The British Columbia Investment Management Corp. is selling more than US$1 billion worth of private equity funds to Ardian, a France-based independent private equity investment company, according to reporting by Bloomberg.

Although it’s unclear which assets the BCI intends to sell, last June, Bloomberg also reported the investment manager was considering the sale of roughly $2 billion worth of Europe-focused investments and reducing its U.S. positions.

Read: BCI making key appointments to executive, private equity teams

As of March 31, 2023, the investment organization managed a $28.3 billion private equity portfolio. According to the BCI’s 2022-2023 annual report, its investments in private equity returned 18.2 per cent over a five-year period, as at Dec. 31, 2022.

Last November, Ardian also acquired a $2.1 billion portfolio of 20 limited partnership interests from the Canada Pension Plan Investment Board.

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