British Columbia Investment Management Corporation (BCI) recorded a combined pension plan return of 6.7% for fiscal 2026, delivering positive performance across all asset classes except real estate equity.
Within the C$313.7bn (€194bn) Canadian investor’s private markets programme, the infrastructure and renewable-resources portfolio – which includes timberland and agriculture – generated a return of 7.6% for the year ending 31 March and a five-year return of 8.8%.
For fiscal 2026, the infrastructure and renewable-resources portfolio deployed a record C$4.7bn in new commitments.
Key transactions included the C$1.9bn acquisition of BBGI Global Infrastructure, new sustainably managed timberland investments in southern Brazil, and the team’s first direct investment in the Philippines via Frontier Towers.
Most recently, BCI co-founded Northview Energy, a North American renewable energy platform.
The investor also completed the full divestment of its stakes in Patrick Terminals and Fraport during the period, achieving “very positive outcomes”.
“In a market characterised by geopolitical tensions, supply-chain realignment and rising demand for digital and energy infrastructure, the team focused on disciplined capital deployment, active asset management and enhancing our capabilities across regions and sectors,” BCI said.
Real estate debt delivered 5.3% for the year and 5.2% over five years. However, challenging market and development conditions created headwinds for real estate equity, which swung to -4.9% over 12 months but maintained a positive 1.3% return over the five-year period.
BCI, which invests in real estate via its QuadReal Property arm, said that equity markets faced ongoing challenges throughout 2025 as higher interest rates continued to place downward pressure on property values.
“While many buildings remained well occupied and [were] generating steady income, valuation declines offset these gains, and transaction activity remained subdued,” the investor added.
Notable transactions during the period included QuadReal securing an equity partner for a portfolio of 11 US industrial assets across five states in a deal valued at US$495m (€435m) alongside the full acquisition of Realstar’s UK and Ireland residential operating platform.
BCI’s real assets exposure is led by its real estate equity programme, managed through QuadReal Property, which represents C$52.8bn or 19.9% of total plan assets. The infrastructure and renewable resources portfolio comprises the next largest allocation at C$36.5bn, or 13.8% of the plan. The real estate debt programme accounts for the remaining real assets exposure, holding C$12.4bn and representing 4.7% of the total fund allocation.
BCI ranks fourth in the IPE Real Assets Top 50 Natural Capital Investors 2026 ranking. Globally, the investor places 12th on the Top 100 Infrastructure Investors 2025 table and 16th on the Top 150 Real Estate Investors 2026 league table.
Gordon J Fyfe, BCI’s CEO and CIO, said: “Fiscal 2026 was bookended by volatility, tariffs and market disruption at the start, and renewed geopolitical stress and inflation pressures at year-end. This is the kind of environment BCI is built for.
“Our portfolio is broadly diversified, our liquidity is carefully managed, and we were never forced to react. Market stress creates opportunity, and we choose when and where to move.”
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