Process architecture
Eight phases in three stages
Each phase has an owner and produces a document that gates the next phase. Three formal review gates sit between origination and approval.
Relative value formation
Global relative value view formed across sub asset classes and adopted by the Investment Committee.
Owner
Investment Management Team
Produces
Relative value scorecards
Portfolio plan and pacing
Target allocation, position limits and deployment pacing set in the Portfolio Assessment Model.
Owner
Investment Management Team
Produces
Portfolio plan
Origination
Seven sourcing channels worked systematically, directed by thematic mapping and research tools.
Owner
Investment Management Team
Produces
Pipeline log
Screening
Initial screen against mandate fit, net return threshold, instrument eligibility and manager quality.
Owner
Investment Management Team
Produces
Shortlist and decline register
Due diligence
Manager and asset review across investment, legal, tax, commercial and operational workstreams.
Owner
Investment Management Team
Produces
Diligence pack
Approval
Investment Paper tabled to the Investment Committee. Unanimous approval required.
Owner
Investment Committee
Produces
Investment Paper and minutes
Execution
Structuring, term negotiation, legal execution, funding, settlement and onboarding.
Owner
Investment Operations
Produces
Implementation Paper
Monitoring
Portfolio steering, valuation review, and liquidity and hedge management.
Owner
Portfolio Management and Valuation Committees
Produces
Portfolio dashboard
Formal review gates
Initial Screen
Phase 4
Commercial Review
Phase 5
Final Investment Review
Phase 6
Governance
Investment governance framework
The Investment Committee decides, the Portfolio Management Committee steers, the Valuation Committee prices, the Investment Management Team recommends and Investment Operations settles and administers.
Investment Committee
Decides
Adopts the global relative value view, sets investment strategy and selects and terminates assets and managers. Six members, including two independents: Peeyush Gupta AM (Chair) and Dr Richard Gregson. Unanimous approval is required for every investment across every Spire mandate.
Portfolio Management Committee
Steers
Strategic portfolio planning and steering at net asset value level, execution of Investment Committee decisions, and adherence to the Liquidity Management, Valuation and FX Hedging Policies.
Valuation Committee
Prices
Acts under delegated authority from the trustee. Approves quarterly valuations for direct investments and any alternative valuation adopted under the exception process.
Investment Management Team
Researches and recommends
Global relative value views, proprietary sourcing and manager screening, due diligence across all workstreams, and preparation of Investment Papers and Implementation Papers.
Investment Operations
Settles and administers
Execution of commitments, interaction with the trustee or responsible entity, custodian, registry and administrator, and approval of net asset values and unit prices calculated by external administrators.
Tools
Tools, systems and policies
The process is supported by five tools and a documented policy suite that applies across the Spire Capital Master Fund and its sub-trusts.
| Tool | Purpose | Output |
|---|---|---|
| Manager Assessment Model | Assesses prospective managers against each other and against the adopted relative value view, across eight pillars and 40 underlying factors. | A score out of five per pillar, with supporting evidence retained |
| Portfolio Assessment Model | Manages and monitors allocations to underlying investments and the look-through position of each portfolio. | Portfolio positioning and variance to plan |
| Portfolio dashboard | Keeps portfolio limits, liquidity, regulatory guidance and hedging in compliance. | Trade requests to underlying investments |
| GARI | Spire’s proprietary AI research platform, built in-house, for screening and document review across the manager and vehicle universe. | Shortlists and extracted terms |
| PitchBook | Maps the manager and vehicle universe and supplies market data for pricing and underwriting. | Universe coverage and market reference points |
Policy suite governing the process
Liquidity Management Policy
Valuation Policy
FX Hedging Policy
Allocation Policy
Conflicts of Interest Policy
Committee charters
Research
Spire research
Spire publishes its research on private markets and on the positioning of its portfolios. Papers are available on request through a short registration.