The British Columbia Investment Management Corp. is part of an investing group backing a new financial operator from Centerbridge Partners and Wells Fargo & Co.

The new entity, Overland Advisors, will oversee the creation of senior secured loans for middle-market companies. The BCI is part of a $2 billion initial equity commitment.

“Direct lending provides an important alternative financing source for middle-market businesses,” said Daniel Garant, executive vice-president and global head of public markets at the BCI, in a press release. “We believe Overland takes that to the next level by broadening and diversifying the types of businesses served and we are pleased to be making this meaningful long-term investment.”

Read: BCI’s net assets grow 3.5% in fiscal 2023, led by alternatives

In other investment news, a Swedish battery manufacturer that recently received substantial investment from three of Canada’s largest pension funds, will open a new multi-billion dollar electric vehicle battery plant in Quebec.

Construction on the facility, Northvolt Six, is expected to begin later this year. In a press release, Northvolt said it expects the facility to launch production by 2026, with the initial phase of manufacturing expecting to cost $7 billion in investment and provide up to 3,000 jobs. The new facility represents the company’s first gigafactory outside of Europe.

In August, the Canada Pension Plan Investment Board, the Investment Management Corp. of Ontario and the Ontario Municipal Employees’ Retirement System joined forces in a US$1.2 billion funding raise for Northvolt.

Read: CPPIB backing Brazilian reforestation startup; CPPIB, IMCO and OMERS investing in Swedish car battery maker