The British Columbia Investment Management Corp. finalized a $200M anchor investment in a newly launched, Europe-focused direct-lending fund.
The Arini Direct Lending Fund, developed through a partnership with Arini Capital Management and Lazard Inc. provides bespoke direct-lending solutions to mid-market companies across Europe, noted a press release. BCI also plans to invest, at its discretion, an additional $400M+ as a co-investor in future European direct-lending opportunities.
The investment will couple Lazard’s extensive corporate advisory network for deal origination and Arini’s deep experience in credit underwriting to efficiently source opportunities to underwrite private credit investments. The fund will focus on a diversified mix of senior and junior debt, targeting resilient, risk-adjusted performance.
“Our anchor investment in the Fund positions us as a key partner in this differentiated private credit platform, created through the alliance between Arini Capital Management and Lazard, Inc., supporting our strategy to geographically diversify BCI’s Partnership Portfolio,” said Daniel Garant, BCI’s executive vice-president and global head of public markets, in a press release.
“The opportunity to co-invest with Arini in other exclusive lending opportunities will also provide BCI with more targeted exposure to various segments of the European market. This initiative not only provides us access to Europe’s vibrant private credit sector, but also positions us well to help deliver high-quality, risk-adjusted returns for our clients, while fostering the growth of dynamic mid-market businesses.”
BCI also acquired Renewi, a waste-to-product company, via the Macquarie European Infrastructure Fund 7, noted a separate release.
Renewi is a pure-play recycling company that extracts value from waste and used materials, diverting them from incineration or landfill at around 150 sites, primarily across the Netherlands and Belgium. It uses innovative processes and advanced technology to transform waste into circular materials, including paper, metal, plastics, glass, wood, building materials (including sand, gravel and cement replacements), compost, and water.
The investment will enable Renewi to expand its circular economy business model across the Netherlands, Belgium, France, and Portugal; support the business’ transformation initiatives, including strengthening its logistics and processing capabilities; and achieve its growth ambitions.
