Since 2000, BCI has grown from our Victoria, British Columbia head office into one of Canada’s largest institutional investors. For more than two decades, our unwavering focus has been on safeguarding financial security, delivering long-term value, and evolving to meet the diverse needs of our clients.
This year’s highlights reflect our journey of growth, innovation, and partnership – demonstrating our commitment to clients over the last 25 years and into the next.
BCI’s CEO/CIO Gordon J. Fyfe shares how BCI has evolved over the years, where we stand today, and his vision for the future.
Watch the video to discover the journey and what’s next for BCI.
Total F2025 Disbursements to Clients
Rooted in our local purpose, and now with a global reach, BCI manages investments for 32 public sector clients, including pension funds, insurance funds, and special purpose funds. Our returns help pensions remain secure, insurance commitments are honoured, Indigenous communities are supported, and government programs for arts, sports, training and sustainable development thrive.
This year, it was our honour to be selected by The Four Pillars Society as an investment manager, supporting their national mandate to advance the language, culture, heritage, and wellness of 325 Band Class Members across Canada.
| BCI TOTAL ($ BILLION) | BCI TOTAL (%) | |
|---|---|---|
|
PUBLIC MARKETS |
||
| Fixed Income | 84.6 | 33.6 |
| Public Equities | 59.5 | 23.6 |
| Other Strategies 1 | 1.2 | 0.5 |
|
PRIVATE MARKETS |
||
| 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 |
|
TOTAL GROSS AUM |
295.0 | 117.2 |
| Funding Program | (25.7) | (10.2) |
| Other Leverage 2 | (17.6) | (7.0) |
|
TOTAL NET AUM |
251.6 | 100.0 |
As at March 31, 2025
BCI is committed to investing in Canada. Our investments create jobs, generate tax revenue, and fund essential public services.
At the same time, we recognize the importance of our global presence in building a diverse investment portfolio, enhancing our ability to access deals and manage investments, fostering partnerships, and attracting top talent worldwide.
Thanks to 25 years of building a world-class team and cultivating a disciplined approach to asset allocation and liquidity management, BCI was well-positioned to navigate market challenges and act decisively when opportunities arose.
In a volatile year, our Fixed Income portfolio delivered strong returns due to active interest rate positioning, solid credit selection, and an attractive yield environment. We surpassed $6 billion in sustainable bond participation, exceeding our 2025 expectations of $5 billion. The Funding Program marked its fifth anniversary, expanding leverage liabilities to over $25 billion and issuing $5.25 billion in unsecured debt with top credit ratings.
5-year annualized return
The Principal Credit Fund achieved positive returns, growing net assets to $19.4 billion and expanding into asset-backed lending. We established new strategic partnerships, invested in private student loans, and broadened our reach into Asia and the Pacific, reinforcing our position as a top global private debt investor.
5-year annualized return
Public Equities navigated a dynamic year, with strong performance in absolute return strategies and led climate engagement initiatives, supporting long-term portfolio resilience. The team capitalized on absolute return investments in sectors like AI, energy demand, and ESG investments, and notable investments include WSP Global and Vultr.
5-year annualized return
BCI Infrastructure & Renewable Resources delivered strong cash yields and record distributions, diversifying across sectors like telecom, renewables, data centres, and transportation. We expanded our investment presence in Asia and Europe, advanced ESG integration, and announced major investments in renewables and waste management assets.
5-year annualized return
BCI Private Equity advanced value creation through active management and direct investments, highlighted by successful exits from Hayfin Capital and Ziply Fiber. We committed $2.2 billion in new investments, expanded our global team, and were recognized as Limited Partner of the Year in the Americas by PEI.
5-year annualized return
Despite headwinds, the Real Estate Equity portfolio remained resilient, committing $5.1 billion to new investments in residential, industrial, and alternative sectors. We expanded direct management in the U.S., advanced sustainability, and completed major deals in studios, data centers, and manufactured housing.
5-year annualized return
The Real Estate Debt portfolio completed 35 deals totaling $3.3 billion, focusing on residential, industrial, and alternative properties in Canada and the U.S. We maintained strong credit quality, integrated climate risk assessments, and grew direct loan investments, supporting stable income and long-term growth.
5-year annualized return
In a volatile year, our Fixed Income portfolio delivered strong returns due to active interest rate positioning, solid credit selection, and an attractive yield environment. We surpassed $6 billion in sustainable bond participation, exceeding our 2025 expectations of $5 billion. The Funding Program marked its fifth anniversary, expanding leverage liabilities to over $25 billion and issuing $5.25 billion in unsecured debt with top credit ratings.
5-year annualized return
The Principal Credit Fund achieved positive returns, growing net assets to $19.4 billion and expanding into asset-backed lending. We established new strategic partnerships, invested in private student loans, and broadened our reach into Asia and the Pacific, reinforcing our position as a top global private debt investor.
5-year annualized return
Public Equities navigated a dynamic year, with strong performance in absolute return strategies and led climate engagement initiatives, supporting long-term portfolio resilience. The team capitalized on absolute return investments in sectors like AI, energy demand, and ESG investments, and notable investments include WSP Global and Vultr.
5-year annualized return
BCI Infrastructure & Renewable Resources delivered strong cash yields and record distributions, diversifying across sectors like telecom, renewables, data centres, and transportation. We expanded our investment presence in Asia and Europe, advanced ESG integration, and announced major investments in renewables and waste management assets.
5-year annualized return
BCI Private Equity advanced value creation through active management and direct investments, highlighted by successful exits from Hayfin Capital and Ziply Fiber. We committed $2.2 billion in new investments, expanded our global team, and were recognized as Limited Partner of the Year in the Americas by PEI.
5-year annualized return
Despite headwinds, the Real Estate Equity portfolio remained resilient, committing $5.1 billion to new investments in residential, industrial, and alternative sectors. We expanded direct management in the U.S., advanced sustainability, and completed major deals in studios, data centers, and manufactured housing.
5-year annualized return
The Real Estate Debt portfolio completed 35 deals totaling $3.3 billion, focusing on residential, industrial, and alternative properties in Canada and the U.S. We maintained strong credit quality, integrated climate risk assessments, and grew direct loan investments, supporting stable income and long-term growth.
5-year annualized return
INVESTMENT OVER THE YEARS
BCI was established as an independently managed corporation to place the investment agency at arm’s length from government to avoid potential conflicts that may develop between government policy and the management of public sector trust funds.
BCI uses proxy voting as a tool to drive ESG improvements. Our Guidelines set BCI’s expectations regarding the governance practices of the companies in which we invest as well as how they address environmental and social risks.
The Infrastructure program was established to offer clients the ability to gain long-term exposure to global infrastructure assets.
The Renewable Resource Investment Fund was established to invest in forestry, agriculture, and other renewable assets. In 2020, Infrastructure and Renewable Resources assets were consolidated into the Infrastructure & Renewable Resources programs for efficiency and streamlined reporting.
BCI made its first green bond investment, aligning with our strategy of seeking value-adding sustainable opportunities. To date, we have invested in over $6 billion in sustainability-labelled bonds, underscoring BCI’s commitment to risk-adjusted returns and sustainable investing.
BCI's newly appointed CEO/CIO Gordon J. Fyfe introduced a business plan focusing on enhancing investment strategies, internalizing asset management, and rebuilding BCI’s base, marking the start of BCI's transformation into an active, in-house global asset manager.
QuadReal Property Group, a global real estate investment, development, and management company, was established as a wholly-owned subsidiary of BCI, allowing us to internalize and streamline asset management.
We expanded our credit products with a Private Debt Fund offering clients diversification and superior risk- adjusted returns.
The GPF, an actively managed global equities fund, was introduced to enhance clients’ risk-adjusted returns by combining traditional equity selection and absolute return (AR) strategies. The first AR investment took place in November 2019. The AR strategy aims to generate positive returns regardless of market conditions, improving client returns while protecting their capital.
With the launch of the Funding Program, we made leverage accessible for clients, providing for broader asset mix options and facilitating more diversified portfolios.
As a long-term, global investor, we established a local Private Equity team in the largest global investment hub to foster new relationships and generate additional investment opportunities.
The Funding Program expanded with the issuance of unsecured debt, evolving from short-term repurchase agreements to provide greater liquidity and diversification.
BCI Infrastructure & Renewable Resources team opened its first office outside North America in London, U.K., providing a solid foundation to originate and manage investments in the U.K. and Europe.
We celebrate 25 years of investing with $295B in assets under management. Over the years, we have internalized and diversified our investments across multiple asset classes, transitioning from nearly 90% in Public Equities and Fixed Income funds to now having 53% in diverse Private Markets.
