Investment Inventory

BCI-Investment-Inventory-2021-Private-Equity

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P R I V A T E E Q U I T Y | I N V E S T M E N T I N V E N T O R Y | A S A T M A R C H 3 1 , 2 0 2 1 5 BCI has invested in private equity assets for over 20 years. The $20.7billion portfolio represents 10.4 per cent of BCI's total assets under management (AUM). The private equity portfolio is focused on long-term investments, diversified by geography and sector, and includes both direct and indirect investments through private companies and fund investments. We approach the market by sector, specializing in business services, consumer, financial services, healthcare, industrials, and technology, media and telecommunications. We collaborate with strategic partners who bring specific sector and geographical expertise to secure investments that offer attractive, risk-adjusted returns. The program also seeks to acquire control investments, sought and managed in-house. Our large, direct investments are structured with appropriate governance rights which allows for strong oversight of our portfolio companies and facilitates collaboration with management teams on strategic, operational, and financial matters. This hands-on approach to portfolio management creates consistent opportunities for value creation and ensures alignment with BCI's ESG principles and responsible investing priorities. Since 2016, we have shifted our investment focus towards primarily direct investments, increasing the ratio to approximately 37.0 per cent from 20.0 of our portfolio AUM. Although our strategy is to continue allocating a greater proportion of capital to direct investments, fund investments remain an important factor in diversifying our portfolio and fostering network growth, enhancing partnerships, and sourcing investment opportunities. Private Equity In April 2020, BCI saw an opportunity to invest directly in a quality company led by a strong management team with a proven track record for delivering on set objectives. BCI pursued the opportunity and acquired a significant minority interest in Waterlogic Holdings (Waterlogic). Founded in 1992, Waterlogic is prominent in the market for providing bottle-free, purified water in workplaces in Western Europe, Australia, and the United States. The company focuses on researching and developing the latest technologies and providing world-class sales and service. Headquartered in Berkshire, UK, with subsidiaries in 17 countries, the company continues to grow organically and by acquisitions made through its distribution networks in Europe, North and South America, Australia, Asia, and South Africa. Waterlogic designs, assembles, distributes, and services point-of-use (POU) water systems for workplace environments including offices, factories, hospitals, hotels, and restaurants. The products range from freestanding, countertop, and integrated water dispensers to filling stations, fountains, and boilers. POU water systems provide increased water purity, a lower environmental impact, and a more cost-effective alternative to bottled water. Filtered water and flavoured carbonated water are quickly becoming the preferred beverage of choice by consumers; for the health benefits in comparison to alternative bottled beverages, and for cost-efficiencies. TAPPING INTO BOTTLE-LESS WATER Waterlogic Holdings

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