British Columbia Investment Management Corporation

You had the case in Quebec, OMERS and Teachers in Ontario.

Post that, the early to late 90s, you had BCI, INCO, PSP and CPP adopting private equity.

And so you really see two to three decades of investing in private equity for these institutions.

And today, the Maple Eight, they have approximately 10 to 15% of their portfolio in private equity.

Yeah, it was a startup from scratch.

Basically, the assets of the pension fund of the province, BCI, were managed by third parties.

Those contracts were terminated and a transition was put in place where about $21 billion, and I'll talk in Canadian dollars all the time.

You guys can put the exchange rate in.

That's always been part of the plan.

It's not like we're focused on raising third-party capital.

With the platforms we have in place, We're able to generate a really attractive kind of coherent portfolios around a particular strategy or market, and those exceed BCI's capabilities to invest in.

We want to keep growing the platforms, you're able to have good people because you have platforms that you can grow and that you have opportunities that attract really strong people.