British Columbia pension fund shops PE portfolio

British Columbia Investment Management Corp is selling a portfolio of private equity fund stakes valued between $250 million and $500 million, two sources told Buyouts.

The portfolio includes stakes in some large buyout funds, including two TPG funds, one of the sources said.

A spokesman for BCI declined to comment. The system is not using a secondary adviser on the deal.

BCI, a Canadian pension fund manager, has been working to build up its co-investment capabilities and increase in-house asset management. As part of that it’s been divesting fund commitments from what it considers non-core relationships.

The system previously sold off 20 fund investments that it no longer considered aligned with its strategy, according to its 2017-2018 annual report.

BCI committed $3.4 billion to private equity for the year ended December 31, 2017, the report said. That broke down to $2.5 billion in fund commitments to 13 external managers and $950 million to co-investments.

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