Category: Uncategorised

BCI Recognized with United Way Spirit Award

BCI's 2024 United Way Spirit Award recipients shows four people standing in front of a white wall with many framed photos on it.

At BCI, we help to create strong, healthy communities for all through initiatives like fundraising and volunteering, and we are proud of the dedication of our employees to making positive impact.

The United Way of Southern Vancouver Island (UWSVI) recently recognized our efforts with the Spirit Award, a testament to our commitment to giving back. The award recognizes an organization for achieving exceptional results in employee fundraising and demonstrating community leadership in multiple ways.

Last year, BCI employees raised more than $60,000 for United Way chapters across Canada. Our selection for this award was based on our employees’ coordination of and engagement in creative and meaningful fundraising activities during our annual United Way campaigns, consistent growth in our current and past campaign results, and our long-term support for the UWSVI and our local communities.

“BCI consistently demonstrates that giving back to the community is deep-rooted in their culture,” said Erika Stenson, Executive Director of USWVI. “We are delighted to provide this well-deserved recognition for always going above and beyond, and truly making the places we live and work better for all.”

Throughout the most recent campaign, BCI’s grassroots campaign committee organized diverse opportunities for employees to get involved and make a difference. This included unique fundraising initiatives, a donation drive for Cool Aid Society, volunteer days at Soap For Hope Canada, and a speaker panel featuring representatives from a range of local organizations who shared personal stories and discussed the needs, challenges, and opportunities in our communities.

“After more than two decades, BCI’s employee-led campaign committee continues to find new and innovative ways to inspire giving back. This year’s speaker panel, featuring local non-profit partners, was uniquely impactful and showcased the extensive community ecosystem we support through the UWSVI,” said Shauna Lukaitis, BCI’s Chief Operating Officer and long-standing executive champion for its campaign committee. “I am proud of our collective impact and grateful for our passionate colleagues leading these initiatives, which not only benefit our communities but foster a strong culture of caring.”

Since 2000, BCI employees have organized an annual giving campaign that has raised awareness and contributed more than $1.2 million to UWSVI. These funds are directed to priority areas, such as support for isolated seniors, family resources, mental health and addiction services, and fostering diverse and equitable communities.

Beyond fundraising, BCI offers every employee 14 hours of paid volunteer time each year to make a difference where we live and work. In 2023, BCIers volunteered more than 800 hours at over 30 organizations.

Learn more about the UWSVI Spirit Awards and how we give back BCI.ca/community

WSP to Acquire POWER Engineers Setting a Milestone for Accelerated Growth

Two electric company workers with a laptop, pointing up to a large high-voltage tower.

BCI is pleased to announce that we have agreed to invest an additional C$125 million in WSP Global Inc. (TSX: WSP) through a private placement of subscription receipts to partially finance WSP’s announced acquisition of POWER Engineers.

“We are pleased to support WSP with their announced acquisition of POWER Engineers,” said Jeff Morris, CFA, Senior Managing Director, Active Equities at BCI. “WSP is a Canadian champion and global leader in the engineering and consulting industry. The proposed acquisition propels WSP to a top position within the North American power and energy engineering industry – adding another pillar of growth for the company in an area that is critical to the global energy transition. We believe the acquisition is both strategically and financially compelling, and expect WSP’s growth will continue to create value for our clients.”

Rakuten Mobile raises runds from Macquarie Asset Management-led consortium through leasing of mobile network assets

Cell tower above city skyline

Tokyo, August 8, 2024Rakuten Group, Inc. and Macquarie Asset Management today announced that Rakuten Mobile, Inc., a subsidiary of Rakuten Group, will raise between JPY 150 billion to 300 billion (around $US1~2 billion)*1 in funds for the sale and leaseback of a portion of its mobile network assets with a consortium of global leading infrastructure investors, led by Macquarie Asset Management and including British Columbia Investment Management Corporation, via the Macquarie Asia­ Pacific Infrastructure Fund 3.

Through this arrangement, Rakuten Mobile will conduct fundraising in the form of a sale and leaseback transaction and will continue to manage and operate these mobile network assets. Rakuten Group will promptly announce the final amount and other conditions in due course.

Mickey Mikitani, Chairman and CEO of Rakuten Group, said, “I am delighted to announce this innovative partnership with Macquarie Asset Management, one of the world’s leading infrastructure investors. They strongly believe in our vision for the future, and together, we’ve made our financial foundation even stronger. Rakuten Mobile is already well on its way to profitability, and with our new initiative, we will continue to build on this momentum as we aim to reach profitability even faster and become the top mobile carrier in Japan.”

Verena Lim, Co-Head of Asia-Pacific Macquarie Asset Management Infrastructure and Chief Executive Officer of Macquarie Group in Asia, said, “We believe Japan’s commitment to revitalize its digital economy and accelerate the pace of digital transformation presents significant opportunities to investors in the digital infrastructure sector. The Rakuten Ecosystem and Rakuten Mobile’s network is at the very forefront of this digital evolution, and we are excited to partner with Rakuten Mobile to support and accelerate its business growth.”

Macquarie has been present in Japan for more than 24 years, and Macquarie Asset Management has been investing in Japan as well as connecting Japanese investors to global opportunities across infrastructure, green investment and real estate. With deep expertise in managing funds in Asia-Pacific, together with on-the-ground teams equipped with strong local market knowledge and deep relationships, Macquarie continues to deliver investment opportunities and value for its clients.

Objective of this funding

The Rakuten Group is committed to its financial strategy of pursuing financing measures that balance growth-oriented investment with mid-to­ long-term financial soundness and is currently working on balance sheet management through a reduction of total interest-bearing debt and proactive debt maturity management.

Rakuten Mobile’s profitability has been improving in accord with a steady increase of its subscriber base and capex reduction. Furthermore, Rakuten Group’s free cash flow in the Internet Services segment and dividends received from the Fintech segment continue to increase. The Group finance strategy aims to establish self-funding for the financing needs of Rakuten Mobile through internal cash flows within the Group by the end of this year.

Rakuten Mobile’s cash flow before marketing costs is making steady progress towards profitability. At the same time, based on the assumption that a certain level of capital investment will continue in the future, it is important for the Group’s financial strategy to ensure adequate liquidity until Rakuten Mobile achieves positive free cash flow on a standalone basis.

The large-scale capital financing of Rakuten Mobile improves its liquidity and establishes its self-funding platform. Additionally, the cash flow generated from Rakuten’s Internet Services and Fintech businesses can be prioritized for reducing its interest-bearing debt, thereby enhancing its liquidity position in the Rakuten Group.

Securing long-term and large-scale funding for Rakuten Mobile from leading global infrastructure investors, to meet immediate funding needs, not only contributes to diversifying the company’s financing methods and expanding its investor base but also is expected to further strengthen the Group’s financial foundation.

(1) Type of Financing Sale and leaseback
(2) Subject Assets Mobile network
(3) Scheduled Lease Principal (Funding Amount)*2 Between JPY 150 billion to 300 billion
(4) Lease Period 10 years
(5) Use of Proceeds Working capital and capex for Rakuten Mobile, etc.*3
(6) Arranger SMBC Nikko Securities Inc.


Notes

*1 Based on currency rate as of August 5, 2024

*2 The companies will announce the final amount of the financing when fixed.

*3 Capex for this year is expected to be approximately JPY 100 billion, as originally planned. In 2025, maintenance cost is expected to be limited, and there is no expected need for a significant investment related to capacity expansion. Therefore, the capex is expected to remain at a subdued level.

Please note that the information contained in press releases is current as of the date of release.

BCI Agrees to Sell Majority Stake in Hayfin

Image looking up at the outside corner where two mirrored building panels meet.

  • Will remain a strategic limited partner in certain Hayfin funds post-closing
  • Initially invested in the leading alternative credit asset manager in 2017 and supported growth of the platform

VICTORIA (BC), LONDON & NEW YORK, July 30, 2024 – British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors, today announced it has entered into a definitive agreement with Arctos Partners (“Arctos”), a private investment firm, to sell its majority stake in Hayfin Capital Management (“Hayfin” or the “Company”), a leading European-focused alternative asset management firm. Following completion of the transaction, BCI will remain a significant and strategic limited partner in certain key Hayfin fund strategies.

BCI acquired a majority stake of Hayfin in 2017, after identifying a compelling opportunity in the European market for private credit, driven by regulatory and structural demand trends. During its ownership, BCI made significant strategic investments to support the continued growth of Hayfin’s strategies and worked with management to grow the investment teams and platform capabilities to ensure stable asset management and superior risk adjusted performance. Hayfin experienced strong sustained growth and momentum as a result, increasing assets under management from €8 billion at the time of investment to over €31 billion today. Hayfin’s product offering now spans direct lending, special situations, tactical solutions, high-yield/syndicated loans, healthcare opportunities, maritime yield and private equity solutions. Through the course of its ownership, BCI provided strategic input, industry expertise, capital support, and talent resources to help guide Hayfin towards achieving significant growth and scale over a seven-year period. Overall, BCI’s investment is expected to generate a significant return on invested capital and a successful outcome for its pension plan and insurance fund clients.

Jim Pittman, Executive Vice President & Global Head of Private Equity at BCI, said “BCI’s successful private equity partnership with Hayfin’s management reflects our flexible, creative, and collaborative approach to investing. Given our long-term investment horizon, we were able to spot an emerging trend early on in the cycle – in this case the growth of the European private credit market – and help scale Hayfin into the market leader it is today.”

Pittman added, “We are delighted to have reached this agreement with Hayfin and Arctos, delivering an excellent outcome for BCI’s pension plan and insurance clients. We’re extremely proud of the partnership we forged with the Hayfin team over the past seven years, which has delivered significant growth in a critical period for the private credit market. We remain confident in Hayfin, its management team, strategic vision and investment strategies and are pleased to remain as a significant limited partner in certain key funds.”

BCI’s private equity program has a long-established presence in Europe through notable direct investments in multiple industry-leading companies such as Hayfin, BMS Group, ZEDRA, Refresco, Compre Group and Waterlogic, where it can bring its capital and operational expertise to bear. With a growing portfolio of companies and fund partners in Europe, BCI intends to continue accelerating the footprint of its private equity program in this critical region.

The transaction is subject to customary regulatory approvals and is anticipated to close in Q4 2024.

Goldman Sachs International and Moelis & Company LLC served as financial advisors to Hayfin and BCI. Weil Gotshal & Manges LLP acted as legal counsel to BCI, Macfarlanes LLP and Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel to Hayfin, Kirkland & Ellis LLP acted as legal counsel to Hayfin management and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Hayfin’s independent directors.

ABOUT BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada, with C$250.4 billion in gross AUM as of March 31, 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its 29 British Columbia public sector clients.

BCI’s private equity program actively manages a C$31 billion global portfolio of privately held companies and funds with the potential for long-term growth and value creation. Leveraging our sector-focused teams in business services, consumer, financial services, healthcare, industrials, and technology, media and telecommunications, we work with strategic private equity partners to source and manage direct and co-sponsor/co-investment opportunities.

CONTACT
Olga Petrycki
media@bci.ca

May Han: Sparking change through board involvement

may han headshot

Introducing May Han, Director of Investment Accounting at BCI and a dedicated volunteer board member helping non-profits in Victoria and beyond.  

With the belief that helping just one person contributes to the betterment of the community as a whole, May has always looked to leverage her knowledge and experience to bring about change at the governance level. 

One of the organizations May volunteers with is Victoria Women’s Transition House (VWTH), an organization dedicated to advocating and supporting women affected by intimate partner violence. 

Q: What motivated you to get involved with Victoria Women’s Transition House? 

A: When I moved to Victoria a couple of years ago, my past journeys with women who have experienced intimate partner violence and abuse motivated me to contribute to the local community through VWTH. With my previous experiences with volunteer board positions, and the many passionate individuals involved in the organization, I felt that getting involved at a governance level would help drive VWTH to achieve their vision and mission. 

Q: How are you sparking change in our community?  

A: Volunteer organizations are always in need of help at every level, from hands-on interactions with the community to behind-the-scenes planning, financial stewardship, and fundraising, to fulfill their purpose. I’m privileged to work alongside bright individuals from diverse backgrounds to support the organization’s community initiatives, leveraging my experience and knowledge in finance, risk management, strategy, and accounting to effect change. For example, with VWTH, I’m involved in an exciting project in collaboration with the Government of British Columbia to build and operate a four-storey building with 50 residential units to offer transitional housing and support services for women and their children. The opportunity to make a difference in an ongoing issue is a rewarding experience, as VWTH continually supports and improves the lives of women and their families. 

Besides VWTH, I support four other non-profit governance at the board level including Connections Place in Victoria, as well as Alberta Lung, YWCA Edmonton, and E4C in my home city of Edmonton. Each organization focuses on ambitious projects to increase their impact in the community. I’ve taken on various roles such as vice chair/president, treasurer, chair of finance & audit committee, secretary, chair of governance committee, chair of nominations committee, and as a board director at large, depending on the organization’s need. 

Q: What advice do you have for those looking to get involved in their communities?  

A: Volunteering is an incredibly rewarding experience. From the impact made for others, to the experience and connections gained, volunteering is a way to pursue a passion while leveraging your talents and experience to support the community. When you help even just one person, you’re contributing to the betterment of the entire community. 

Start by defining what volunteering means to you personally, and identify your “why” – the goals, values, and interests that drive you. Then, look for organizations that align with your “why,” making your investment of time more meaningful. Finding organizations aligned with your “why” doesn’t have to be something you do alone. For example, multiple team members at BCI have gotten out to help spruce up VWTH shelters and decorate for Christmas, making a group impact. 

Non-profits are always in need and are often understaffed and underfunded. There are so many ways to get involved that don’t require a huge commitment, fits with your lifestyle, and can help you grow. 

Group of BCI volunteers

BCIers volunteering at VWTH this April 

BCI offers every employee 14 hours of paid volunteer time each year to make a difference where we live and work. We appreciate our many team members who are champions in our communities. They are part of how we foster a culture of caring and make a positive impact for all. 

Learn more about how we give back at BCI.ca/community 

Rod Prat: Leveraging Flexibility and ESG Trends to Capture Unique Investment Opportunities for Our Clients

Rod Prat headshot in front of a window

BCI’s Global Partnership Fund (GPF) has a distinct and flexible mandate that allows the team to pursue opportunistic investments including those driven by or linked to systemic ESG trends like climate change. We launched the GPF as an actively managed investment fund in 2019 to generate returns in excess of the MSCI World ex-Canada Index through the employment of both traditional long-only equity security selection and absolute return strategies. Absolute return strategies give our clients access to investments that are expected to deliver positive returns irrespective of broader market performance and have low correlation to equity markets, with strong downside protection.

Rod Prat, Managing Director, Partnership Portfolio, shares how the GPF considers sustainability themes in its strategies and his perspective on future ESG trends and opportunities.

Why is the GPF uniquely positioned to invest in sustainability-related themes?
RP: Across BCI, we strive to understand and manage ESG-related risks while identifying underlying ESG factors that could inform future investment opportunities by collaborating closely with our dedicated ESG team and colleagues throughout the organization. The GPF is differentiated by a distinct mandate to invest in absolute return strategy investments that does not constrain us to a specific asset class. We have the flexibility to be highly opportunistic and explore a diverse range of asset types and structures. A key advantage of this is our ability to invest in unique deals that may not have a natural home within BCI’s other funds and strategies, including those that not only aim to deliver on the fund’s investment objectives, but also seek to deliver positive sustainability outcomes. For example, the GPF can allocate capital to environmental commodity markets and niche sectors that are important to advancing global ESG and climate-related ambitions.

With such a wide mandate, can you elaborate on the types of deals you look for and provide some examples of the GPF’s recent sustainability-themed investments?
RP: Investments that fall into our absolute return strategies’ investable universe seek to achieve positive returns in rising, falling, or flat market conditions. This can include fund investments, co-investments, and direct investments that capture pricing discrepancies, market inefficiencies, and other opportunities not directly tied to the performance of market indices.

The GPF has invested in a range of opportunities that align with sustainability themes. We tend to focus on market inefficiencies and situations that require nimble, opportunistic capital versus large-scale projects and investments that are more suited to BCI’s other assets classes like infrastructure & renewable resources. For example, AB CarVal’s Clean Energy Fund II, which invests in lending opportunities in clean energy generation and storage assets. Our relationship with AB Carval also led to two sustainability themed co-investments last year.

Another recent investment that shows the flexibility and uniqueness of the GPF’s mandate is Three Hills Capital Partners, a European-based manager with a diverse portfolio of assets across Europe and North America. The GPF recently committed to its Impact Fund I S.C.Sp., which aims to make a positive difference by investing in innovative and impactful mid-cap businesses that address environmental or social challenges. The fund invests in secured debt and preferred equity instruments, seeking out business models that promote solutions to these challenges.

The ESG landscape is evolving quickly. Where are you seeing the most interesting opportunities and trends?
RP: We are excited about new and emerging opportunities resulting from the global push towards a low-carbon economy. As the world transitions to renewable power sources, there is an increasing need for advancements in storage solutions, large-scale low-cost batteries, and sustainable supply chains for critical minerals. Innovations in clean carbon technologies and carbon capture have also proven essential for reducing global greenhouse gas emissions and achieving broader sustainability goals. These trends are creating opportunities from exploration and extraction to processing and production of finished products.

The GPF’s structure and investment objectives enable us to participate in these themes across the entire supply chain by way of optimal, downside-protected structures and asset class types. For example, we are invested in asset-based credit and private credit investments for renewable energy projects, green buildings, commercial and industrial solar and wind-powered assets, storage solutions, and carbon capture and storage. We are also invested in opportunities that benefit from the need for battery metals, and environmental commodity markets that provide financial incentives for emissions reduction and promote renewable energy generation.

Our team is always looking for unique deals that meet the risk-return characteristics of our investment mandate and we anticipate that ESG trends and global action on climate change will continue to present attractive opportunities for our clients.

Learn more about the GPF in BCI’s 2023-2024 Corporate Annual Report.

Zaman Velji: Sparking change by leveraging unique skills

Zaman Velji headshot

Meet Zaman Velji, Senior Managing Director, Infrastructure & Renewable Resources at BCI. While Zaman’s work takes him around the world, he finds fulfillment in giving back at home. 

Zaman served on The Victoria Foundation’s Board of Directors for the past eight years, holding roles from board chair to investment committee member, where he leveraged his unique investment background to help oversee the organization’s $500 million in assets. 

Founded in 1936, the Victoria Foundation distributes $1.5 million in critical funding to non-profits in Victoria and across Canada, aligned with its mission of connecting people who care with causes that matter. As Zaman steps off this board, his passion for his local community is stronger than ever. 

Q: Why did you get involved with the Victoria Foundation? 

A: Community service has always been a significant aspect of my life. It stems from a sense of civic duty, as a Canadian, as well as in my upbringing as an Ismaili Muslim, which stresses the importance of serving the world at large; not as an act of charity, but rather as a path towards enlightened self-fulfillment. And it’s true: throughout my life, experiences as a volunteer have been immensely formative and personally rewarding. My involvement with the Victoria Foundation began shortly after I settled in Victoria. This work has been a wonderful opportunity to learn more about Victoria and the communities of Vancouver Island, and to show appreciation for this place I feel blessed to call home. 

Q: How are you sparking change in our community? 

A: There is so much that the Victoria Foundation does in our community, and it’s been an honour to have played a small part over the past eight years. A notable accomplishment of my tenure as chair was the launch of the Rapid Relief Fund at the onset of the COVID-19 pandemic. This fund raised over $6 million in support of local organizations at a time of tremendous uncertainty and urgent need. 

Over the years, it has also been satisfying to help evolve the Victoria Foundation’s investment mix as the size of its endowment grew. This included making investments in new asset classes, re-assessing manager relationships, and designing governance for a newly launched impact investment program. We all have an opportunity to leverage our skills and abilities to make a difference, and this was a great fit for me. 

Q: What advice do you have for those looking to get involved in their communities?  

A: Don’t hesitate. Even the smallest acts of compassion and service matter, and there will always be a need. By putting yourself out there, you may be surprised by where you find purpose. Hopefully it comes with new opportunities to connect with your local community and the place you call home. 

If you’re interested in getting involved with the Victoria Foundation, visit victoriafoundation.bc.ca 

BCI offers every employee 14 hours of paid volunteer time each year to make a difference where we live and work. We appreciate our many team members who are champions in our communities. They are part of how we foster a culture of caring and make a positive impact for all. 

Learn more about how we give back at BCI.ca/community 

Michael Cavallin: Sparking change for the next generation

Michael Cavallin sitting at desk

Introducing Michael Cavallin , Manager, Cyber Security & Risk at BCI. Not only is Michael a cybersecurity expert, but his volunteer work is out of this world, literally. Michael volunteers as a mentor, providing cybersecurity advice and design consultation for the Optical Reference Calibration Satellite (ORCASat) team. He believes that cybersecurity is essential to many aspects of our lives, and the same goes for securing the remote operation of a satellite up in space.  

CubeSat deploying from the International Space Station 

The ORCASat team, comprised of astrophile students from UVic, built and supported the launch of a miniature satellite (CubeSat). This miniature satellite will be used as a reference light source seen by telescopes on Earth. With the successful launch of their satellite from the International Space Station in December 2022, the team has much to celebrate as they mark ORCASat’s first anniversary in orbit.  

Q: Tell us about your work with ORCASat?  

A: Since I already manage the cybersecurity and risk team, volunteering with UVic’s Engineering and Computer Science Department just made sense. Through one of the projects I’m involved with, ORCASat, I help with design consultation and review, cyber security advice, implementing and maintaining systems, and coordination of BCI equipment donations. Cybersecurity affects every single aspect of our daily lives, and when it comes to securing the remote operation of a satellite up in space, you can apply the same principles that we do to secure BCI’s technology systems. UVic, my alma mater, happens to be an amazing tech hub, so volunteering there and inspiring the next generation makes it even more meaningful.  

Q: How are you sparking change in our community?  

A: Working with engineering and computer science students is a great way for me to advise, engage with, and support up-and-coming tech professionals. Having the opportunity to be a mentor and give back to the tech community is very rewarding. Plus, it’s a great chance to build connections and, with the demand for cybersecurity and engineering talent through the roof, now is the best time to get into the field. I enjoy seeing the students achieve and surpass their goals while getting excited about a career in cybersecurity, computer science, and engineering. Initiatives like this are creating a pipeline of the next generation of cyber security professions. At BCI, I’ve had the opportunity to hire a co-op from the ORCASat team, which provided them with even more hands-on experience!  

My connection through volunteering has also led to other unique collaborations. For example, through UVic’s Faculty of Engineering and Computer Science, BCI has found a home for its outdated technology that otherwise would have ended up as recycled plastic. Instead of recycling hundreds of old monitors, BCI’s Technology and Innovation department donated the equipment to the faculty for repurposing and upgrading decades-old technology to improve student learning.  

BCI employees standing in office
ORCASat team receiving donated laptops and monitors from BCI at their UVic satellite control ground station
 

Q: What advice do you have for those looking to get involved in their communities?  

A: What works for me is to reflect on your interests and passions, research local organizations or initiatives, and be proactive when an opportunity presents itself. I was lucky enough to use my network to find passionate groups looking for mentorship at ORCASat, which is close to home and right up my alley. I encourage others to put themselves out there and volunteer. You can have an out-of-this-world impact!  

If your passions line up with mine, UVic’s Faculty of Engineering and Computer Science is always looking to involve people with technical, project management, and business experience. Learn more at www.orcasat.ca 

 

BCI offers every employee 14 hours of paid volunteer time each year to make a difference where we live and work. We appreciate our many team members who are champions in our communities. They are part of how we foster a culture of caring and make a positive impact for all. 

Learn more about how we give back at BCI.ca/community 

BCI Earns Perfect Score from Global Governance and Sustainability Benchmark

Upward-facing angle of skyscrapers

Victoria, B.C. – British Columbia Investment Management Corporation (BCI) has received a score of 100 per cent from Global SWF in its latest Governance, Sustainability and Resilience (GSR) Scoreboard, a testament to our industry-leading practices and commitment to accountability and transparency.

“Amid an increasingly complex global investment landscape, strong governance and responsible investing practices have become imperative to deliver long-term, sustainable returns for our clients and their beneficiaries,” says Gordon J. Fyfe, BCI’s Chief Executive Officer and Chief Investment Officer.

“This recognition reflects more than two decades of dedication to excellence in achieving our mandate, and the commitment of our world-class team. We are proud to be among leading global investors and look forward to continuing to support best practices across the industry.”

The annual benchmark evaluates the public disclosures of the world’s 200 largest sovereign wealth and public pension funds, which manage approximately US$27.5 trillion on behalf of 80 countries. BCI was one of only five funds to achieve a perfect score, sharing the top spot with CDPQ (Canada) , ISIF (Ireland), NZ Super (New Zealand), and Temasek (Singapore). Last year, we achieved the second highest score with 96 per cent.

In September 2023, Global SWF highlighted BCI as its Fund of the Month with a focus on investment performance, global expansion, and leadership on environmental, social, and governance (ESG) matters.

Learn how BCI unlocks opportunities in volatile markets in our 2023-2024 Corporate Annual Report.

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, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its 29 British Columbia public sector 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. Founded in 1999, BCI is a statutory corporation created by the Public Sector Pension Plans Act. For more information, visit BCI.ca or LinkedIn.

CONTACT
Olga Petrycki
media@bci.ca