PACRA Maintains Asset Manager Rating of First Capital Investments Limited.

The assigned rating of First Capital Investments Limited (‘FCIL’ or 'AMC’) reflects its modest market position, adequate organizational framework, and a limited fund portfolio consisting of a single fund. The stability of the core management team remains a key supporting factor in the rating. As of CY25, Pakistan’s Asset Management industry stood at PKR 4.5trln, growing ~4% YoY. The AMC sector is dominated by money market (56%), income (24%), and equity funds (20%), with equity growth supported by market gains with modest fresh inflows. Shariah-compliant funds have grown rapidly, representing 47% of total AUMs of AMC industry as of CY25. Despite challenges like low retail penetration, limited awareness, and macro sensitivity, the industry offers strong growth potential through retail expansion, pension solutions, and innovative products like infrastructure funds. Achieving sustainable recovery and growth will require a comprehensive, multi-pronged strategy focused on investor engagement, financial literacy, product diversification, distribution, digitalization, and strategic partnerships.
As of 6MFY26, the AUMs of FCIL have increased by 15% and elevated to PKR 231mln (6MFY25: PKR 201mln) with the market share of 0.01% (6MFY25: 0.005%). However, the rating remains constrained by the AMC's relatively small market share and high investor base concentration. As of Dec'25, the top 10 investors constitute ~93% of total AUMs. The related party concentration is ~87.7% of the total investors, reducing the redemption pressure. The profitability of FCIL was reported at PKR 32mln as of FY25 (FY24: PKR 33mln), largely attributable to unrealized gains on investments, and increased to PKR 41mln by the end of 6MFY26. FCIL’s equity rose to PKR 307mln at the end of 6MFY26 (FY25: PKR 266mln), comfortably exceeding the minimum regulatory requirement. The AMC plans to diversify its product portfolio by entering the REIT management sector, aiming to broaden revenue streams. The majority of required procedures have been completed, with only SECP approval still pending.
The rating is dependent on sustainable cash flows and profits which would ultimately result in stable equity. The AMC’s ability to successfully execute its business strategy and achieve optimal utilization of its resources while leveraging group synergies remains imperative. Meanwhile, improving market share, maintaining strong fund performance, strengthening core processes, and meeting the regulatory thresholds would remain critical.

About the Entity
First Capital Investments Limited (‘FCIL’ or 'AMC’) commenced its operations in 1995. The AMC is sponsored by First Capital Securities Corporation Limited (FCSC) the holding company of First Capital Group with 78.85% shareholding. Mr. Sulaiman Ahmed Said AlHoqani - An Omani Investor - holds a strategic stake of 9.2% in FCIL and a major shareholding in FCSC. Ms. Aamna Taseer holds 4.7% of the shares, and Mr. Mian Ehsanul-Haq holds 3.7% of the shares. The other major shareholders comprise financial institutions. FCIL is currently managing one open-end, equity fund namely First Capital Mutual Fund (FCMF). The Board of Directors comprises four members, including the CEO, Mr. Imran Hafeez. The remaining three members including the Chairperson, are non-executive and heads the Investment, HR and Audit Committees.