British Columbia Investment Management Corporation (BCI)
BCI’s win reflected what judges called the strongest evidence-complete direct investment case of the year, and arguably the best execution-model proof in the field. Backing that claim were five separately structured, named transactions spanning five continents: the BBGI take-private, the Northview joint venture, Pinnacle Towers, Corix and Renewi.

With 84% of its portfolio now held directly, the outcome of a deliberate two-decade shift, BCI showed governance rights including board seats, sole ownership and control positions being demonstrably exercised rather than merely claimed. Judges praised the consistency of returns, 7.6% in 2025, 8.3% in 2024 and 7.0% in 2023, on €195bn of AUM, alongside genuine diversification across utilities, energy, transport, digital infrastructure, timberlands, agriculture and the circular economy.

The in-house team structure, clear business plan and strong anecdotal evidence all stood out. Overall, the judges saw a well-organised, steadily growing platform where direct ownership is clearly linked to long-term portfolio goals, supported by deliberate platform-building across the circular economy and timberland diversification