On July 30, 2024, British Columbia Investment Management Corporation (BCI) announced a definitive agreement to sell its majority stake in Hayfin Capital Management to Arctos Partners. Despite the sale, BCI will retain a significant strategic limited partnership in key Hayfin fund strategies.

BCI acquired the majority stake in 2017, recognizing an opportunity in the European private credit market. During its ownership, BCI’s strategic investments and collaboration with Hayfin's management helped grow Hayfin’s assets under management from €8 billion to over €31 billion. Hayfin’s offerings now include direct lending, special situations, tactical solutions, high-yield/syndicated loans, healthcare opportunities, maritime yield, and private equity solutions.

BCI’s investment is projected to yield substantial returns for its pension plan and insurance fund clients. Jim Pittman, BCI’s Executive Vice President & Global Head of Private Equity, praised the successful partnership and highlighted BCI's role in scaling Hayfin into a market leader.

The transaction, subject to regulatory approvals, is expected to close in Q4 2024. Financial advisors for the deal were Goldman Sachs International and Moelis & Company LLC. Legal counsel included Weil Gotshal & Manges LLP for BCI, Macfarlanes LLP and Cleary Gottlieb Steen & Hamilton LLP for Hayfin, Kirkland & Ellis LLP for Hayfin management, and Skadden, Arps, Slate, Meagher & Flom LLP for Hayfin’s independent directors.