Positions Rensa to expand customer and channel relationships, advance strategic acquisitions and strengthen its leadership in mission-critical air filtration across the U.S. and Europe  

NEW YORK and AURORA, Ill. — AEA Investors‘ (“AEA”) Middle Market Private Equity team (“AEA MMPE”) and British Columbia Investment Management Corporation (“BCI”) today announced that they have acquired Rensa Filtration (“Rensa” or the “Company”), a leading vertically integrated provider of highly engineered air filtration solutions for mission-critical applications, including data centers, power generation, semiconductor, healthcare, and life sciences from Audax Private Equity (“Audax”). Audax will retain a minority stake in the business alongside Rensa’s management, reflecting their continued confidence in the Company’s long-term growth strategy. Terms of the transaction were not disclosed. 

Founded by Brandon Ost in 2017 and headquartered in Aurora, Illinois, Rensa is one of the largest U.S.-based privately held filtration companies. Rensa’s model combines proprietary media manufacturing, technical expertise, local service capabilities and deep customer and channel relationships, enabling the Company to provide full lifecycle solutions and continuously evolve to meet customer needs. Since 2017, Rensa has continued to expand its coverage and capabilities by partnering with founders and management teams looking to grow their businesses as part of a larger, well-resourced organization. AEA and BCI will support Rensa’s management team as they continue to broaden their footprint and add complementary capabilities across North America and Europe, both organically and via acquisitions.  

“We founded Rensa to serve as a technical partner customers can rely on to solve their most demanding filtration challenges, with the capabilities to respond locally and deliver reliably when performance matters most,” said Brandon Ost, Founder and Chief Executive Officer of Rensa. “Our employees and the businesses that have joined Rensa have been central to our growth. With AEA and BCI, we can invest further in engineering and manufacturing capabilities, extend our value-added service and distribution network, and welcome additional businesses to our platform.” 

“The modern economy requires highly controlled environments across complex digital and manufacturing processes. Brandon and his team have built a differentiated filtration platform with a strong track record of meeting customer needs across applications,” said Vinay Kumar, Partner at AEA Investors.  

“Rensa’s unique operating model and strong customer relationships create a solid foundation for continued growth. We are pleased to partner with AEA, Brandon, and the rest of the Rensa team to support the company’s next phase of growth,” said Jon Salon, Executive Vice President & Global Head, Private Equity at BCI.

BCI Infrastructure & Renewable Resources (I&RR) continues to strengthen its position among the world’s leading institutional infrastructure investors, ranking as the world’s ninth-largest infrastructure investor in the 2026 IPE Real Assets Top 100 Infrastructure Investors report – up three places from 12th in 2025. 

With C$36.5 billion (US$26.7 billion¹) in infrastructure assets under management (AUM), BCI now ranks among the world’s 10 largest institutional infrastructure investors and is one of four Canadian organizations in the top 10 of the 2026 IPE Real Assets Top 100 Infrastructure Investors ranking. The annual report compares the infrastructure assets of pension funds, sovereign wealth funds, insurers and other institutional capital owners. Earlier this year, BCI I&RR also ranked 10th globally in Infrastructure Investor’s Global Investor 75, further underscoring its growing standing among the world’s leading institutional infrastructure investors. 

“Being recognized among the world’s 10 largest institutional infrastructure investors reflects both the capabilities our team has built and our clients’ continued confidence in infrastructure as a long-term investment,” said Lincoln Webb, Executive Vice President & Global Head of I&RR. “Our scale, global reach and direct-investing expertise enable us to access high-quality opportunities and build a resilient, globally diversified portfolio aligned with our clients’ long-term objectives. We expect to deploy significant capital into new opportunities in the years ahead, both domestically and abroad.” 

Global growth in infrastructure investment

This year’s IPE ranking highlights continued growth in global institutional infrastructure investing, with the assets held by the top 100 investors surpassing US$1 trillion for the first time. Over the past year, BCI I&RR’s assets under management increased by more than 13.4%, reflecting continued client demand for greater exposure to infrastructure and renewable resources and the strength of the program’s investment strategy. 

Learn more about the ranking and methodology in IPE Real Assets’ 2026 Top 100 Infrastructure Investors article.  

BCI Infrastructure & Renewable Resources’ (I&RR) long-term approach to direct investing has been recognized with the Direct Strategy award at the 2026 IPE Real Assets Infrastructure & Natural Capital Global Awards.

Now in its sixth year, the IPE Real Assets Infrastructure & Natural Capital Global Awards honours excellence and innovation in institutional real assets and infrastructure investment. The Direct Strategy category considered institutional investors with the scale, resources and expertise to build direct exposure across markets and regions, often alongside like-minded partners. Judges considered evidence of a well-developed direct investment strategy, effective partnership management and strong asset stewardship. 

This award reflects the scale and maturity of I&RR’s direct-investing model. The program manages a globally diversified C$36.5 billion portfolio across utilities, energy, transportation, digital infrastructure, the circular economy and renewable resources. Approximately 84% of assets are held through direct ownership positions across more than 51 investments. 

Led by Lincoln Webb, Executive Vice President and Global Head of I&RR, the strategy is delivered by an in-house global team of more than 70 professionals based in Victoria, London and Mumbai. Together, the team originates opportunities, completes due diligence, structures and executes transactions, secures appropriate governance rights and actively oversees asset performance over the life of each investment. 

“I’m incredibly proud of our people and the direct-investment capabilities we’ve built at BCI,” said Lincoln Webb. “The depth of our team’s expertise and the strength of our global relationships enable us to pursue complex opportunities with confidence and remain engaged, long-term stewards of the investments we own.” 

BCI I&RR’s direct-investing capabilities were evident in the scale and breadth of its recent transaction activity, including a record C$4.7 billion committed to new investments over the past year. These investments included BCI’s first sole take-private acquisition, as well as direct investments across renewable energy, digital infrastructure, natural capital and the circular economy. Together, these investments demonstrate the range of structures through which BCI executes its direct-investing strategy –  from sole ownership to bilateral and multi-party partnerships. 

The award also reflects the enterprise-wide expertise behind BCI’s direct-investing capabilities. Teams across Legal, Tax, Investment Operations, Investment Strategy & Risk, ESG and Communications help assess and structure opportunities, coordinate transactions and funding, support active portfolio-company stewardship, strengthen sustainability practices and communicate updates on portfolio-company progress, performance and operational improvements. 

The recognition underscores BCI’s ability to originate, execute and actively manage high-quality infrastructure and real asset investments, with the objective of delivering sustainable, long-term value for BCI’s pension and institutional clients. 

Learn more about BCI I&RR’s recognition in IPE Real Asset’s recent article.

Lea Dubourg-Hrachovec, Managing Director & Head of London Office, I&RR, accepted the award for BCI at the IPE Real Assets Infrastructure & Natural Capital Global Conference & Awards in Munich on September 16, 2026.

BCI Infrastructure & Renewable Resources (I&RR) has been recognized as one of the world’s largest institutional infrastructure investors, ranking 10th globally by assets under management (AUM) in Infrastructure Investor’s Global Investor 75. The Global Investor 75 represents hundreds of billions of dollars in infrastructure commitments, underscoring the strength of BCI’s position within a highly competitive global peer group. This marks an improvement from 11th place in 2025. 

Over the past five years, I&RR’s AUM has grown 82.5% to C$36.5 billion, highlighting strong momentum and continued demand for the team’s expertise and approach. 

That growth is backed by record investment activity. In 2025 alone, the I&RR program deployed C$4.7 billion into new investments – the highest annual deployment since the program was created. This milestone contributed to BCI’s rise in the rankings, alongside disciplined AUM growth and increased portfolio diversification. 

Each investment supports BCI’s long-term strategy of building a globally diversified portfolio of income‑producing, long‑duration assets that deliver sustainable returns for clients and help fund the retirement security and insurance benefits of hundreds of thousands of British Columbians. Today, BCI’s I&RR portfolio represents 13% of total assets, up from 10.1% five years ago, reflecting growing client demand for infrastructure exposure. 

“We continue to see compelling opportunities across many regions and expect another active year of capital deployment,” said Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources. “There are particularly interesting opportunities in renewable energy and natural capital, which we believe will play an increasingly prominent role in supporting global economic growth.” 

Today, the I&RR portfolio includes assets that underpin essential services and economic activity, spanning utilities, energy, transportation, digital infrastructure, and renewable resources across North America, Europe, Asia, and select emerging markets. Renewable resource assets now account for nearly 28% of the portfolio. 

A team of more than 60 professionals in Victoria, London, and Mumbai leverages local insight and strong partnerships to source opportunities and actively manage assets over multi‑decade holding periods, positioning the portfolio to navigate and capitalize on long‑term global trends. 

The full Global Investor 75 ranking is available at Infrastructure Investor – subscription may be required. 

Follows a decade of resilience-focused grid modernization under the ownership of Macquarie Asset Management, BCI and Manulife Investment Management

NEW YORK, BATON ROUGE & PINEVILLE, LA., and VICTORIA, BC – Stonepeak and Bernhard Capital Partners (“Bernhard”) today announced an agreement to acquire Cleco Group LLC (“Cleco” or the “Company”), from a consortium comprised of Macquarie Asset Management, British Columbia Investment Management Corporation (“BCI”) and Manulife Investment Management (“the Consortium”).

Headquartered in Pineville, Louisiana, Cleco is a regulated electric utility with 1,200 dedicated employees serving approximately 298,000 residential, commercial and industrial customers in 24 Louisiana parishes. Following the close of the transaction, Cleco will:

• Remain locally managed and operated with its headquarters in Pineville
• Maintain its operating footprint and continue serving customers across Louisiana
• Retain employees and maintain compensation and benefit levels
• Continue to be regulated by the Louisiana Public Service Commission
• Remain focused on sustaining state leading reliability levels

This transaction will bring investors with deep access to capital, industry expertise and a local presence to support Cleco, a utility with more than 90 years in operation, in continuing to provide safe, reliable service to its customers. The strategic partnership and acquisition will also further Cleco’s position as a critical energy service provider and economic development engine across its service territory and the state of Louisiana.

“Cleco provides safe, reliable and affordable electricity to our customers in support of their quality of life, and we take pride in the work of our dedicated, local employees who support the communities in which we all live,” said Bill Fontenot, President & Chief Executive Officer at Cleco. “Cleco’s employees are central to our success. In the last decade, we’ve become more safe, efficient and modern. With support from new partners Stonepeak and Bernhard, we can strengthen system reliability and encourage regional economic growth. This transaction marks an important day for our community, our customers and our company.”

“We have a deep appreciation for the critical role Cleco plays in the communities it serves and look forward to partnering with Cleco and Bernhard to support management’s key initiatives,” said Rob Kupchak, Senior Managing Director at Stonepeak. “We are excited to extend our track record of investing in Louisiana’s energy infrastructure and believe Cleco is well positioned to be a driver of economic growth within its service territory, while providing dependable service to its customers.”

“This investment advances Bernhard Capital Partners’ focus on strengthening the nation’s critical energy infrastructure, building more resilient communities and accelerating innovation across the energy sector,” said Jeff Jenkins, Founder and Partner at Bernhard. “It also reflects our continued investment in Louisiana—its people, its economy and its future. Our partnership combines Bernhard’s operational expertise and deep local knowledge alongside Stonepeak’s experience with similar mission-critical companies to build upon Cleco’s century of service in our state. Together, we will drive meaningful economic growth while continuing Cleco’s legacy of delivering essential energy service to communities across Louisiana.”

Over the last decade, Cleco has modernized its operations and safe work practices while strengthening system capacity, positioning the company to support future load growth and new customers. Under the Consortium’s ownership, Cleco invested approximately $3 billion in support of projects like resiliency and to sustain its state-leading reliability. In November 2025, the Louisiana Public Service Commission unanimously approved the largest grid resiliency investment in Cleco’s history, enabling further system hardening and expansion.

“Cleco’s progress in recent years reflects its strong collaboration with Louisiana communities, regulators and political leaders to build a more reliable system that meets customers’ evolving needs and supports economic growth across its service territory,” said Aaron Rubin, Senior Managing Director and Head of Americas Energy Infrastructure at Macquarie Asset Management. “It has been our privilege to have served as a steward of Cleco over the past 10 years as the company has navigated both challenges, such as maintaining high service standards during COVID-19 and the hurricanes of 2020 and 2021, and better times such as the growth phase the region has seen over the last few years.”

“Together with Macquarie and our consortium partners, we’ve worked closely with Cleco’s management team to strengthen and modernize its operations through long-term, targeted capital investments, reinforcing the company’s readiness to meet growing power demand across the region,” said Lincoln Webb, Executive Vice President and Global Head, Infrastructure & Renewable Resources at BCI.

The transaction is subject to customary regulatory approvals. Upon close, Stonepeak will hold the majority interest in Cleco.

Greenhill, a Mizuho affiliate, served as financial advisor to Stonepeak, and Simpson Thacher & Bartlett LLP served as legal counsel to Stonepeak and the buyer consortium. Centerview Partners LLC served as financial advisor and Latham & Watkins LLP served as legal counsel to Bernhard. Goldman Sachs & Co. LLC and Moelis & Company LLC served as financial advisors to Cleco, Macquarie Asset Management, BCI and Manulife Investment Management, with Kirkland & Ellis LLP and Phelps Dunbar LLP serving as legal counsel.

Global Container Terminals (GCT) is transforming how Canada’s Pacific Gateway moves goods, pairing terminal innovation with long-term support for critical port expansion.

GCT keeps global trade moving by operating high-tech container terminals that connect the Port of Vancouver to the world’s largest shipping lines and international markets. From the waterfront to inland rail yards, GCT orchestrates the seamless transfer of containers between ships, trucks, and trains with precision and reliability. With over a century of experience, the company has helped shape Canada’s Pacific Gateway, building the infrastructure that underpins billions of dollars in trade every year.

Today, GCT is a Canadian majority-owned container terminal operator serving the Port of Vancouver through two Green Marine certified gateway terminals – GCT Vanterm and GCT Deltaport – with capacity to handle more than 3 million TEUs (“twenty-foot equivalent units”, or typical 20-foot shipping containers) annually. Recognized as one of Canada’s Best Managed Companies in both 2024 and 2025, GCT is noted for operational innovation, strong governance, and sustained performance. This recognition reflects a deliberate strategy to invest in technology, people, and infrastructure that keeps the gateway competitive and resilient within shifting global trade patterns and supply chain changes.

BCI’s Infrastructure & Renewable Resources program has been a shareholder in GCT since 2017 and continues to support the port operator’s growth and productivity gains. Today, GCT remains an integral component of international commerce and a key driver of Canada’s access to Asia Pacific markets.

GCT’s innovation strategy is anchored in bringing advanced technology directly into terminal operations to improve safety, reliability, and productivity. At GCT Deltaport, Canada’s only semiautomated on-dock rail yard combines technology, optimized yard design, and data-driven planning, which has increased capacity by more than 30% within the port’s existing footprint and allows cargo to move inland more quickly. By rethinking how a modern terminal should operate, GCT uses process design and technology to move more railcars while sharply reducing interactions between workers and heavy equipment.

Across both GCT Deltaport and GCT Vanterm, GCT is also modernizing systems to handle larger vessels and higher volumes without sacrificing reliability. A $160 million upgrade at Vanterm added new ship-to-shore cranes with regenerative drives, a next-generation terminal operating system, and higher-density container stacks, boosting handling capacity by about 25% within the same footprint. These upgrades, together with data-driven planning tools and real-time performance monitoring, improve vessel turnaround times, reduce dwell, and deliver more predictable, efficient service and better visibility for customers.

GCT also treats innovation as an organization-wide discipline, closely linking operational excellence with its ESG and net-zero commitments. Through its Global Commitment program, the company pairs equipment and process upgrades – such as Tier 4 (low-emission) engines, light-duty fleet electrification, piloting electric heavy-duty equipment, and yard reconfiguration – with rigorous performance measurement and continuous improvement. The result is a more productive, lower emission operation that is earning recognition for innovation in safety and environmental performance and setting a high bar for container terminals across North America. The company has already reduced scope 1 and 2 emissions by about 33% from 2014 through improved fuel efficiency and early adoption of electric equipment.

On April 21, 2026, GCT Global Container Terminals (GCT) and the Vancouver Fraser Port Authority (VFPA), with support from the Government of Canada’s Major Projects Office, announced a Memorandum of Understanding (MOU) to explore a partnership to advance the Roberts Bank Terminal 2 (RBT2) project. Under the agreement, the parties will share information and negotiate in good faith toward a potential joint development agreement, with VFPA working exclusively with GCT for the one-year MOU term.

RBT2 is regarded as a nationally significant, nation-building piece of trade infrastructure that will help meet growing container demand, strengthen supply chain resilience, and support Canada’s global competitiveness.

The MOU reflects a coordinated approach, with VFPA continuing to lead development of the terminal landmass, permitting, and Indigenous engagement, while assessing the potential benefits of GCT’s operational expertise as a prospective terminal builder and operator. As part of this alignment, GCT will withdraw its separate Deltaport Berth 4 expansion proposal to focus on advancing RBT2.

GCT’s longstanding presence at Roberts Bank and proven operational track record position it as a credible partner in delivering complex terminal infrastructure. Backed by investors including BCI, the project reflects a shared commitment to building efficient, sustainable, and commercially viable infrastructure to support Canada’s trade objectives.

Long before ‘smart ports’ became a mainstream concept, GCT was the first terminal operator in North America to voluntarily introduce a truck reservation system in 2004 – improving port efficiency, smoothing gate flows, and cutting emissions from idling trucks.

Transforming essential infrastructure: How BCI’s investment in BBGI is scaling resilient, community-focused assets across North America and Europe.

From hospitals and schools to tunnels and transport links, BBGI focuses on the kind of critical infrastructure that communities rely on every day – but seldom need to think about. As a global infrastructure investment company, it acquires and manages long-term, availability-based public‑private partnership (PPP) and similar assets, where revenues are underpinned by government-backed contracts. This means its diversified portfolio of social infrastructure, transportation, and other essential assets is designed to generate stable, inflation-linked cash flows in investment‑grade countries, even when economic conditions are volatile. By concentrating on high‑quality projects with robust contractual frameworks, strong ESG integration, and long concession lives, BBGI aims to deliver resilient returns, while supporting the delivery of reliable public services in the communities it serves.

Headquartered in Luxembourg with investments in seven countries around the world, BBGI exemplifies how global infrastructure ideas and talent can translate into local impact.

For BCI, owning BBGI is a natural extension of its strategy to invest in essential, long-duration infrastructure that underpins modern economies. Through our £1.0 billion (C$1.9 billion) take-private acquisition of BBGI in 2025, BCI gained a specialized platform focused on high‑quality, long‑term contracted projects across transport, clean energy, healthcare, education, and social infrastructure – assets that align closely with the Infrastructure & Renewable Resources program’s focus on stable cash flows and inflation protection.

With a longer-term investment horizon and access to reliable capital, BBGI is benefiting from BCI’s backing, enabling the company to scale its portfolio while maintaining prudent risk management, strong governance and sustainability standards. This strategy is designed to align long-term capital with essential infrastructure that provides predictable returns for clients, while delivering measurable social outcomes and impact in the communities where BBGI operates.

BBGI’s growth strategy centres on steadily scaling a focused, diversified portfolio of long-term social and transport projects in stable, investment‑grade countries. BBGI targets brownfield and greenfield assets that are availability- and demand-based in nature. The assets are backed by strong public‑sector partners, with long contract lives and inflation‑linked revenues in sectors such as education, healthcare, civic, justice, and transport. Within this framework, it looks for opportunities that combine financial resilience with positive social and environmental outcomes, embedding energy efficiency, climate resilience, and inclusive economic participation into how projects are designed, operated and maintained.

What sets BBGI apart is the combination of its tight sector focus, broad geographic footprint and active ownership model. The company holds more than 50 operational projects across Europe, North America, and Australia and usually takes majority stakes rather than small minority positions, with roughly 80–90% of its portfolio by value in assets where it owns 50% or more. This gives BBGI substantial control over how projects are managed and allows it to work closely with public authorities over the full life of each asset to keep facilities safe, reliable and efficient. With an average remaining portfolio life of over 20 years, many of its hospitals, schools, justice facilities and transport links are expected to generate income well into the 2040s and 2050s, supporting a long runway for disciplined growth while maintaining a relatively low‑volatility, impact‑oriented profile.

Acquisition closed: January 2026

At one of the world’s busiest airports, the way people move on the ground is just as important as the flights they take – and BBGI saw an opportunity at LAX to make that journey cleaner, simpler and more efficient. By acquiring a 100 per cent equity interest in the LAX Consolidated Rent-A-Car Facility, BBGI is investing in a fully operational, availability-based asset at the heart of the airport’s landside access modernization, consolidating dispersed rental operations into a single, six‑million‑square‑foot hub linked directly to the Automated People Mover. With capacity for up to 18,000 vehicles, facilities for five major operators, 37 car washes, 186 fuel pumps and 224 EV charging stations in LEED Silver‑certified buildings, the LAX ConRAC facility gives BBGI exposure to essential transport infrastructure while helping cut congestion and emissions across the airport precinct. As a mission-critical asset at one of the world’s busiest airports, the LAX ConRAC facility supports smoother passenger journeys today while advancing the decarbonisation of airport ground access for the future.

Acquisition closed: February 2026

To help close a critical gap in educational infrastructure, BBGI targeted an opportunity to deliver modern, resilient learning environments in a fast-growing U.S. school district. BBGI has acquired a 100% equity interest in a portfolio of six modern middle schools in Prince George’s County, Maryland, within the Washington, D.C. metropolitan area, delivered under a long-term design–build–finance–maintain PPP model that directly addresses aging infrastructure and overcrowding. The portfolio provides capacity for approximately 8,000 students with expansion potential for an additional 2,000, and replaces outdated facilities with modern learning environments featuring STEAM laboratories, community sports amenities, energy-efficient systems, and climate-resilient design. The concession includes comprehensive facilities management services and embeds strong social value commitments, including subcontracting at least 30 per cent of work to minority-owned and local businesses, strengthening BBGI’s North American social infrastructure portfolio while delivering meaningful educational and community benefits.

Investment closed: April 2026

In the Rotterdam region – one of Europe’s busiest logistics corridors – keeping people and goods moving efficiently is critical for both the local economy and global trade, making high-quality transport links a strategic priority. BBGI’s 30% equity interest in the Blankenburg Tunnel PPP supports a landmark DBFMO (Design-Build-Finance-Maintain-Operate) project that adds a new strategic road connection, including the approximately 1,000‑metre Maasdeltatunnel water tunnel, the 500‑metre Hollandtunnel land tunnel and dual three-lane motorways, under a concession running until June 2044. Now operational, with final construction completion expected in 2026, the project is designed to reduce congestion and cut travel times by up to ten minutes for daily users while incorporating climate‑adapted, flood‑resilient and biodiversity‑enhancing features – bolstering BBGI’s European transport portfolio and supporting long-term growth around one of the world’s leading ports. For BCI’s clients, it is an example of how long-term capital can support critical trade infrastructure while integrating forward-looking climate resilience.

Together, BCI and BBGI are building on a shared commitment to long-term, partnership-based investing in essential infrastructure. By combining BBGI’s specialized infrastructure focus and operational prowess with BCI’s global scale and patient capital, the platform is well positioned to keep adding high-quality, community-focused projects while managing risk carefully. A robust pipeline of opportunities across social and transport infrastructure is expected to support this momentum in the years ahead. As BBGI’s portfolio continues to grow across sectors and regions, BCI’s clients benefit from a resilient source of returns that is closely tied to the services people and communities rely on every day.

BBGI’s assets are kept running so consistently that they report an asset availability rate of about 99.9% across the entire portfolio, year after year.