Jim Pittman Departs BCI, Jon Salon Named New Global Head of PE
British Columbia Investment Management Corp. named Jon Salon as the new global head of private equity, succeeding industry veteran Jim Pittman, who is leaving the pension plan at the end of the month.
Salon, who will assume the role next month from New York, joined the pension manager in 2024 after leading Cigna Group’s Evernorth Health Services. Prior to that, Salon spent about 15 years at buyout firm Bedford Funding, where he was a founding partner.
“Jon has been an exceptional addition to our private equity leadership, and I’m pleased to welcome him to BCI’s executive management team in this new capacity,” Chief Executive Officer Gordon J. Fyfe said in a statement seen by Bloomberg.
Since joining BCI in 2016, Pittman grew the private equity unit from a C$7 billion ($5.1 billion) into a C$36 billion business, while broadening the strategy and expanding its global footprint with offices in New York and London, according to the statement.
BCI, which invests the retirement savings of British Columbia’s public sector workers, had C$251.6 billion of net assets as of March 31.
Earlier today, BCI issued a statement stating that Jon Salon has been appointed Global Head of Private Equity, leading the C$36 billion+ PE program:
Victoria, BC — British Columbia Investment Management Corporation (BCI) today announced that Jon Salon has been appointed Executive Vice President & Global Head, Private Equity, effective February 2, 2026. Salon brings more than 30 years of private equity investment and executive management experience to the role. He succeeds Jim Pittman, who has led the program since 2016 and will be leaving BCI at the end of January.
Salon joined BCI Private Equity in 2024 as Senior Managing Director and Global Head of Healthcare, quickly growing his role to include leadership of BCI’s venture & growth strategies and being named head of the New York office. He joins BCI’s executive leadership team with a mandate to advance the high‑conviction, globally diversified private equity strategy that delivers sustainable, long‑term value for BCI’s pension fund and institutional clients. He will lead a team of more than 75 professionals across Victoria, New York, and London, overseeing fund, direct, and co‑investment strategies, with an emphasis on active ownership, operational value creation, and strategic partnerships with leading sponsors and management teams.
“Jon has been an exceptional addition to our private equity leadership, and I’m pleased to welcome him to BCI’s executive management team in this new capacity,” said Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer at BCI. “With nearly three decades of investment and operational experience, he brings the vision, discipline, and track record to advance BCI Private Equity’s strategy and continue delivering long-term value for our clients.”
Salon is based in New York and will report to Gordon J. Fyfe, Chief Executive Officer and Chief Investment Officer, BCI.
“I look forward to leading BCI Private Equity’s world‑class program and working with our exceptional team of investment professionals to further refine and execute our strategy,” said Jon Salon. “Together, we will continue to build on BCI’s global reputation as an innovative, flexible, and strategic capital partner and pursue opportunities that deliver enduring value for our clients, co‑investors, and portfolio companies.”
Since joining BCI in 2016, Pittman grew BCI Private Equity from a C$7 billion portfolio into a globally recognized C$36 billion+ platform, while broadening the strategy and expanding its global footprint with offices in New York and London.
“Jim has been instrumental in building this program, and we’re grateful for his leadership and many contributions over the past decade,” adds Fyfe.
Alright, earlier today I wrote about the odd departures of CAAT's CIO, CFO and CPO and now in my second comment of the day I'm going to tackle this story out of BCI.
Full disclosure, I reached out to Jim Pittman yesterday after someone told me he was "ousted" from his role at BCI and have not heard back from him.
I also reached out to BCI's CEO Gordon Fyfe earlier today and not surprisingly, have not heard back from him either.
Now, let me first congratulate Jon Salon for taking over this really important asset class at BCI.
When he was first hired, I was extremely impressed that they were able to attract and retain such a talented and experienced private equity professional.
My comment today isn't about Jon Salon who I have no doubt will continue to build BCI's global PE portfolio via partnerships and co-investments.
Instead, I'm thinking the same thing everyone else is thinking: "Why the hell is Jim Piitman leaving BCI?".
The press release states Jim is leaving BCI at the end of January and he is still on their website under the executive management team:
Since joining BCI in 2016, Jim Pittman has led the private equity team. Jim joined BCI with a specific mandate to build the private equity program’s strategy including total fund exposure, increase direct and co-sponsor deals, and extend the program’s global reach. Since then, Jim has grown the portfolio from C$7 billion to more than C$30 billion by investing in leading companies and funds with long-term growth potential, while adding sectors including venture and growth capital to the strategy. With $295 billion in assets under management as of March 31, 2025, BCI is one of the largest institutional investors in Canada.
Before joining BCI, Jim was a Managing Director at the Public Sector Pension Investment Board (PSPIB) for over 10 years. During his time there, Jim co-led the implementation of the firm’s private equity strategy. Prior to PSPIB, Jim was the Chief Financial Officer/Chief Operating Officer for PAL Aerospace, Canada. He has a background in acquisitions, divestitures, and tax.
Jim holds a Bachelor of Commerce from Memorial University of Newfoundland, is a Chartered Professional Accountant and holds the ICD designation. He has also completed advanced strategy, management, and leadership courses from Harvard, Wharton, and the University of Toronto.
Jim serves as a Board Director for Tropicana Brands Group and BMS Group, allowing him to continue collaboration efforts with portfolio company management teams on strategic, operational, and financial decisions; as well as ensuring alignment with BCI’s ESG principles, responsible investing approach, and commitment to diversity and inclusion. He is also a member of BCI’s Management Investment Committee.
Jim remains involved in his community by actively supporting the Canadian National Women’s Rowing Team and the Montreal Community Cares Foundation.
I worked with Jim Pittman at PSP, he was Derek Murphy's right-hand man, built up a solid portfolio at PSP based on fund investments and co-investments, moved over to BCI back in 2016 two years after Gordon was appointed CEO/ CIO, and has done outstanding job there building that private equity portfolio.
He's considered by many, not just me, to be one of the best private equity executives in the pension industry which is why everyone finds it very odd he's leaving BCI.
When I last met him in Montreal a few years ago, he was telling me how his job is "all about managing relationships" and that they managed to move the ratio of fund investments to co-investments to roughly 45/55 and were pressing on.
Two years ago. I discussed how BCI's PE portfolio was staying liquid, agile and focused using secondaries to manage liquidity and diversify vintage year risk.
When I covered BCI's fiscal 2025 results, I noted the PE portfolio gained 13.4% last fiscal year and the private equity unit made two sales in the secondary market, fetching $1.6 billion in proceeds. BCI also was an investor in Ziply Fiber, the United States broadband internet company that’s being acquired by BCE Inc. for $5 billion.
Despite underperforming its benchmark last fiscal year, the private equity portfolio produced great long-term results and it was by far one of the best contributors to BCI's value add over the last ten years.
So again, why is Jim Pittman departing BCI at the end of this month (some say he already left)?
Was he "ousted" from BCI? Don't know but I strongly doubt it as he was extremely tight with Gordon Fyfe.
Who knows, maybe Gordon is retiring and Jim decided to leave to do something else, join Murph (Derek Murphy) on some new project or join a private equity fund.
I have no clue, all I can tell you is Jim Pittman is a really good guy, hope he and his family are all well and I'll grab a drink with him any time he's in Montreal (I can't say the same for many of my former PSP colleagues, except Fred, I love Fred Lecoq, only guy I still keep in touch with).
Alright, there's my 2-for-1 special, back to trading these crazy markets.
Friendly reminder: I do NOT get paid enough to share my wisdom on this public blog and remind all of you including my old friend Gordon Fyfe to contribute to support the work that goes into it.
You might not always agree with me, I might even irritate you sometimes. I don't really care, I just do my thing and if you're reading this and getting value/ entertainment or whatever out of it, you should be paying for it. I thank those of you who respect the work that goes into this blog and support it through contributions.
Below, Jim Pittman, Executive VP and Global Head of Private Equity at BCI, joins Giovanni Amodeo for a fireside chat to discuss BCI’s private equity proposition and his outlook on the market (September, 2024).
Also, BCI's Head of Global Private Equity, Jim Pittman, discussed trends he sees in the industry at the Milken Conference (April, 2025). Video clip also available here.
Comments
Post a Comment