenous communities. For more information, visit FPS-LCHW.ca. 

ABOUT BCI 

British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$250.4 billion in gross assets under management, as of March 31, 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York City, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia pension fund and institutional clients. With a global outlook, BCI integrates ESG factors into investment decisions and activities that convert savings into productive capital to meet clients’ risk and return requirements over time. For more information, visit BCI.ca.

Victoria, British Columbia – The Private Equity group of British Columbia Investment Management Corporation (BCI) was recently named Limited Partner of the Year in the Americas by Private Equity International (PEI). The annual PEI Awards celebrate the best in class across firms, funds, deals, exits and other investment categories. 

“We are pleased to have been selected by PEI as LP of the Year and the recognition of the strong returns and value creation we’ve generated across our growing portfolio for our clients,” said Jim Pittman, Executive VP & Global Head, Private Equity. “Our performance has been led by both our strategic pivot towards more direct investing as well as the global growth of our program and portfolio, led by our team in Victoria, New York, and London.”  

Driving the strong performance is BCI Private Equity’s platform and strategy, focusing on direct investing, continuing to back leading GPs, driving value creation within the portfolio, and attracting world-class talent. Last year, BCI announced the sale of one of its first direct investments, Hayfin Capital Management, to Arctos Partners, as well as the sale of Ziply Fiber, of which BCI was a significant investor in the consortium led by Searchlight Capital Partners, to Bell Canada.

The award follows the strong momentum of BCI’s PE program, which has broadened its global presence through the expansion of its investment team in New York and London, as well as its growing portfolio of companies and fund partners.

To learn more, please visit: https://www.privateequityinternational.com/pei-awards-2024-americas-winners/

British Columbia Investment Management Corporation (BCI) is pleased to announce that Tom Vincent joined the BCI Board of Directors on February 14, 2025. The Minister of Finance for British Columbia has appointed Tom for a three-year term.

“On behalf of the Board of Directors, I would like to extend a warm welcome to Tom,” said Peter Milburn, Chair of BCI’s Board of Directors. “Tom’s significant experience serving on several client boards, along with his public sector expertise, will foster effective governance and oversight that supports BCI’s work of delivering long-term sustainable value to our clients.”

“I am pleased to join the board and support BCI’s purpose of creating value for our clients,” said Tom. “I look forward to working closely with my colleagues. Through collaboration and partnership, BCI has an important role in helping clients build a financially secure future for people across the province.”

Tom succeeds Sheila Taylor, who completed her term as director on December 31, 2024. Sheila was first appointed to the Board in 2018 and served as chair of the Human Resources Committee and Governance Committee.

“We thank Sheila for her many contributions to BCI, including her work as chair of our Human Resources and Governance Committee. Sheila’s insights and leadership were crucial to the Board’s success. We wish her the very best in her future endeavors,” added Peter.

Tom has served in several key roles, including member and Chair of the Public Service Pension Plan Board; Chair of the Interplan Investment Committee for the Public Service, Teachers’, and College pension plans; member of the Teachers’ Pension Board; and member of the Municipal Pension Board. He has also been the Government Partner representative to these plans and chaired the Public Service Pension Plan Benefits Committee. His prior roles include Chair of the British Columbia Medical Services Commission; Vice President of the Public Sector Employers’ Council Secretariat; Assistant Deputy Minister at the Ministry of Advanced Education; Executive Financial Officer for the Ministries of Education, Advanced Education, and Labour; and Executive Director in BC’s Treasury Board Staff.

BCI’s Board is structured in accordance with the Public Sector Pension Plans Act. BCI’s four largest pension plan clients each appoint a member from their Board of Trustees, with the Minister of Finance appointing the Chair and two directors to comprise a seven-member Board.

More information about BCI’s Board of Directors can be found here.

For information, please contact media@bci.ca.

VICTORIA, British Columbia – Today, British Columbia Investment Management Corporation (BCI) released the 12th edition of our Proxy Voting Guidelines. Published every two years, the guidelines affirm BCI’s commitment to using our influence and voting rights to uphold our expectations for robust corporate governance, protection of shareholder rights, and effective oversight of environmental, social, and governance ESG risks and opportunities.

“Our commitment to stewardship is evident across our organization through our deeply embedded practices,” said Daniel Garant, Executive Vice President & Global Head, Public Markets. “Proxy voting is a vital tool for driving corporate accountability and ESG performance in public markets. BCI’s latest guidelines build on two decades of industry leadership, raising the bar for companies across our global portfolio.”

Good Governance

BCI considers the adoption of strong corporate governance practices to be a minimum expectation for all our portfolio companies, and it remains the primary driver of our guidelines. Through proxy voting, we advocate for board independence, board diversity, transparency, and responsiveness to shareholders. We expect boards of directors to foster continuous learning, maintain clear separation between board and management roles, and design reasonable compensation plans aligned with long-term performance. Beyond this, we expect companies to disclose and ensure effective oversight of material ESG risks.

Accountability

Accountability serves as the cornerstone of BCI’s proxy voting approach and is inextricably linked to our governance principles. We have introduced new guidelines to further support holding boards of directors and management to the highest standards. This includes voting against proposals seeking officer exculpation, which limits or eliminates the personal liability of executives who have breached their duty of care, as well as proposals for virtual-only shareholder meetings as this format can limit meaningful investor participation. We have also added voting escalation to oppose the audit committee chair or other members in cases where non-audit fees are 50 per cent or greater than audit fees, or if tenure is 20 years or more and non-audit fees exceed 25 per cent.

Climate Action

Climate change represents an ongoing systemic risk in our investment portfolio. Our latest guidelines emphasize the alignment between our climate-related voting and our commitment to ensuring that, by 2030, at least 80 per cent of our most carbon-intensive investments have set mature net-zero commitments or are actively engaged by BCI.

“Proxy voting and engagement go hand-in-hand, reinforcing one another and giving us multiple levers within our broader stewardship program,” says Jennifer Coulson, Senior Managing Director & Global Head, ESG. “Climate change is a complex, multifaceted challenge and creating close alignment between our voting activity, direct and collaborative outreach, and work with policymakers is not only efficient – it clearly signals our priorities and conviction.”

BCI’s climate-related guidelines affirm our expectations for effective risk oversight by board directors and enhanced disclosure, highlight our use of third-party assessments in evaluating transition plans, and introduce consideration of physical climate risks.

Executive Compensation

BCI believes it is crucial to align financial incentives with long-term performance and sustainability. This year’s guidelines establish our broad support for including performance related to ESG objectives in executive compensation plans, where the associated risks are material. This will be considered alongside other factors for “Say on Pay” ballots.

Proxy voting is a key component of BCI’s overall approach to stewardship – the use of investor rights and influence to protect and enhance long-term value for our clients and beneficiaries. For more information, see our Proxy Voting Guidelines as well as a searchable database of our proxy voting records at BCI.ca/proxy-voting.

CONTACT

Olga Petrycki, Director, Corporate & Brand Communications
media@bci.ca 

BCI and Macquarie Asset Management, through Earth Bidco B.V., have announced a recommended cash offer to purchase 100 per cent of the issued and to be issued shares of Renewi PLC (“Renewi”, the “Company”) in a proposed take-private transaction. This acquisition is being pursued through BCI’s Infrastructure & Renewable Resources program.

Renewi is a leading waste-to-product company with operations primarily in the Netherlands and Belgium. The Company is listed on the London Stock Exchange and Euronext Amsterdam.

“We look forward to working with Renewi’s management in implementing the Company’s ongoing strategy as a pure-play waste-to-product company, in addition to supporting its growth ambitions. In the context of sustainability and resource conservation, we believe Renewi is well-positioned to support a more circular economy, helping to advance the EU’s targets under its Circular Economy Action Plan and maintain Europe’s position as a global leader in recycling,” said Lincoln Webb, Executive Vice President & Global Head of Infrastructure & Renewable Resources at BCI.

More information about the offer can be found in the offer announcement, available on the following website: https://www.macquarie.com/uk/en/macquarie-renewi-offer.html

Adds senior London-based team to deepen regional relationships and drive value creation strategies across portfolio

VICTORIA, NEW YORK, LONDON – February 13, 2025 – British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors, today announced the expansion of its Private Equity group into London.

The growth of BCI Private Equity’s European presence demonstrates its commitment to deepening relationships with investment partners and portfolio companies, scaling direct investment capabilities, and strengthening long-term value creation activities across its global portfolio. BCI’s London office will serve as the strategic hub for BCI Private Equity’s initiatives in Europe and is currently home to BCI Infrastructure & Renewable Resources’ team.

“Our presence in London is a natural progression of BCI’s strategy to broaden its global presence, allowing us to continue actively managing and originating private equity investments in the region, and further driving value creation across our portfolio for our clients,” said Jim Pittman, Executive Vice President & Global Head, Private Equity, at BCI. “We are well-positioned to act on the compelling opportunity set we see in the European market today.”

BCI Private Equity has added a London-based team with the appointment of senior executives Natasha Dillon and Derrick Estes.

Ms. Dillon, former Chief Portfolio People Officer on the operations team at Apax, has joined BCI as Senior Managing Director, Value Creation. In this new role, she is responsible for driving value creation across the global portfolio, including through people, talent, and organizational development.

Mr. Estes, former Partner at Corsair Capital, has joined as a Senior Managing Director. He will oversee BCI Private Equity’s global financial services sector team, focusing on insurance services, asset and wealth management, financial technology, specialty finance and payments solutions.

“We are pleased to welcome Natasha and Derrick to the team,” added Pittman. “Natasha’s deep operational background, and expertise in leading value creation and business transformation strategies bolsters our ability to deliver strong outcomes for our clients. Derrick brings over twenty years’ experience in global private equity, finance and capital markets and will further our investment and value creation capabilities in the sector.”

Today BCI Private Equity’s team has 73 investment and operational professionals in Victoria, British Columbia, New York City, and now London, investing across geographies and market cycles with a focus on proactive liquidity management. Over the last five-year period, BCI Private Equity’s program has deployed $24.2 billion in fund and direct investments, partnering with over 50 high-performing portfolio companies. BCI Private Equity opened its first office outside Victoria in New York City in 2022.

Contact:

Olga Petrycki

media@bci.ca

+1 778 410 7310

• Initially invested in 2017, ahead of private credit expansion
• Supported growth of the platform

VICTORIA (BC), LONDON & NEW YORK, February 10, 2025 – British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors, today announced it has completed the sale of its majority stake in Hayfin Capital Management (“Hayfin”) to Arctos Partners (“Arctos”), a private investment firm. BCI remains a significant and strategic limited partner in certain key Hayfin fund strategies. Hayfin’s management team was instrumental in leading the sale process to select Arctos as the preferred partner for the next stage of growth.

“Seven years ago, we identified a unique opportunity early in the cycle to invest in the secular tailwinds behind private credit and back Hayfin’s growth by supporting the expansion of its platform capabilities and strategies,” said Jim Pittman, Executive Vice President & Global Head of Private Equity at BCI. “We are pleased with the impact our strategic efforts have had in building Hayfin into a preeminent European alternative asset management firm, increasing its assets under management from €8 billion at the time of BCI’s initial investment to over €33 billion today, leading to this successful investment outcome for BCI’s clients.”

“Through our Principal Credit Fund, BCI has provided strong support for Hayfin’s direct lending and tactical credit strategies, helping these programs to meaningfully scale. We continue to view Hayfin as a core private credit strategic partner in Europe,” said Daniel Garant, Executive Vice President & Global Head of Public Markets at BCI.

BCI acquired a majority stake in Hayfin in 2017, after spotting an emerging trend for long-term growth in the European market for private credit asset management, driven by regulatory and structural demand trends. Through the course of its ownership, BCI worked with Hayfin management to grow the investment teams, build its partner solutions function and enhance platform capabilities to ensure stable asset management and superior risk-adjusted performance. BCI became a key strategic partner in Hayfin’s core private credit franchise and helped enable the platform’s expansion into further complementary strategies.

The private credit market has experienced a critical period of significant growth over the past seven years and the recent industry consolidation trends presented a compelling opportunity for BCI to sell its majority stake, allowing the realization of investment returns for its clients.

On July 30, 2024, BCI announced it entered into a definitive agreement to sell its majority stake in Hayfin to Arctos. All regulatory approvals have been secured and the transaction was completed on February 7, 2025.

BCI Private Equity has a long-established presence in Europe through notable direct investments in multiple industry-leading companies such as BMS Group, ZEDRA, Refresco, Compre Group and Waterlogic, where it brings its capital and operational expertise to bear. With a growing portfolio of companies and fund partners in Europe, BCI intends to continue expanding the footprint of its private equity program in this critical region. Our experience in Hayfin and other European-based companies positions us well for future growth and significant investment opportunities in the region.