The original question is about Bootstrap 3 and that supports IE8 and 9 so Flexbox would be the best option but it's not part of my answer due the lack of support, see http://caniuse.com/#feat=flexbox and toggle the IE box. Pretty bad, eh?
2 ways:
1. Display-table:
You can muck around with turning the row into a display:table and the col- into display:table-cell. It works buuuut the limitations of tables are there, among those limitations are the push and pull and offsets won't work. Plus, I don't know where you're using this -- at what breakpoint. You should make the image full width and wrap it inside another container to put the padding on there. Also, you need to figure out the design on mobile, this is for 768px and up. When I use this, I redeclare the sizes and sometimes I stick importants on them because tables take on the width of the content inside them so having the widths declared again helps this. You will need to play around. I also use a script but you have to change the less files to use it or it won't work responsively.
.row.table-row > [class*="col-"].custom {
background-color: lightgrey;
text-align: center;
}
@media (min-width: 768px) {
img.img-fluid {width:100%;}
.row.table-row {display:table;width:100%;margin:0 auto;}
.row.table-row > [class*="col-"] {
float:none;
float:none;
display:table-cell;
vertical-align:top;
}
.row.table-row > .col-sm-11 {
width: 91.66666666666666%;
}
.row.table-row > .col-sm-10 {
width: 83.33333333333334%;
}
.row.table-row > .col-sm-9 {
width: 75%;
}
.row.table-row > .col-sm-8 {
width: 66.66666666666666%;
}
.row.table-row > .col-sm-7 {
width: 58.333333333333336%;
}
.row.table-row > .col-sm-6 {
width: 50%;
}
.col-sm-5 {
width: 41.66666666666667%;
}
.col-sm-4 {
width: 33.33333333333333%;
}
.row.table-row > .col-sm-3 {
width: 25%;
}
.row.table-row > .col-sm-2 {
width: 16.666666666666664%;
}
.row.table-row > .col-sm-1 {
width: 8.333333333333332%;
}
}
HTML
<div class="container">
<div class="row table-row">
<div class="col-sm-4 custom">
100% height to make equal to ->
</div>
<div class="col-sm-8 image-col">
<img src="http://placehold.it/600x400/B7AF90/FFFFFF&text=image+1" class="img-fluid">
</div>
</div>
</div>
2. Absolute bg div
.content {
text-align: center;
padding: 10px;
background: #ccc;
}
@media (min-width:768px) {
.my-row {
position: relative;
height: 100%;
border: 1px solid red;
overflow: hidden;
}
.img-fluid {
width: 100%
}
.row.my-row > [class*="col-"] {
position: relative
}
.background {
position: absolute;
padding-top: 200%;
left: 0;
top: 0;
width: 100%;
background: #ccc;
}
.content {
position: relative;
z-index: 1;
width: 100%;
text-align: center;
padding: 10px;
}
}
HTML
<div class="container">
<div class="row my-row">
<div class="col-sm-6">
<div class="content">
This is inside a relative positioned z-index: 1 div
</div>
<div class="background"><!--empty bg-div--></div>
</div>
<div class="col-sm-6 image-col">
<img src="http://placehold.it/200x400/777777/FFFFFF&text=image+1" class="img-fluid">
</div>
</div>
</div>