Tony Llaya Interview
Fiduciary Co-Investment Partners (FCP) is reshaping the private equity landscape through its deal-by-deal co-investment model. Founded by industry veteran Claudio Siniscalco and now led alongside Tony Llaya and Pablo Fetter, FCP operates across major financial hubs, offering transparent access to highly curated, institutional-grade private equity co-investments. In this interview, Tony Llaya walks us through the firm’s origins, investment philosophy, and global footprint, while also shedding light on his own journey and FCP’s strategic priorities—including a strong focus on the Middle East.
Understanding the Origins and Mission of FCP
We started the interview by asking, “Could you explain to us what Fiduciary Co-investment Partners does and the origins of the firm?
Tony Llaya replied, “Fiduciary Co-Investment Partners (FCP) is a London-based private equity firm exclusively focused on global co-investments. It was founded by Claudio Siniscalco, a seasoned investor with experience at Deutsche Bank Private Equity and HarbourVest Partners. Claudio and I collaborated closely at HarbourVest in 2006-2012, and that shared history shaped our investment philosophy. FCP was created to give sophisticated investors direct, transparent access to high-quality deals, bypassing traditional blind pool structures. Claudio pioneered our opt-in/opt-out model at Deutsche Bank, later spinning it out into FCP. Today, our team operates from London, New York, Miami, and Dubai, combining over 100 years of investment experience.”
Career Trajectory & Global Academic Background
The Arab Today: Can you walk us through your career journey and how your educational background supports your role at FCP?
Tony Llaya replied, “I joined FCP in 2019 to lead investment execution and co-lead business development. Before that, I spent over 15 years in investment banking and private equity, working with Deutsche Bank, Citigroup, and HarbourVest Partners. My education journey is global, with undergraduate studies in Argentina and Germany, and post-grad education from the London School of Economics and Chicago Booth. At Harvard Business School, I completed the GMP, where I joined a cohort of C-suite executives from over 40 countries and the most diverse industry backgrounds. These experiences not only deepened my strategic perspective but also built a global network that serves as a valuable resource for business development and local market insights.”
Lessons from HarbourVest Partners
The Arab Today: What distinctive expertise do you bring from your time at HarbourVest Partners?
Tony Llaya replied, “HarbourVest provided a world-class foundation in private equity investing. I worked across London and Boston on growth buyouts, LBOs, mezzanine financings, and growth equity. I was also involved in structuring HVPE.L, an LSE-listed permanent capital vehicle, now valued at around €2 billion. HarbourVest’s pioneering work in co-investments, secondaries, and fund-of-funds strategies greatly influenced FCP’s DNA. We’ve adopted the same disciplined process—rigorous analysis, Investment Committee oversight, and institutional-level reporting—while maintaining boutique-size agility. That combination is what our clients value most.”
A Collaborative, Global Deal-Sourcing Strategy
The Arab Today: How does FCP’s global team collaborate to source top-tier co-investment deals?
Tony Llaya replied, “FCP is built as a global platform from the start, with our core team spread across London, New York, Miami, and Dubai. We’re supported by Senior Advisors embedded in key regions worldwide. This network gives us real-time visibility into the deal pipelines of top-tier private equity sponsors. For example, in the U.S., we have Rich Laxer, former Chairman and CEO of GE Capital, and Jared Carney, former Chief Strategy Officer at the Milken Institute. In the Middle East, Dr. Pablo Fetter leads our efforts. This multi-hub model allows us to move quickly, build deep relationships, and access differentiated opportunities.”
Defining “Sovereign-Wealth-Fund Grade” Standards
The Arab Today: FCP emphasizes “sovereign-wealth-fund grade” co-investments. What does that mean in practice?
Tony Llaya replied, “To us, “sovereign-wealth-fund grade” reflects the highest levels of diligence, alignment, and governance. One-third of our portfolio includes SWFs as anchor co-investors. Every deal we pursue is vetted twice—by the lead sponsor and independently by us. We emphasize aligned interests, clean capital structures, and transparent governance. Our clients include pensions, endowments, and family offices who expect institutional rigor. We consistently deliver institutional-quality execution. Our investors can rest assured that our processes are equally rigorous to those of a SWF.”
Navigating today’s Private Equity Landscape
The Arab Today: In the current private equity environment, where do you see the most compelling co-investment opportunities?
Tony Llaya replied, “In the current landscape shaped by higher capital cost, regulatory and geopolitical uncertainty, we focus on resilient businesses with non-cyclical demand, long-term contracts, or infrastructure-like attributes. We also favor tech-enabled services riding long-term trends like digital transformation and energy transition. Our strategy is deliberately conservative—over 25% of our portfolio companies are century-old, crisis-tested businesses. Every deal we assess must pass what we call a “draconian test”—modeled after past downturns like the GFC or Covid, which may result in extended holding periods as a trade-off. It’s this risk-first mindset that defines our approach to building durable, high-quality portfolios.
Vision for the Middle East
Lastly we asked, “Finally, could you comment on FCP’s activities and strategic approach in the Middle East?”
“The Middle East has been a strategic priority from the beginning. There’s strong demand here for institutional-grade private equity access. Since 2022, we’ve had a dedicated presence through Dr. Pablo Fetter, who brings over 20 years of regional experience, including roles with sovereign wealth funds and education platforms. Our co-investment model resonates well with local family offices and HNWIs who prefer deal-by-deal access and transparency —unlocking opportunities that were once the preserve of the world’s largest institutional investors. We don’t charge upfront fees or mark up investments, and all team members personally invest in every deal—ensuring full alignment. Our interests also align with regional priorities like education, digital infrastructure, healthcare, and sustainability. Ultimately, our goal is to be a trusted, long-term partner in the region.” Tony Llaya concluded
Connect with Tony Llaya on LinkedIn
Visit FC-Partners to learn more about the firm
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