Peer collaboration of asset owners around “indirect” private market investment
The Fiduciary Investors Roundtable on Collaboration and Partnerships (FIRCAP) was created in 2015 as an independent, not-for-profit and invitation-only platform for senior investment executives and strategic advisors of asset owners to collaborate with their peers around ‘indirect’ private market investment (through funds and co-investments) through high-level, direct and confidential discussions with the primary objective of increasing their long-term risk-adjusted returns:
- By sharing investment strategies, best practices and expertise to take better advantage of their characteristics as long-term investors, to better align intermediaries with the principal’s interest, and to improve the efficiency of their investment activity, particularly in private markets;
- By pooling their resources and networks to explore innovative investment models or specific investment opportunities;
- By developing innovative investment vehicles suiting their strategies and constraints of scale or governance;
- By exploring and supporting innovative investment platforms developed by asset owners with strong in-house investment teams aiming at attracting capital from aligned peers on friendlier and better-aligned terms than those generally offered by the commercial asset management market; or
- Where relevant, by sharing experience and advice on how to build the institutional and human resources capacity to manage assets in-house.
An important focus of the FIRCAP is to support asset owners who do not currently have sufficient in-house resources or do not intend to invest directly in private markets on their own and who see the need to work with peers to access private market investments more efficiently and develop stronger internal capabilities.
The FIRCAP holds two meetings annually, in the Fall and in the Spring. These meetings are peer-to-peer roundtables organized in a manner that optimizes direct interaction among eligible participants. Between meetings, the FIRCAP also provides additional resources to help institutional investors initiate, implement and expand innovative collaborations in private markets.
Participation in FIRCAP is restricted to senior investment executives from eligible pension funds, sovereign wealth funds, endowments and other long-term assets owners that are interested in exploring new investment models and new ways of collaborating with peers around “indirect” investment.
The FIRCAP is supported by a secretariat based in Quebec City (Canada), Geneva (Switzerland) and London (UK). The FIRCAP Secretariat also draws on the expertise of several advisors from academia, industry and pension funds.