Gross assets under management for the BC-based pension fund grew to $313.7 billion from $295 billion the prior year
British Columbia Investment Management Corporation (BCI) delivered a combined pension plan return of 6.7 per cent for the fiscal year ended March 31, 2026, surpassing its average client actuarial return objective of 6.0 per cent, according to its press release Thursday.
BCI said all six of its largest pension plan clients remain fully funded, with funded ratios ranging from 100 to 124 per cent.
Gross assets under management grew to $313.7 billion from $295 billion the prior year, with investment income contributing $16.6 billion to that growth. The fiscal year was marked by market turbulence at both ends, including tariff disruptions early on and renewed geopolitical stress and inflation pressures by year-end.
"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," said Gordon J. Fyfe, BCI's CEO and CIO. "Market stress creates opportunity, and we chose when and where to move," he said.
BCI posted positive performance across all asset classes except real estate equity, which returned -4.9 per cent amid a challenging development market. Public equities were a standout, with Canadian public equity returning 22.9 per cent, emerging markets at 28.6 per cent, and global public equity at 16.0 per cent.
“We’ve been preparing for chaos, so chaos is good,” executive vice-president of investment strategy and risk Ramy Rayes said in an interview with The Globe and Mail. “We appreciate periods of stresses because others panic, and we get to be aggressive in those environments.”
Private markets also saw record deployment activity. According to the release, private equity returned 8.1 per cent, with $6.7 billion deployed in new investments - nearly three times the prior year's level. The venture and growth strategy delivered a return more than double the broader program, highlighted by Photonic Inc., a Vancouver-based quantum computing company that closed its latest financing round at a $2 billion valuation.
Meanwhile, infrastructure and renewable resources returned 7.6 per cent on a record $4.7 billion in new commitments, led by the $1.9 billion acquisition of BBGI Global Infrastructure and new timberland investments in southern Brazil. BCI also co-founded Northview Energy, a North American renewable energy platform anchored by 22 utility-scale solar and onshore wind assets.
In private debt, the Principal Credit Fund deployed $2.7 billion net while expanding into Europe and Asia-Pacific, and BCI seeded $1.8 billion into a new investment-grade private credit strategy. Private debt returned 6.1 per cent for the year.
Canada notably "remains a cornerstone of BCI's portfolio", said the fund, noting $116 billion invested domestically, which represents 36.9 per cent of gross AUM. The organization added it's actively seeking to grow its Canadian presence, with particular interest in infrastructure investments including airports, energy, and transportation.
"During the fiscal year, BCI participated in consultations on making Canada a more attractive destination for institutional investment capital, covering infrastructure investment, asset recycling, and the mobilization of long-term capital," the fund said in a statement.
