Valerian Capital is a leading consultancy specializing in institutional spread products within the insurance marketplace. Our expertise includes:

Funding Agreement Backed Repo (FABR), also known as Secured F.A. (SFA)

Funding Agreement Backed Loans (FABL)

Synthetic GICs (SGIC)

Who We Are

Founded in 2009, Valerian Capital delivers strategic consulting for financial institutions, with a focus on institutionalspread and retirement products.

With extensive experience in insurance-based product innovation, we’ve built strong relationships with banks and insurers active in spread-based product markets and the stable value sector.

Our Experience

Over the years, we’ve worked with more than 15 financial institutions, assisting in:

✔ Asset liability management (ALM) risk assessment for spread products
✔ Liquidity risk evaluation for group annuity contracts, funding agreements, and synthetic wrap agreements

Our Impact

We are actively engaged in the collateralized funding agreement market, offering insurers increased flexibility compared to traditional FHLB funding. These transactions provide significant advantages, including lower costs and favorable treatment as insurance products.

In 2024, Valerian led transaction management, special purpose vehicle (SPV) sponsorship, and collateral administration for three of the four newly established SFA insurers. In Q2 2025, we successfully completed the first-ever FABL transaction, reinforcing our leadership in this evolving space.