FLC partners with large institutional investors to build customized programs to co-invest directly in sponsored private equity transactions.
FLC is different as a partner for your co-investment program. We do not manage commingled capital for a large number of investors placed in funds with rigid strategies. We customize a separate co-investment program for each institution that meets their needs. We are not distant from our clients. We are partners to them and serve as an extension of their organization.
WASHINGTON STATE INVESTMENT BOARD
The Washington State Investment Board (WSIB) is one of the largest private equity investors in the world, with over 20% of its $98 billion in assets under management invested in the asset class. In 2005 WSIB ran a process to select a firm that would serve as its exclusive co-investment partner. Out of a comprehensive pool of applicants, WSIB selected FLC as their partner.
WSIB and FLC developed a customized co-investment program that met the specific portfolio needs of WSIB. Since that time, FLC has invested close to $1 billion in capital for WSIB in co-investments that are diversified by financial sponsor, industry sector, geography, and vintage year. FLC collaborates in real time and at frequently scheduled intervals on co-investment strategies, tactics, and execution. The overall returns of the co-investment program have been accretive to WSIB’s private equity portfolio and WSIB is viewed as a co-investor of choice by its sponsors.