The British Columbia Investment Management Corp. (BCI) is acquiring a minority stake in Pinnacle Towers, an Asia-based digital infrastructure platform with a focus on the Philippines.
The pension fund’s acquisition was through Kohlberg, Kravis Roberts & Co.’s (KKR) Asia Infrastructure Funds I and II. KKR will remain the majority shareholder. BCI Infrastructure & Renewable Resources has a global portfolio with nine active investments in the Asia-Pacific region, including Rakuten Mobile, a leading communications tower company based in Japan; Altius, a leading communications tower company in India; and Cube Highways, India’s largest toll road operator. The acquisition of Pinnacle Towers expand its presence in the region.
Founded in 2020, Pinnacle Towers’ platform specializes in executing on build-to-suit telecommunications tower projects, optimizing the use and management of sale-and-leaseback assets with leading mobile network operators and providing ancillary management services to industry players.
KKR first established its global infrastructure team and strategy in 2008 and its Asia Pacific infrastructure platform was established in 2019, steadily growing to approximately US$13B in assets under management.
The transaction is expected to be completed by Q3 2025, subject to customary regulatory approvals.
