Make Hay While The Sun Shines
It’s been a gold medal performance for the pension fund, British Columbia Investment Management, after announcing it had agreed to sell its investment in European credit manager, Hayfin Capital Management. Like Novak Djokovic’s blistering winner at the Paris Olympics on Sunday, BCI secured a solid return more than three times its initial investment. Having initially bought a 70% stake in the manager in 2017, equating to a valuation of EUR250 million (which reduced to 60% over time), BCI agreed to sell Hayfin through a management buyout backed by Arctos Partners for EUR1.3 billion. Talk about making hay while the sun shines! This gives BCI a healthy return on what has proven to be a winning deal for its private equity portfolio. Although it is believed they are in no immediate rush to pursue any new direct investments. Time to sit back and enjoy the afterglow.