Ardian Is Near Deal to Buy Over $1 Billion of BCI's Private Equity Holdings [BNN Bloomberg (Canada)]
Brookfield Corporation Class A Limited Voting Shares (BN)
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Source: BNN Bloomberg
The transaction may close in the next few months, one of the people said, asking not to be identified discussing a confidential matter. The British Columbia fund, which manages the retirement savings of government workers in the Canadian province, was considering the sale of about $2 billion worth of Europe-focused investments and reducing its US positions to rebalance its portfolio and free up cash, Bloomberg News reported last June. Spokespeople for Ardian and BCI declined to comment. BCI owned C$28.3 billion ($20.6 billion) of private equity assets as of March 31, 2023, more than 10% of its holdings. It's not clear which assets the pension manager intends to sell. BCI is an investor in dozens of private equity funds, including products managed by Bain Capital, Brookfield Asset Management and CVC. Some institutional investors hit their allocation limits to private equity when interest rate hikes in 2022 caused the value of publicly traded stocks and bonds to sink. When hi
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