Investing at BCI
INVESTMENTS
Performance with Purpose
Our mandate is simple – we are responsible for generating investment returns that meet our clients’ objectives over time, protecting and growing the value of their funds.
For more than 25 years, we’ve built a track record of strong performance by investing in opportunities that meet our clients’ evolving risk and return requirements. Through disciplined risk management and global diversification, we construct portfolios designed to generate reliable cash flow and appreciation to fulfill our clients’ obligations.
Assets Under Management
For the periods ended March 31 (in billions)
See Footnote(s)
1 The Funding Program includes clients’ investment liabilities achieved through government bond repurchase agreements and unsecured bond issuance.
2 Other Leverage consists of (1) Real Estate Debt and Equity recourse debt directly issued by QuadReal Property Group and (2) BCI and QuadReal Property Group Real Estate Debt and Equity uncollateralized derivative liabilities. BCI began reporting other leverage in fiscal 2025.
1 The Funding Program includes clients’ investment liabilities achieved through government bond repurchase agreements and unsecured bond issuance.
2 Other Leverage consists of (1) Real Estate Debt and Equity recourse debt directly issued by QuadReal Property Group and (2) BCI and QuadReal Property Group Real Estate Debt and Equity uncollateralized derivative liabilities. BCI began reporting other leverage in fiscal 2025.
Asset Mix
COMBINED PENSIONS
($ BILLION)
BCI TOTAL
(%)
Fixed Income
84.6
33.6
Public Equities
59.5
23.6
Other Strategies1
1.2
0.5
Real Estate Equity
51.8
20.6
Private Equity
33.6
13.3
Infrastructure & Renewable Resources
32.2
12.8
Private Debt
20.0
7.9
Real Estate Debt
12.1
4.8
295.0
117.2
Funding Program
(25.7)
(10.2)
Other Leverage2
(17.6)
(7.0)
251.6
100.0
See Footnote(s)
COMBINED PENSIONS
($ BILLION)
BCI TOTAL
(%)
Fixed Income
COMBINED PENSIONS
($ BILLION)
84.6
BCI TOTAL
(%)
33.6
Public Equities
COMBINED PENSIONS
($ BILLION)
59.5
BCI TOTAL
(%)
23.6
Other Strategies1
COMBINED PENSIONS
($ BILLION)
1.2
BCI TOTAL
(%)
0.5
COMBINED PENSIONS
($ BILLION)
BCI TOTAL
(%)
Real Estate Equity
COMBINED PENSIONS
($ BILLION)
51.8
BCI TOTAL
(%)
20.6
Private Equity
COMBINED PENSIONS
($ BILLION)
33.6
BCI TOTAL
(%)
13.3
Infrastructure & Renewable Resources
COMBINED PENSIONS
($ BILLION)
32.2
BCI TOTAL
(%)
12.8
Private Debt
COMBINED PENSIONS
($ BILLION)
20.0
BCI TOTAL
(%)
7.9
Real Estate Debt
COMBINED PENSIONS
($ BILLION)
12.1
BCI TOTAL
(%)
4.8
COMBINED PENSIONS
($ BILLION)
295.0
BCI TOTAL
(%)
117.2
Funding Program
COMBINED PENSIONS
($ BILLION)
(25.7)
BCI TOTAL
(%)
(10.2)
Other Leverage2
COMBINED PENSIONS
($ BILLION)
(17.6)
BCI TOTAL
(%)
(7.0)
COMBINED PENSIONS
($ BILLION)
251.6
BCI TOTAL
(%)
100.0
See Footnote(s)
1 Other strategies include cash and centralized currency management program.
2 Other Leverage consists of (1) Real Estate Debt and Equity recourse debt directly issued by QuadReal Property Group and (2) BCI and QuadReal Property Group Real Estate Debt and Equity uncollateralized derivative liabilities.
Our Investment Approach
Active, In-House Management
We provide comprehensive investment management, including asset-liability management, portfolio construction, ESG integration, liquidity, foreign exchange and risk management, with a full range of diversified strategies across public and private markets. As direct investors, we seek ownership stakes that give us governance rights and drive value creation from within.
Investment Expertise
BCI’s world-class team operates within a culture of strong governance and prudent capital management. We offer strategic investment and risk management consulting, and active investment management services.
Patient Capital
We invest capital patiently to generate consistent cash flows and grow over time. Our clients’ long-term horizons allow us to invest flexibly through market cycles, building portfolios designed to meet their specific risk and return objectives.
Global Approach, Local Commitment
As a purpose-driven investor, the work we do on behalf of our pension, insurance and special purpose fund clients creates positive ripple effects for British Columbians and beyond.
As at March 31, 2025
See Footnote(s)
1India is classified as an emerging market economy under this geographic aggregation.
Diversified Investment Strategies
Guided by our clients’ long-term needs, we operate and invest globally, leveraging our scale, unique structure, world-class expertise, and agility to capture the best opportunities across asset classes.
Investment Beliefs
Our investment beliefs provide a clear and transparent structure for how we work to achieve our clients’ investment goals.
They guide our views on capital markets, our investment processes, the creation of investment strategies, and our overall approach to managing our clients’ funds.
Client Objectives Drive Our Investment Approach
- Tailoring our investment approach for each of our clients’ unique purpose, objectives, and risk tolerances provides better outcomes than a standardized total portfolio approach.
- Comprehensive, clear, and transparent governance frameworks ensure accountability, mitigate risks, and align interests.
Active Management is Crucial for Sustainable Value Creation
- Skills are the foundation for successful long-term investment returns; we focus on acquiring top-tier, diverse talent with a strong sense of integrity and align ourselves with best-in-class investment partners.
- Active ownership, achieved through meaningful engagement and influence, fosters long-term, sustainable value and supports fulsome investment risk management.
- While taking risk is essential to achieving our clients’ return objectives, we only take risks where we have conviction that they will be rewarded.
Having a Strategic Investment Discipline is Key
- A long-term focus is the best way to protect and grow our clients’ funds.
- Capital markets have varying degrees of efficiency and are impacted by long-term themes and sector/industry trends.
- The strategic asset mix is the main determinant of portfolio risk and return; it is reasonable for investors to expect higher long-term returns for holding growth-oriented assets or asset classes.
- It is essential to manage costs without compromising net returns.
- Diversification, combined with a proactive approach to managing systemic risks such as climate change and geopolitical issues, improves portfolio resilience.
- Our long-term success is driven by capitalizing on our competitive advantages, such as our investment horizon, scale, robust liquidity management, and our integrated approach to managing ESG risks and opportunities.
- Investing in private markets offers attractive risk-return potential, permits stronger alignment of interests, and allows for more effective governance compared to public markets.
- Improving the sustainability and integrity of global capital markets fosters favourable economic conditions that benefit investors over the long term.