Maharlika taps Morocco counterpart for ‘peer learning’

The Maharlika Investment Corp. (MIC) has tapped Morocco’s Ithmar Capital as it works to upgrade its status from associate to regular member of the International Forum of Sovereign Wealth Funds (IFSWF), the global organization that promotes governance standards for sovereign wealth funds.

MIC and Ithmar Capital, which manage the sovereign wealth funds of the Philippines and Morocco, respectively, signed a memorandum of understanding on Tuesday, July 28, establishing a peer learning partnership focused on institutional development, operational benchmarking and the sharing of best practices.

The partnership will establish a steering committee composed of representatives from both sovereign wealth funds to oversee a 12-month benchmarking plan.

“We are eager and grateful for the opportunity to participate in mutual capacity building and the sharing of best practices in the application of the Santiago Principles with Ithmar Capital,” MIC president and CEO Rafael Consing Jr. said.

“This partnership builds on MIC’s strong institutional foundations and reinforces the standards that already guide our work—transparency, strong governance and excellence,” he added.

The collaboration is intended to help MIC prepare its application for regular membership in the IFSWF.

MIC first became an associate member on July 11, 2024, giving it access to international networking and peer-learning opportunities while working toward full membership.

Ithmar Capital, which was established in 2011, currently chairs the IFSWF.

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According to Consing, MIC aims to become a regular member by 2027, after completing the three-year associate membership period.

To qualify, MIC must undergo what Consing described as a “360-degree audit” to assess its compliance with all 24 Santiago Principles, a set of internationally recognized standards on governance, accountability, transparency, investment and risk management for sovereign wealth funds.

Founded in 2009, the IFSWF currently has 38 full members and eight associate members, including the Philippines.

While full members have established sovereign wealth funds and voting rights within the organization, associate members are institutions that are still developing their sovereign wealth funds and do not have voting rights.