Performance
INVESTMENTS
Built to Evolve
Fiscal 2026 brought significant shifts in the global investment landscape that tested portfolios and reinforced the value of the resilience we have built through geographic diversification, broad asset class exposure, and disciplined liquidity management.
BCI’s results reflect the strength of that foundation and our ongoing commitment to finding new sources of value in a less certain world.
Fiscal was bookended by volatility. U.S. tariffs unsettled global markets, and conflict in the Middle East pressured energy prices and inflation expectations.
This is the kind of environment BCI is built for. We were never forced to react. Market stress creates opportunity, and we chose when and where to move.
GORDON J. FYFE | CEO/CIO
BCI’s Combined Pension Plan Client’s Performance
The combined pension plan return represents the performance of BCI’s six largest pension clients by assets under management (AUM).
1 Value-add is the additional return in dollars BCI generated for clients in excess of client benchmarks through active investments and excluding the impact of clients’ currency hedging policies, after all costs and fees.
2 The portfolio performance is based on BCI’s six largest pension plan clients by AUM, referred to as the combined pension plan clients: BC Hydro Pension Plan, College Pension Plan, Municipal Pension Plan, Public Service Pension Plan, Teachers’ Pension Plan, and WorkSafeBC Pension Plan.
Who We Invest For
BCI exists to strengthen the financial security of the members of the public pension plan, insurance and special purpose funds for which we invest.
We steward more the $313 billion in gross assets under management, generating returns that help fund pension benefits, support affordable insurance premiums, finance government programs, and advance prosperity for Indigenous communities across Canada.
Committed to Canada
Where opportunities meet our return and risk criteria, we are committed to growing our Canadian presence.
Canadian investments represent 36.9% of our gross AUM across all asset classes. That breadth of exposure reflects not only the depth of opportunity in Canada but also our long-standing role as a contributor to the provincial and national economies.
INVESTED IN CANADA
Investment Highlights
For our clients, investment success means generating reliable returns while protecting against risks.
Our investment approach is built around this balance: disciplined asset allocation, global diversification, and rigorous risk management that keeps portfolios resilient across a range of market conditions.
Fixed Income
Fiscal 2026 was a strong year for Fixed Income, with all actively managed pooled funds outperforming benchmark. The Corporate Bond Fund surpassed $20 billion in assets under management, and BCI’s money market funds delivered consistent excess returns for clients.
BCI also served as anchor investor in North America’s first Indigenous-labelled bond and participated as lead investor in Stonlasec8’s $736 million inaugural bond issuance, bringing cumulative sustainable bond participation to $6.9 billion.
5 year annualized return
Private Debt
The Principal Credit Fund delivered disciplined results, deploying $2.7 billion in net new capital. As competition in North American direct lending intensified, the program expanded into Europe and Asia-Pacific, with European exposure growing to 28.5% of net assets.
BCI also seeded $1.8 billion to a new investment-grade private credit strategy, marking a significant evolution in what the program can offer clients.
5 year annualized return
Public Equities
Global equity markets delivered strong absolute returns in fiscal 2026, with concentration at the top of major indices creating a challenging environment for active managers. BCI’s Public Equities program is built for this landscape — absolute return strategies within the Global Partnership Fund remain the largest driver of outperformance since inception, and the Global Quantitative Equity Fund delivered strong results across the three- and five-year periods.
The team committed $6.4 billion in gross capital to absolute return strategies, deploying $4.9 billion across co-investments and fund investments.
5 year annualized return
Infrastructure & Renewable Resources
BCI Infrastructure & Renewable Resources committed $4.7 billion in new capital, 94% of which was invested directly, and delivered $3.1 billion in distributions, reflecting strong income from utilities and transport assets.
The program completed full exits of Patrick Terminals and Fraport, expanded its digital infrastructure footprint with an investment in Frontier Towers, and established Northview Energy, a new North American renewable power platform with 2.3 GW of operating capacity. The program’s carbon footprint has decreased 65% since 2020.
5 year annualized return
Private Equity
BCI Private Equity delivered a strong year of distributions, anchored by $1.9 billion in secondary sales — the largest in program history — and invested $3.1 billion across 23 direct investments.
The program deepened its capabilities in flexible capital solutions, including structured equity and continuation vehicles, while the Venture & Growth program expanded positions in AI, cybersecurity, and quantum computing. Direct investments now represent 49% of net asset value, up from 44% the prior year.
5 year annualized return
Real Estate Equity
In a market shaped by elevated interest rates and subdued transaction activity, QuadReal focused on acquiring income-producing properties, approving $5.9 billion in gross commitments with 59% concentrated in alternatives, residential, and industrial sectors.
The program grew its self-storage and student housing platforms across Canada, the U.K., Ireland, Australia, and the United States, and sold The Post in Vancouver at a premium to book value. For the sixth consecutive year, QuadReal’s Canadian portfolio outperformed GRESB benchmarks.
5 year annualized return
Real Estate Debt
The Real Estate Debt program achieved its highest transaction volume to date, deploying $4.0 billion and completing 56 deals totalling $4.8 billion.
The program expanded into the U.K. for the first time, established a US$3.0 billion joint venture with a major Canadian pension plan targeting U.S. opportunities, and grew direct loan investments to 94% of the portfolio. Credit quality remained strong throughout the year.
5 year annualized return
Fixed Income
Fiscal 2026 was a strong year for Fixed Income, with all actively managed pooled funds outperforming benchmark. The Corporate Bond Fund surpassed $20 billion in assets under management, and BCI’s money market funds delivered consistent excess returns for clients.
BCI also served as anchor investor in North America’s first Indigenous-labelled bond and participated as lead investor in Stonlasec8’s $736 million inaugural bond issuance, bringing cumulative sustainable bond participation to $6.9 billion.
5 year annualized return
Private Debt
The Principal Credit Fund delivered disciplined results, deploying $2.7 billion in net new capital. As competition in North American direct lending intensified, the program expanded into Europe and Asia-Pacific, with European exposure growing to 28.5% of net assets.
BCI also seeded $1.8 billion to a new investment-grade private credit strategy, marking a significant evolution in what the program can offer clients.
5 year annualized return
Public Equities
Global equity markets delivered strong absolute returns in fiscal 2026, with concentration at the top of major indices creating a challenging environment for active managers. BCI’s Public Equities program is built for this landscape — absolute return strategies within the Global Partnership Fund remain the largest driver of outperformance since inception, and the Global Quantitative Equity Fund delivered strong results across the three- and five-year periods.
The team committed $6.4 billion in gross capital to absolute return strategies, deploying $4.9 billion across co-investments and fund investments.
5 year annualized return
Infrastructure & Renewable Resources
BCI Infrastructure & Renewable Resources committed $4.7 billion in new capital, 94% of which was invested directly, and delivered $3.1 billion in distributions, reflecting strong income from utilities and transport assets.
The program completed full exits of Patrick Terminals and Fraport, expanded its digital infrastructure footprint with an investment in Frontier Towers, and established Northview Energy, a new North American renewable power platform with 2.3 GW of operating capacity. The program’s carbon footprint has decreased 65% since 2020.
5 year annualized return
Private Equity
BCI Private Equity delivered a strong year of distributions, anchored by $1.9 billion in secondary sales — the largest in program history — and invested $3.1 billion across 23 direct investments.
The program deepened its capabilities in flexible capital solutions, including structured equity and continuation vehicles, while the Venture & Growth program expanded positions in AI, cybersecurity, and quantum computing. Direct investments now represent 49% of net asset value, up from 44% the prior year.
5 year annualized return
Real Estate Equity
In a market shaped by elevated interest rates and subdued transaction activity, QuadReal focused on acquiring income-producing properties, approving $5.9 billion in gross commitments with 59% concentrated in alternatives, residential, and industrial sectors.
The program grew its self-storage and student housing platforms across Canada, the U.K., Ireland, Australia, and the United States, and sold The Post in Vancouver at a premium to book value. For the sixth consecutive year, QuadReal’s Canadian portfolio outperformed GRESB benchmarks.
5 year annualized return
Real Estate Debt
The Real Estate Debt program achieved its highest transaction volume to date, deploying $4.0 billion and completing 56 deals totalling $4.8 billion.
The program expanded into the U.K. for the first time, established a US$3.0 billion joint venture with a major Canadian pension plan targeting U.S. opportunities, and grew direct loan investments to 94% of the portfolio. Credit quality remained strong throughout the year.
5 year annualized return