Managing Director, Partnership Portfolio

About Us:

With $313.7 billion of gross assets under management, as of March 31, 2026, British Columbia Investment Management Corporation (BCI) is the provider of investment management services for British Columbia’s public sector and one of the largest asset managers in Canada. BCI seeks investment opportunities around the world and across a range of asset classes that convert savings into productive capital. Our investment returns play a significant role in helping our institutional clients build a financially secure future for their beneficiaries.

Headquartered in Victoria, British Columbia, and with teams spanning Vancouver, New York, London, and Mumbai.

BCI integrates environmental, social, and governance (ESG) factors into all investment decisions to meet clients' risk and return requirements. Our people shape employee-focused initiatives, creating a strong culture. To learn more about our culture and values, visit our BCI Values in Action page.

POSTING CLOSE DATE: November 9, 2026

THE OPPORTUNITY

Reporting to the Senior Managing Director, Partnership Portfolio, the Managing Director is a senior investment leader within a dedicated team of 12+ investment professionals managing investment commitments of approximately C$25 billion.

The Managing Director, together with other senior investment staff, will lead the origination, underwriting, structuring, negotiation and management of, primarily, private credit and structured capital investments through fund, co-investment and direct investment structures. The role requires deep credit expertise and hands-on experience across senior and junior debt, mezzanine financing, preferred equity, convertible instruments and other debt–equity hybrids.

The Managing Director, together with other senior investment staff, are accountable for investment recommendations and the management of assigned exposures throughout their life cycle. The role requires strong investment judgment with a focus on principal protection, contractual cash flows and attractive absolute returns. It also carries responsibility for developing investment partnerships, shaping portfolio strategy as well as leading, mentoring and partnering with other investment professionals across the team.

WHO YOU WILL WORK WITH

The Capital Markets & Credit Investments (CM&CI) department manages C$165B of capital markets and credit investments (56% of total net AUM of BCI). The department invests globally across Credit, Equities, Fixed Income, Derivatives, and Absolute Return Strategies, with investment teams located in BCI's global offices in Victoria, Vancouver, New York, and London. As a leader in responsible investing, CM&CI actively integrates ESG factors into investment analysis and decision-making processes across all strategies.

The Partnership Portfolio team’s activities include managing absolute return investments through the Global Partnership Fund (GPF). The team operates a partnership model, investing through and alongside external managers and other partners in alternative asset classes, primarily across private credit, structured capital and other specialized opportunities. This includes fund commitments with a significant focus on co-investments and direct transactions that allow greater influence over asset selection, investment terms and downside protection. The team pairs external expertise with independent underwriting and active portfolio management across sectors and investment structures.

WHAT YOU BRING

Typically, 12+ years of relevant experience, including substantial co-investment or direct investment responsibility in private credit and a demonstrated record of originating, underwriting, structuring and managing complex transactions through to exit at a senior level.

Deep expertise in private credit, including cash-flow lending, asset-backed financing, subordinated debt and bespoke capital solutions, with a strong command of capital structures, creditor priority, collateral, guarantees, covenants and intercreditor arrangements. Experience with stressed credits, restructurings or workouts is an asset.

Demonstrated experience in structured equity and debt-equity hybrids, including preferred equity, convertible securities and investments with negotiated downside protection and equity participation, together with the liquidation preferences, distribution rights, redemption provisions and governance protections relevant to these instruments.

Strong independent underwriting judgment and advanced financial modelling skills, with the ability to challenge business forecasts, assess collateral and enterprise value, evaluate cash and payment-in-kind returns, equity participation and exit assumptions, and assess repayment and recovery under downside scenarios.

Established relationships with private credit managers, financial sponsors, lenders, intermediaries and advisers, and a demonstrated ability to convert relationships into investment opportunities by evaluating manager capabilities, alignment, fees, allocation practices and potential conflicts in fund and co-investment relationships.

Strong portfolio construction and risk-management skills, including concentration, liquidity, leverage, duration and correlation across credit and structured capital exposures.

Proven ability to lead and mentor investment professionals. A collaborative team player who builds effective working relationships across the team and with colleagues throughout the organization.

Clear written and verbal communication, including the ability to defend investment recommendations before investment committees and negotiate effectively with counterparties, management teams and advisers.

Relevant university degree. A CFA, CPA or CBV designation, or a graduate degree in business, finance, economics or a related discipline, is preferred.

WHAT YOU WILL DO

Origination Underwriting and Structuring

Develop and manage a pipeline of private credit, structured equity and hybrid capital opportunities. Assess relative value across instruments and identify where bespoke structures and partner relationships can improve returns and downside protection.

Lead responsibility for investment due diligence by forming investment views on business quality, cash generation, capital structure, collateral and repayment capacity. Challenge forecasts and assess downside recoveries, refinancing dependence and exit alternatives.

Design and negotiate investment structures, pricing and protections, including security, guarantees, covenants, creditor priority, preferred distributions, redemption rights, governance rights and equity participation, as appropriate to the instrument.

Lead responsibility for commercial and documentation negotiations with counterparties and legal counsel. Assess structural subordination, covenant leakage, dilution and the enforceability of investment rights, and resolve material issues before commitment.

Direct and review financial models and investment memoranda. Lead the communication of recommendations to the Senior Managing Director and investment committee, clearly explaining the investment thesis, return drivers, downside risks and proposed mitigants.

Portfolio Management and Risk

Own the ongoing management and monitoring of assigned investments, including operating performance, liquidity, covenants, valuation, collateral and compliance with investment terms. Identify deterioration early and lead appropriate action.

Lead amendments, waivers, follow-on financings, restructurings and workouts where required. Negotiate with sponsors, borrowers, managers and other stakeholders to protect capital and maximize recoveries.

Shape portfolio construction and capital allocation with senior leadership. Assess concentration, liquidity, leverage and correlated risks, and recommend hedges, exposure reductions, realizations and new commitments.

Investment Partnerships and Collaboration

Build and manage senior