British Columbia Investment Management Corp. isn't waiting for the fog to clear. The C$251.6 billion pension giant just wrapped up 45 deals in six months—betting big while others sit on their hands. With most asset classes still below target allocation, BCI is putting capital to work across the capital stack. That means less plain vanilla equity or straight debt, and more hybrid instruments—like infrastructure credit, convertible preferreds, and asset-backed loans. “There's more value in the middle,” said EVP Ramy Rayes, who's steering the ship toward structures that blend yield and downside protection. So far this year, BCI has closed 13 transactions on its own, while its real estate arm QuadReal inked 32, including a buyout of BBGI Global Infrastructure and the acquisition of Maple Leaf Self Storage.
Returns, though solid, came in below target. BCI posted a 10% gain in fiscal 2025, missing its 12.3% benchmark. Still, private equity led with 13.4%, followed by private debt at 10.2% and infrastructure at 8.3%. Behind the scenes, BCI has been reshuffling its global playbook. U.S. exposure dropped to 39% from 43.4% amid rising policy unpredictability—most notably Trump's revived Section 899 “revenge tax,” which could increase the cost of investing for non-U.S. players. Rayes said some deals now stall mid-negotiation. “We might start underwriting a transaction at the beginning of the year—then things shift, uncertainty rises, and we walk away.”
So where's the capital heading instead? Home, for starters. BCI raised its Canadian exposure by seven percentage points to 37.8%, with heavier bets on government bonds, real estate, and private debt. Rayes flagged growing interest in domestic infrastructure plays like airports. Abroad, Europe and Asia are also gaining weight in the portfolio—seen as steadier ground in a time of global whiplash. For long-term investors watching how big money moves, BCI's playbook says a lot: get creative with structure, stay nimble with geography, and lean into dislocation when others freeze.
