British Columbia Investment Management Corp. (BCI) is preparing to sell $2bn worth of private equity assets in the secondary market, according to sources cited by Bloomberg. 

The transaction is expected to involve at least 17 fund interests, though the final deal size and composition will depend on buyer negotiations.

The C$295bn ($214.5bn) pension fund is a regular participant in the secondary market, having sold $1.6bn in assets in FY2024 and $1.5bn the year before. The latest sale is part of BCI’s strategy to secure at least $5bn in annual distributions from its $33.6bn private equity portfolio, which spans fund commitments, co-investments, and direct holdings.

“In the normal course of business, we routinely evaluate our portfolio holdings to ensure our clients benefit from optimal diversification,” a BCI spokesperson said, noting that selling assets enables redeployment of capital into new opportunities.

The move comes as secondary market activity reaches record levels, with transaction volumes hitting $54bn in the first half of 2025. Investors are increasingly turning to portfolio sales to boost liquidity and rebalance holdings amid subdued dealmaking and lower distributions from general partners.

BCI committed $2.2bn to nine fund investments and 10 direct investments last year, and in 2024 sold stakes in Hayfin Capital Management and Ziply Fiber.

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