British Columbia Investment Management Corporation (BCI) has returned to the secondaries market with a planned sale of approximately $2bn worth of private equity interests, according to a report by Bloomberg citing sources familiar with the matter.
The CAD295bn Canadian pension fund is marketing a portfolio comprising at least 17 fund interests, though final deal size and composition remain subject to buyer negotiations. BCI is a frequent participant in secondary transactions, having completed $1.6bn in PE sales during the 2024 fiscal year and $1.5bn the year prior, per its annual disclosures.
The $33.6bn private equity portfolio spans fund commitments, co-investments, and direct deals. In the most recent fiscal year, BCI deployed $2.2bn across nine fund vehicles and ten direct investments.
The transaction comes amid a record surge in limited partner activity in the secondaries market, with LP-led volume reaching $54bn in H1 2025, according to Evercore.
Investors are increasingly utilising the secondary market to enhance portfolio liquidity and rebalance exposures, particularly as distributions from GPs remain subdued in a slower dealmaking environment.
The current sale is expected to support BCI’s target of generating $5bn in annual distributions from its private equity programme. Previous exits have included successful disposals of stakes in Hayfin Capital Management and Ziply Fiber.
