With a global portfolio of more than $114.0 billion, bcIMC is one of Canada's largest institutional investors within the capital markets. We invest on behalf of public sector clients in British Columbia. Our activities help finance the retirement benefits of more than 522,000 plan members, as well as the insurance and benefit funds that cover over 2.2 million workers in British Columbia.
Based in Victoria, British Columbia and supported by industry-leading expertise, we offer our public sector clients responsible investment options across a range of asset classes: fixed income; mortgages; public and private equity; real estate; infrastructure; renewable resources; long-term strategic themes. Our investments provide the returns that secure our clients' future payments and obligations.
BC Immigrant Investment Fund
The BC Immigrant Investment Fund Ltd. (BCIIF) was incorporated on September 19, 2000 under the Company Act of British Columbia and is wholly-owned by the Province of British Columbia. BCIIF receives and manages BC’s allocation of funds under the federal Immigrant Investor Program (IIP). BCIIF’s investment portfolio is structured into three asset classes: Money Market and Central Depository Investments; Infrastructure Investments; and Venture Capital Investments. All investments are targeted to support economic development and job creation in the province.
B.C. Renaissance Capital Fund
A $90 million commitment was made to Venture Capital Investments through the B.C. Renaissance Capital Fund (BCRCF), a subsidiary of the BCIIF. The province’s objectives in venture capital investing include strengthening the local venture capital industry, attracting new institutional investors capable of financing the growth of anchor companies and generating superior, risk-adjusted returns for the capital committed.
BCIIF has committed capital with eight venture capital fund managers, through BCRCF. The target technology sectors are: information technology; life sciences; clean technology; and digital media.
British Columbia Discovery Fund (VCC) Inc. ("BC Discovery Fund," "BCDF" or the "Fund") is a diversified venture capital investment fund which allows investors to participate in the emerging technology industry in British Columbia. The Fund issues its shares under the Venture Capital Corporation (VCC) program, a BC government initiative to promote economic diversification and investment in small businesses, including technology ventures. In addition to enabling participation in innovative, local companies, BC Discovery Fund provides retail investors access to private venture capital investment opportunities, which are often only accessible to institutional shareholders and "angel" investors.
Eligible individual investors in the Fund receive a tax credit equal to 30% of the amount invested, to a maximum of a $60,000 tax credit per annum. The tax credit on investments into the Fund during the first 60 days of the year can be carried back and applied against the prior year's taxes payable. To the extent that the amount of the tax credit exceeds an individual's British Columbia taxes otherwise payable, the individual is entitled to a refund of the difference. Shares in the Fund are eligible for RRSPs, RRIFs and RESPs. The tax credit is also available to B.C. corporations to reduce B.C. taxes payable.
BC Discovery Fund is similar to the labour sponsored funds ("LSFs") available to investors in B.C., with added advantages that include:
30% investment tax credit on investments from a minimum of $2,500 to a maximum of $200,000 (vs. $5,000 maximum investment level for LSFs); and
Ability to request redemption after 5 years (vs. 8 year hold period for LSFs).
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