Canadian pension manager British Columbia Investment Management Company (BCI) announced that it divested its majority stake in London-based credit fund manager Hayfin Capital Management to Arctos Partners.
BCI earlier entered an agreement with the Dallas-based private equity platform in July of last year, with the sale finalized on February 7 after securing regulatory approvals. The $175B Canadian pension, which acquired the stake in Hayfin in 2017, said it saw a “compelling opportunity” to divest at a critical period when the private credit market has achieved “significant growth over the past seven years,” and that the deal would “allow the realization of investment returns for its clients.” The Hayfin management team led the selection and sales process to Arctos. BCI said it will continue to invest in key Hayfin funds as a limited partner.
The transaction comes on the heels of BCI’s announcement that it made a cash offer to take BBGI Global Infrastructure private in a deal that would value the Luxembourg-based infrastructure firm at nearly £1.1B (~$1.3B), as reported by Dakota on February 7. BCI’s global private equity program oversees CAD 31B (~$21.6B) in assets, including from direct investments in European firms such as BMS Group, ZEDRA, Refresco, Compre Group, and Waterlogic.
