The holdings that British Columbia Investment Management (BCI) is looking to sell are worth between $250 million and $500 million. That includes stakes in large buyout funds, including two TPG Capital funds, according to sources. Private equity made up 7.1 per cent of BCI’s assets for the year ended March 31, 2018, compared to 44.3 per cent in public stocks. BCI is one of Canada’s largest pension funds with $145.6 billion in assets. (PE Hub)

Talking point: The pension fund is not withdrawing from private equity altogether, instead focusing on co-investing alongside other managers and bringing more of its work in-house. Selling its TPG stake could reduce BCI’s exposure to the tech sector; the U.S. firm owns stakes in Box and Zenefits, among other firms. Unlike public-sector funds in eastern Canada like the Caisse de dépôt et placement du Québec, BCI has made few disclosed direct tech investments. In 2008, it participated in a $17-million Series C round for D-Wave, a Burnaby, B.C.-based quantum-computing firm.