Afinishay Capital is a boutique investment firm based in the City of London. The company was founded by Tim Wilkinson in July 2016 and has raised over $250 million of institutional capital for alternative real asset investment strategies.
To leverage our extensive knowledge and network of established relationships, to provide institutional investors with real asset and other growth equity investment opportunities, specifically tailored to their stated investment objectives.
When people talk, listen completely. Most people never listen.
– Ernest Hemingway
The principals of Afinishay have worked closely with pension funds and other Institutional investors for over twenty years and, throughout this time, we have listened carefully to their evolving needs and objectives.
Foremost among these is to invest in opportunities that have superior risk-adjusted return profiles and provide effective portfolio diversification.
Afinishay sources niche, and often difficult-to-access, investment strategies, with experienced management teams and compelling business models, that match each investor’s principal investment criteria.
As a matter of course, Afinishay only represents managers who offer investors:
- Better aligned compensation models that reward success
- Stronger governance with increased investor oversight
- Decision-making guided by ESG considerations
- Potential to make a positive economic and social impact
We advise managers on structuring and then make targeted introductions to institutional investors actively seeking to invest in such strategies. A two-step process that first makes a strategy investable and then provides the capital needed to transform a business.
To ensure that our interests are equally aligned with all parties, Afinishay is always compensated by the manager and primarily by compensation tied to the success of the strategy.
Capital isn’t scarce; Vision is.
– Sam Walton
Almost a decade of low nominal returns post the GFC has caused material asset price appreciation, which in turn has resulted in substantial yield compression across all asset classes. Liquid alternative asset strategies (hedge funds) have largely failed to deliver either effective returns or proper diversification. Less liquid (private equity) strategies have fared rather better but have nonetheless disappointed in terms of value-for-money or accountability.
As a result, institutional investors are looking for real asset and growth equity opportunities that offer the potential for strong risk adjusted returns and provide inherent downside protection and capital preservation.
Investors are also seeking better terms and improved alignment, shunning high annual fees in favour of deferred performance-based remuneration. Investments are often made in the form of working capital in return for an equity stake or equivalent participation in the future profitability of a business.
The effect of not charging annual management fees is that investment returns tend to be higher and managers receive a higher percentage of the carry.
Investors are also increasingly required to incorporate ESG issues in their investment criteria, which they achieve by investing in strategies and businesses that make a positive economic and social impact, as well as delivering acceptable returns.
Banks continue to restructure, further downsize their balance sheets and reduce lending, particularly to small and medium-sized enterprises. This trend is likely to continue following the delayed application of MiFID II in January 2018 and the growth in blockchains, which has the potential to replace custody and depositary banks as the keepers of records and providers of digital ledgers for recording and listing financial transactions.
We expect to see institutional investors playing a bigger role in private debt markets, in parallel to their increasing involvement in private equity, as they step into another role traditionally performed by banks.
Finally, it is important not to underestimate the impact of Local Government Pension Schemes (LGPS) central pooling, which will result in 89 English and Welsh LGPSs consolidating into eight super funds, each with circa £25bn AUM.
The aim is to improve investment returns, by reducing administration costs and management fees by £500m per annum. However, bigger pools will lead to larger minimum investment sizes and a more homogenised investment universe, resulting in a much narrower opportunity set.
In sum, it is hard to envisage a £25bn fund making sub £50m investments in niche opportunities. As these investments often deliver the best combination of outsized returns and real job creation and tend to have the greatest economic and social impact, we believe there is a window of opportunity for LGPSs to provide patient capital to infrastructure, innovation and housing projects managed by experienced and ambitious management teams.
Tim founded Afinishay Capital in July 2016, having spent the last 20 years working closely with pension funds and other end investors. He was at Citi for 15 years from 1994, becoming Managing Director & Global Head of Transition Management in 2001, he joined Russell Investments as Managing Director of EMEA in 2010, before being appointed President of Sciens Capital, London, in 2012.
Mobile +44 7780 621 973
Charles joined Afinishay Capital in September 2016. He has over 25 years’ experience in financial services, specifically in alternative investments, FX and derivatives. Charles has co-founded two UK regulated companies, The ECU Group plc in 1988 and IFX Markets Ltd in 1995. He was previously a Director of Institutional Business at Saxo Capital Markets and an advisor to Maitland Group.
Mobile +44 7710 335 275
AFINISHAY CAPITAL LTD
7th Floor (North) | 11 Old Jewry | London EC2R 8DU | +44 (0) 20 7594 4972
Registered in England and Wales with number 10275250.
VAT Registration Number 258 9100 88
Afinishay Capital Limited is an Appointed Representative of Laven Advisors LLP which is authorised and regulated by the FCA.
Article 5 of the GDPR States that Personal Data must be processed lawfully fairly and in a transparent manner. In line with the GDPR changes we are updating our Privacy Notice so you can better understand why and how we collect, process and destroy your data. We are committed to protecting and respecting your privacy. This policy (together with the Terms and Conditions and any other documents referred to in it) sets out the legal basis on which any Personal Data we collect from you, or that you provide to us, will be processed by us. Please read the following carefully to understand our views and practices regarding your Personal Data and how we will treat it.
What types of Personal Data do we collect?
We may control, process and use your Personal Data, which may include names, postal addresses, email addresses, telephone numbers or any other Personal Data that you provide to us. We may also, in appropriate cases and to the extent permitted by law, control, process and use certain special categories of Personal Data which are more sensitive in nature (e.g. when undertaking “Know Your Customer” (KYC) or anti-money laundering (AML) checks, we may collect information about any criminal conviction offence that you or the directors of any company might have committed).
Identity of the Firm
Afinishay Capital Limited
c/o Laven Partners Limited
7th Floor (North)
11 Old Jewry
London EC2R 8DU
Lawful basis for Processing
Where we act as Data Controller, we rely on the following legal basis for Processing your Personal Data:
- Consent- if you are a recipient of our online direct marketing;
- Legitimate interests – if you are our client or prospect client, business affiliate, employee or potential employee, or our website visitor;
- Performance of contract- if you are our client, supplier, employee, akin to employee or business affiliate or our website visitor;
- Legal obligation – if we process Personal Data according to requirements of domestic legislation.
Where we act as Data Processor, we process Personal Data on behalf of Data Controller and we act on their written instructions.
Data protection officer
The Firm has no regulatory obligations under the GDPR to appoint a DPO; the Firm has no data protection officer (DPO) currently appointed. The GDPR sets out guidelines on when the appointment of a DPO shall be required as follows:
- Where the scope or purpose of collecting data requires a regular systematic monitoring of the Data Subjects;
- Where the Firm processes special categories of data on a large scale;
- Where Processing is carried out by a public authority.
The Firm has instead agreed to name a responsible officer (the “Responsible Officer”) who may be reached on firstname.lastname@example.org.
Purpose of data collected
The personal information we collect is for the following legitimate interest:
- Provision of financial products and services;
- Administration of your investments;
- Promotion of ideas and events relating to services we provide;
- Accuracy of client records,
- Maintenance of records of communications and management of your relationship with us;
- To respond to your enquires;
- To comply with any present or future law, rule, regulation, guidance, decision or directive (including those concerning anti-terrorism, fraud, AML and anticorruption);
- To carry out, in appropriate cases, KYC checks and other procedures that we undertake prior to you becoming a customer of ours;
- Prevention and detection of fraud and other illegal activity or misconduct; and
- For informing you about compliance with legal and regulatory obligations and provide related guidance.
Who we share our information with
We will not share personal information about you with third parties without your consent. We are required, by law, to sometimes pass on some of this Personal Data to:
- Law enforcement agencies; financial regulators and other relevant regulatory authorities; government bodies; tax authorities; courts tribunals and complaints/dispute resolution bodies;
- Other bodies as required by law or regulation; or
- Related financial institutions such as trustees, custodians and sub-custodians; insurers; fraud protection agencies; and/or similar suppliers or service providers.
To fulfil our contract with you, the Firm may sometimes pass information to:
- IT services including client relationship management platforms; and
- Intra group to related affiliates also working on providing you with related services.
International transfer outside the EEA
The Firm does not transfer your personal information outside of the European Economic Area (EEA) unless the transfer is necessary for one of the reasons set out in the GDPR including the performance of a contract between the Firm and the Data Subject, reasons of public interest, to establish, exercise or defend legal claims or to protect the vital interests of the Data Subject where the Data Subject is physically or legally incapable of giving consent and, in some limited cases, for our legitimate interest.
In these cases, we will follow the GDPR Guidelines in protecting the transfer of data to countries outside the EEA to ensure that the level of data protection afforded to individuals by the GDPR is not undermined.
The Firm will only transfer Personal Data outside the EEA if one of the following conditions applies:
- The European Commission has issued a decision confirming that the country to which we transfer the Personal Data ensures an adequate level of protection for the Data Subjects’ this refers to (individual’s resident rights and freedoms);
- Appropriate safeguards are in place such as binding corporate rules (BCR), standard contractual clauses approved by the European Commission, an approved code of conduct or a certification mechanism, a copy of which can be obtained from the Responsible Officer;
- The Data Subject has provided Explicit Consent (Explicit consent is where permission has been given by the Data Subject in writing to the proposed transfer after being informed of any potential risks).
We will keep your Personal Data for no longer than reasonably necessary. We will retain your personal information in accordance with legal and regulatory requirements as set out in our Data retention policy.
Your rights and your Personal Data
You have a right:
- To request a copy of your Personal Data which the Firm or related Data Controller holds about you;
- To request the Firm or any related Data Controller to correct any Personal Data if it is found to be inaccurate or out of date;
- To request your Personal Data is erased where it is no longer necessary for the Firm or related Data Controller to retain such data;
- To withdraw your consent to the Processing at any time if consent constitutes the lawful basis for processing;
- To object to Processing based on grounds relating to the Data Subject situation if the processing is necessary for the performance of a task carried out in the public interest or the processing is necessary for the purposes of the legitimate interest by us or a third party, unless such interest is overridden by your fundamental rights and interests;
- To request a restriction is placed on further Processing;
- To lodge a complaint with the Information Commissioners Office (the UK Supervisory Authority); you can contact the Information Commissioners Office on 0303 123 1113 or via email https://ico.org.uk/global/contact-us/email/ or at the Information Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF.
- Not to be subject to a decision based on automated Processing; the Firm does not practice such decision making.
Where we may seek to further process your data other than for the original purpose for which it was collected, the Firm shall only further process such data where the new Processing is compatible with the original purpose.
We take your privacy seriously and take every reasonable measure and precaution to protect and secure your Personal Data. We work hard to protect you and your information from unauthorised access, alteration, disclosure or destruction and have several layers of security measures in place, including, without limitation, encryptions.
Special Categories of Data (if applicable)
Owing to the products and services that we offer, such as performance of KYC and other background checks, we sometimes need to process special categories of data which are deemed to be more sensitive in nature. Where we collect such information, we will only request and process the minimum necessary for the specified purpose and identify a compliant legal basis for doing so. Where we rely on your consent for Processing Special Categories Data, we will obtain your explicit consent through electronic means.
Legitimate Interests (if applicable)
We occasionally process your personal information under the Legitimate Interests’ legal basis. Where this is the case, we have carried out a Legitimate Interests’ Assessment (LIA) to ensure that we have weighed your interests and any risk posed to you against our own and that such interests are proportionate and appropriate such as for the purposes of HR, marketing and day-to-day operations.
When sending marketing materials to customers, we may have the option to rely on your consent or legitimate interest.
We only use legitimate interests for marketing if we have assessed that the information being sent is beneficial to the customer and have weighed our interests against your own and there is little to no risk posed, the method and content is non-intrusive and the material being sent is something you would usually expect to receive.
Cookies, analytics and traffic data
We provide the following information with some explanations to ensure transparency to our users:
- What types of cookies are set;
- How long they persist on your user’s browser;
- What data they track;
- For what purpose (functionality, performance, statistics, marketing, etc.;
- Where the data is sent and with whom it is shared;
- How to reject cookies, and how to subsequently change the status regarding the cookies.
Website Terms & Conditions
Terms & Conditions
Please note that access to and the use of this website is subject to the following terms and conditions. Please read them carefully as by using this website you will be deemed to have agreed to them each time you access it. This Disclaimer is subject to change from time to time without notice.
The information contained in this website (the “Website“) is issued by Afinishay Capital Limited, c/o Laven Partners Limited, 7th Floor (North), 11 Old Jewry, London EC2R 8DU on behalf of itself and its affiliates.
Client care and complaints
Afinishay Capital Limited and its affiliates aim to offer all clients an efficient and effective service and we are confident that this will be the case. However, if any problems do arise or you have any suggestions on how we can improve our services to you, then please do not hesitate to contact your contact person to discuss.
Restrictions on the use of this website and disclaimer
This website is only directed at Professional Clients and Eligible Counterparties and the services or investments referred to are only available to Professional Clients and Eligible Counterparties. Retail Clients should not rely on the information herein, which is intended for Professional and Eligible Counterparties only. This website is intended for use as a source of general information only and this website (including any publications, memorandums etc contained herein) does not provide or offer legal or other advice of any kind and is not intended as an advertisement. Information contained herein must not be relied upon as legal or other advice or as part of any engagement or service carried out by Afinishay Capital Limited or its affiliates unless otherwise specified.
Accuracy of information
The information provided on this website is compiled by Afinishay Capital Limited and its affiliates and may be obtained from information supplied to us by third parties. We take every care and precaution to ensure that all information on this website is accurate when posted and regularly updated, but we cannot guarantee, and make no representations or warranties as to, its accuracy or completeness. Views and opinions, while given in good faith, are not intended to provide an exhaustive statement or any opinion on specific issues and are subject to change without notice. Such views and opinions do not offer legal or other advice and should not be relied upon as such. Afinishay Capital Limited or any of its affiliates, officers or employees do not accept any liability to any person who does rely on the content of our website.
Links to external websites may be provided for your convenience but such websites and websites through which you may have gained access to our website are beyond the control of Afinishay Capital Limited and its affiliates and we do not endorse or accept any responsibility for their contents or any services or items offered through such websites.
Limitation of liability
To the maximum extent permitted by applicable law or regulatory requirements, neither Afinishay Capital Limited nor any of its affiliates, directors, employees or other representatives shall be liable for any errors, inaccuracies or omissions on this website or for any loss or damage resulting from its use, whether caused by negligence or otherwise.
This limitation of liability includes any damages, losses, costs, claims, liabilities or expenses arising out of or in connection with the use of this website (whether under contract, tort, statute or otherwise arising). This limitation of liability shall apply to all damages, losses, costs, claims, liabilities and expenses of any kind whether direct or indirect and consequential, including (but without limitation) legal costs or expenses, direct loss of profit, direct loss of anticipated savings, loss of data, indirect loss of profit, indirect loss of anticipated savings, loss of revenue, loss of business, loss of use of money, loss of opportunity or loss of or damage to property and/or any wasted expenditure and third party claims.
If for any reason any part of this Disclaimer is deemed to be unenforceable then the validity of the remaining terms shall not be affected. All disclaimers, terms, conditions as set out in this website shall form part of this Disclaimer of use of this website.
The contents of this website are subject to copyright with all rights reserved. You may download or print individual sections of this website for your reasonable personal use and information. You may pass copies (soft or hard copies) of extracts of information from this website to others for their personal use and information provided that (i) Afinishay Capital Limited is acknowledged as the source, (ii) the text is not altered in any way and (iii) the attention of recipients is drawn to this Copyright Notice. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purposes this website without the prior written permission of Afinishay Capital Limited or its affiliates. We reserve the right to request that you remove an electronic link to this website at any time and you agree to remove such a link immediately. You must not transmit any virus or other item of a destructive nature to this website and it is your responsibility to ensure that whatever you download or select for your use from this website is free from such items.
Governing Law and Jurisdiction
This website is established in England by Afinishay Capital Limited and this Disclaimer shall be governed by the laws of England and Wales. You agree that the English courts shall have exclusive jurisdiction in the event of any dispute or proceedings arising from or in connection with the contents of this website, and you irrevocably waive any objection to proceedings in such courts on the grounds of venue or on the grounds that the proceedings have been brought in an inconvenient forum.
You do not have to provide personal data to use the website. However, any personal data transmitted you agree and acknowledge that Afinishay Capital Limited and/or its affiliates and/or agents may use your information to keep you informed by post, telephone, e-mail or other means of products and services that may be of interest to you.
A number of facilities on our website invite you to provide us with personal information, for example, our email queries facilities. The purpose of these facilities is apparent at the point that you provide your personal information and we only use your information for those purposes.
If in the future we re-organise or transfer all or part of our business we may need to transfer your information to new Afinishay entities or to third parties through which the business of Afinishay will be carried out.
If you do not wish your information to be used for these purposes, please write to Afinishay Capital Limited, c/o Laven Partners Limited at 7th Floor (North), 11 Old Jewry, London EC2R 8DU.
Information that you send to us in electronic form may not be secure and, unless you are already a client, will not be treated as privileged or confidential.
Some of our web pages may contain electronic images known as Web Beacons (sometimes known as clear gif’s) that allow us to count users who have visited these pages. Web Beacons collect only limited information including a cookie number, time and date of a page view, and a description of the page on which the Web Beacon resides. These beacons do not carry any personally identifiable information and are only used to track the effectiveness of a particular campaign.
Where access to restricted parts of this web site is subject to more specific terms, those terms apply instead.
Our rights under the Legal Notices may be waived only in writing and specifically.