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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.

BCI is pleased to announce, alongside BBGI Global Infrastructure S.A. (“BBGI”), that it has made a cash offer to take BBGI private.

“We believe BBGI will be a compelling and strategic addition to BCI’s Infrastructure & Renewable Resources portfolio, with a diversified mix of international holdings across the transport, clean energy, healthcare, education and social infrastructure sectors. We see many opportunities to leverage our expertise, global relationships, and access to long-term capital, alongside BBGI’s experienced management team and proven asset management strategies, to drive further growth and value creation across the BBGI portfolio.”

— Grant Hodgkins, Senior Director, Infrastructure & Renewable Resources, BCI.

More information about the offer can be found in the offer announcement here.

Victoria, British Columbia – British Columbia Investment Management Corporation (BCI) has been selected for the first time as one of Canada’s Top Employers for Young People. The recognition is part of Canada’s Top 100 Employers produced by Mediacorp Canada Inc., which has named BCI one of Canada’s Top 100 Employers for the last six years. 

“I’m excited BCI is recognized as a top employer for young people,”

said Norine Hale, BCI’s Executive Vice President, Human Resources.

“This recognition reflects our commitment to fostering an inclusive and supportive work environment where young professionals can build their expertise, bring innovative ideas to the table, and make a difference through purposeful work.”

 As BCI continues to drive sustainable growth on a global scale, investing in the next generation of world-class professionals is essential. Over the years, BCI has expanded its co-op and intern program, hiring students and recent graduates from across the country year-round. In 2024, 175 co-op students and interns completed 227 work terms across the organization. The program provides hands-on work experience alongside opportunities to build connections and learn new skills. Since the program’s inception, over 136 co-op students and interns have transitioned into full-time roles.

In addition to the co-op and intern program, BCI offers various development and leadership opportunities to help young employees build their professional skills, networks, and confidence. BCI offers a mentoring program, subsidies for professional accreditations and development, and a wealth of training opportunities to help early-career professionals discover their passions and hone their skills. 

To read BCI’s top employer profile, visit Canada’s Top 100 Employers website and check out the special feature published by The Globe and Mail. To learn more about work at BCI visit our Careers page. 

Mediacorp Canada Inc. is the nation’s largest publisher of employment periodicals, reaching millions of Canadians each year. The editors evaluate applicants for Canada’s Top Employers for Young People based on the programs, benefits, and opportunities they offer to attract and retain young workers. 

CONTACT

media@bci.ca 

Artificial Intelligence (AI) is revolutionizing the way we work across sectors and industries around the globe. From increasing operational efficiency to improving decision-making, these unprecedented advancements can translate into business results and more meaningful work – but only if you’re comfortable with being uncomfortable.

Tony Payne, BCI’s Senior Vice President, Technology & Innovation and Chief Technology Officer shares how BCI is harnessing the power of AI to create efficiencies and why being nimble and resilient to change is essential for global investors.

Q1: You have led technology teams for more than two decades. What’s your current philosophy around innovation?
TP: Innovation is not just a thing that happens; it’s a process that supports human aspirations. I believe there is always room for improvement, efficiency gains, and challenging the status quo. If you stop paddling, you will float downstream. To see what is around the corner and explore new horizons, you need to press forward, seek opportunities, and generate excitement on the journey.

That’s the approach we take at BCI. It’s not always easy, but we are laser focused on delivering for our clients and that means building a culture where we can constantly evolve. The willingness of our people to embrace innovation as a process and seek different ways of doing things makes it easier to bring new ideas to life.

Q2: When you look at the AI landscape, what’s top of mind?
TP: Digital transformation and disruption are in the DNA of technologists. What’s most exciting for me right now is the pace at which AI is evolving and creating new opportunities. Not so long ago, the smartphone revolutionized personal computing by combining multiple devices and functions into one – going beyond just traditional phone, music, and camera capabilities to become our go-to for things like banking and health data. The proliferation of AI alongside robotics will generate a whole new world of possibilities, enabling people to truly do things differently.

As AI continues to be embraced by mainstream users, the focus is shifting to how we can add value and tackle challenging thought-work, while leaving mundane tasks to AI-enabled tools. This is pushing people to step out of their comfort zone and re-imagine their roles in a modern world.

Q3: BCI was an early adopter of AI. How is that changing the way you deliver for our clients?
TP: When embraced, technology is a critical enabler that can help BCI operate more efficiently and open new operational and investment approaches. We see AI as a key capability, tool, and facilitator, and actively look for ways to integrate it into our work. From automating basic administrative tasks to assisting our investment teams with advanced data analysis using natural language processing, AI is at the forefront of the tools we leverage. It’s freeing up more time to do the work that generates the returns our clients depend on.

BCI was one of 10 companies in Canada chosen by Microsoft to participate in its Early Access Program for Copilot and Azure, two groundbreaking generative AI-integrated tools. Of BCI’s 300 initial Copilot users, 84 per cent reported a 10 to 20 per cent increase in productivity while 76 per cent of users said they would not be willing to go back to working without it. Importantly, our participation gave us the opportunity to provide feedback and influence the development of these tools.

Q4: As a leading global investor, what drives you to stay ahead of emerging technologies?
TP: With a portfolio of more than $250 billion in assets under management, our ability to leverage technology to create value is central to our competitive advantage. Across our portfolio, we analyze massive amounts of data to support new and existing investments. Carefully factoring AI into our investment process allows us to derive better insights from available data and create process efficiencies, leading to faster and better decisions. At our current size, even incremental improvements can translate into business wins that ultimately benefit our clients and the communities they serve.

Strong partnerships between BCI’s technology and investment teams are at the core of our approach, and together we focus on the highest impact opportunities and create fit-for-purpose solutions. For example, ESG is deeply integrated into our investment processes across asset classes, and we actively use AI to improve the coverage and quality of sustainability data for our portfolio managers. We are also collaborating to look at how AI can support the development of net-zero roadmaps for our private equity and infrastructure portfolio companies.

Q5: What advice do you share with employees and partners about navigating the ambiguity of AI?
TP: Both new technology and technological disruption change everything, but there is no silver bullet to fix complex things. AI is currently going through a hype-cycle and, in the process, there will be wins and losses. We have to stay resilient, embrace change, and look for opportunities – big and small.

That means taking calculated risks and not being afraid to learn from failure. BCI has guiding principles that act as guardrails and allow us to accelerate AI use in a measured way that aligns with our risk tolerance. In this new landscape, navigation really comes down to each of us feeling empowered by new technologies and getting comfortable with being uncomfortable.

Learn more about how BCI is enhancing productivity through generative AI.

Check out current opportunities with our Technology team.

Norine Hale, Executive Vice President of Human Resources, reflects on how BCI’s commitment to people and culture has contributed to being named one of Canada’s Top 100 Employers six years in a row.

Q1: Strong values alignment between an organization and its employees is a hallmark trait of a top employer. What drives BCI employees’ passion and commitment to living BCI’s values?
NH: I believe that our employees take the BCI value of Clients First very seriously. Most of the assets we manage are for pension funds that count more than 740,000 British Columbians as their beneficiaries. Our employees’ work contributes to paying pensions for retirees’ who spent lengthy careers as police officers, bus drivers, nurses, or teachers. Honestly, I can get a little emotional when I think about that and how important it is to safeguard and grow the investment funds to support these pensions. Our people are committed to Clients First and live BCI’s additional values, knowing their day-to-day decisions will impact these individuals, their families, and their communities. We take pride in our performance for both pension and non-pension clients, recognizing it as a powerful instrument for positive change and the greater good.

Q2: Top employers are known for constant improvement. What approach does BCI take to growth and development?
NH: BCI is a hub of exceptional and diverse individuals ready to share their knowledge and expertise. We prioritize learning and development through various programs and initiatives such as tuition reimbursement and in-house training, as well as establishing career pathing to ensure clear avenues for our employees to grow their careers with BCI.

Our co-op program provides hands-on work experience for people just starting their careers. It’s been an incredible talent pipeline and an opportunity for our employees to share and refine their knowledge through training post-secondary students and recent graduates.

We also encourage informal learning through mentorship, lunch and learns, and knowledge-sharing initiatives like our investment and public speaking clubs. People are willing to share what they know, making knowledge exchange probably the greatest source of learning here at BCI. Employees are encouraged to take the time for valuable informal discussions, and coffee chats are a key part of our culture. We really try to inspire curiosity, and I think employees know that. The people who are successful at BCI are curious. They’re the ones asking questions, listening and learning from each other.

Q3: Curiosity and innovation usually go hand in hand. Can you share how BCI fosters innovation?
NH: Innovation is one of the three strategic ambitions we established in our current business plan, and we are proud to encourage employees to be creative and support their efforts to innovate. This year we created an innovation council and ran an internal event called ‘The Innovation Bull Pen’ where employees pitched their ideas. We were also one of just 10 Canadian companies that participated in the Early Access Program for Microsoft Co-pilot and became early adopters of this AI tool. At our last town hall, we brought in an amazing speaker to inspire our employees and reinforce that innovation isn’t limited to technology. Innovation is about developing fresh ideas and approaches – it’s a mindset.

Since joining BCI more than 10 years ago, our CEO/CIO, Gordon J. Fyfe, has emphasized the importance of innovation and led by example. He took BCI from a ‘plain vanilla’ investment manager to an active, global investment manager that has a well-diversified lineup of investment strategies. So, while innovation with “capital letters” is new this year as part of our latest business plan, we have been at this for a while. I’ll add that “small i” innovation is essential too. Innovators aren’t just those coming up with the big ideas, innovation also occurs when people find incremental improvements in their day-to-day work. While these may seem small, these improvements can have exponential impacts. Being innovative is a journey without a final destination, and we’re continuing on this road to ensure we can maintain our commitment to deliver for our clients.

Ten of Canada’s largest pension investors and investment managers, representing more than $2.25 trillion in assets under management, today affirm their support for both the Canadian Sustainability Disclosure Standards (CSDS) from the Canadian Sustainability Standards Board (CSSB): General Requirements for Disclosure of Sustainability-related Financial Information (CSDS 1) and Climate-related Disclosures (CSDS 2), collectively the CSSB Standards.

The CSSB standards establish a robust framework for the Canadian market, while addressing specific Canadian circumstances. Alignment with a global baseline is important for the competitiveness of Canadian companies in global capital markets and for Canadian directors to discharge their duties to the companies they oversee. We also believe that this will reduce the reporting burden for Canadian entities that operate or raise capital in multiple jurisdictions.

For major institutional investors, complete, comparable sustainability-related information is a key part of making informed investment decisions. The CSSB’s standards address both general sustainability-related disclosures and climate-specific requirements, thus providing a framework to access this critical information.

While we recognize the need to make modifications to address Canadian-specific considerations, we encourage Canadian issuers to not delay the measurement and reporting of material sustainability-related information, particularly where “reasonable and supportable information is available to the entity at the reporting date without undue cost or effort.” For effective capital allocation decisions, investors depend on standardized disclosure across the full spectrum of material sustainability risks and opportunities.

As part of our mandates, our objectives are to deliver long-term, risk-adjusted returns that help support retirement and benefit security for millions of Canadians. We believe these standards will strengthen the Canadian market’s sustainability disclosure infrastructure and improve the quality of information available to investors, stakeholders and regulators. We call on corporate leaders to adopt CSDS 1 and CSDS 2 to ensure the transparency and comparability needed to make investment decisions that will contribute to a more prosperous future for our clients and beneficiaries.

ABOUT:

British Columbia Investment Management Corporation (BCI)
Gross AUM $250.4 billion (as at March 31, 2024)
About
Media: Olga Petrycki, Tel: +1 778 410 7310, Email: media@bci.ca
 

CDPQ (Caisse de dépôt et placement du Québec)
AUM $452.0 billion (as at June 30, 2024)
About
Media: Media Relations team, Tel. : + 1 514 847 5493, Email: medias@cdpq.com
 

Canada Pension Plan Investment Board (CPPIB)
AUM $675.1 billion (as at September 30, 2024)
About
Media: Frank Switzer, Tel: +1 (416) 523 8039, Email: fswitzer@cppib.com
 

Healthcare of Ontario Pension Plan (HOOPP)
AUM $112.6 billion (as at December 31, 2023)
About
Media: Scott White, Email: swhite2@hoopp.com
 

Investment Management Corporation of Ontario (IMCO)
AUM $77.4 billion (as at December 31, 2023)
About
Media: Neil Murphy, Tel: +1 (416) 898 3917, Email: neil.murphy@imcoinvest.com
 

Ontario Municipal Employees Retirement System (OMERS)
AUM $133.6 billion (as at June 30, 2024)
About
Media: Don Peat, Tel: +1 (416) 815 4433, Email: media@omers.com
 

Ontario Teachers’ Pension Plan (OTPP)
AUM $255.8 billion (as at June 30, 2024)
About
Media: Dan Madge, Tel: +1 (416) 419 1437, Email: media@otpp.com
 

OPSEU Pension Plan Trust Fund (OPTrust)
AUM $25.0 billion (as at December 31, 2023)
About
Media: Jason White, Tel. : +1 (416) 201 1527, Email: jwhite@optrust.com
 

Public Sector Pension Investment Board (PSP Investments)
AUM $264.9 billion (as at March 31, 2024)
About
Media: Maria Constantinescu, Tel: +1 (514) 218 3795, Email: media@investpsp.ca
 

University Pension Plan (UPP)
AUM $11.7 billion (as at December 31, 2023)
About
Media: Zandra Alexander, Tel: +1 (647) 454 2612, Email: media@universitypensionplan.ca

BCI is pleased to announce the reappointment of Paul Finch to the Board of Directors.

The Public Service Pension Plan Board of Trustees has reappointed Paul for a three-year term from April 1, 2025 through March 31, 2028.

Paul was first appointed to the Board by the Public Service Pension Plan Board of Trustees on April 1, 2019. He is a member of the Human Resources and Governance Committee.

Paul is president of the BC General Employee’s Union (BCGEU), a plan partner representative for the Public Service Pension Plan and the College Pension Plan, a trustee on the Public Service Pension Plan Board of Trustees, chairperson of the BC Target Benefit Pension Plan, and.

He also serves on the National Executive Board of the National Union of Public and General Employees and the Executive Council of the BC Federation of Labour.

Paul completed the Directors Education Program at the University of Toronto’s Rotman School of Management in 2019 and holds the ICD.D designation from the Institute of Corporate Directors.

BCI’s Board is structured in accordance with the Public Sector Pension Plans Act. Of the seven-member Board, the 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.

Learn more about BCI’s Board of Directors.