Forge First Asset Management
Forge First Asset Management is a Toronto-based alternative asset manager (founded 2012) operating long/short funds in North American securities, distributed as alternative mutual funds and limited partnerships to Canadian investors. Since December 2025 it is a wholly owned subsidiary of CI Investments Inc. (CI Global Asset Management).
- Company typePrivate
- Founded2012
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Forge First Asset Management does
Forge First Asset Management is a Toronto-based alternative asset manager founded in 2012 that operates a coordinated family of long/short investment vehicles focused on North American securities. The firm runs a multi-strategy platform combining equity long/short, pairs trading, arbitrage trading, and thematic trading, using derivatives and borrowing for leverage, and selects securities based primarily on a company's free cash flow generation in a market-agnostic, all-capitalization framework. The product shelf comprises four vehicles: two prospectus-qualified alternative mutual funds (CI Forge First Conservative Alternative Fund with Series A/AT/F/FT units, and CI Forge First Long Short Alternative Fund with Series A/F units, both distributed through registered dealers), and two prospectus-exempt limited partnerships (Forge First Multi Strategy LP and Forge First Long Short LP, available as Class A units to eligible Canadian investors at $50K–$150K minimums).
The firm monetizes via a combination of asset-based management fees (1.0% on Series F/FT; 1.5% on Multi Strategy LP; 2.0% on Series A/AT and Long Short LP Class A) and incentive performance fees (15–20% of net profit above a non-resetting high-water mark), generating asset-based recurring revenue complemented by performance-linked upside. Distribution is sales-led: the LP funds are placed direct to accredited investors, while the mutual funds are sold through registered dealers, and post-acquisition the sales inbox has migrated to CI GAM. Since December 1, 2025, Forge First Asset Management Inc. has operated as a wholly owned subsidiary of CI Investments Inc. (CI Global Asset Management), and as of March 23, 2026 its mutual fund products carry the CI Forge First co-brand, reflecting integration under the parent platform while continuing to manage portfolios from Toronto.
Forge First Asset Management firmographics
Firmographics- Name
- Forge First Asset Management
- Legal name
- Forge First Asset Management Inc.
- Website
- https://www.forgefirst.com/
- Company type
- Private
- Founded year
- 2012
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Forge First Asset Management is a Toronto-based alternative asset manager (founded 2012) operating long/short funds in North American securities, distributed as alternative mutual funds and limited partnerships to Canadian investors. Since December 2025 it is a wholly owned subsidiary of CI Investments Inc. (CI Global Asset Management).
- Ownership category
- akta.pro rank
Forge First Asset Management industry classification
Industry- Product category
- Alternative Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Alternative Investments for Private Wealth (Hedge Funds, PE/VC Access, Private Credit) (FSAAABAI)
- akta.pro secondary industry
- Target-Risk / Risk-Profile Model Portfolios (FSAAAJAD)
Keywords
Where Forge First Asset Management is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Markets served
Forge First Asset Management business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Management fees on Long Short LP: Class A units of the Forge First Long Short LP charge an annual management fee of 2% of assets. Recurring, asset-based revenue.
- Management fees on Multi Strategy LP: Class A units of the Forge First Multi Strategy LP charge an annual management fee of 1.5%. Recurring, asset-based revenue.
- Performance fees on Long Short LP: 20% of net profit above the High-Water Mark, no reset. Incentive-based revenue tied to fund outperformance.
- Performance fees on Multi Strategy LP: 15% of net profit above the High-Water Mark, no reset. Incentive-based revenue tied to fund outperformance.
- Management fees on Alternative Mutual Funds: Series A: 2.00%; Series F: 1.00% (Long Short Alternative Fund). Series AT: 2.00%; Series FT: 1.00% (Conservative Alternative Fund). Recurring, asset-based revenue.
- Performance fees on Conservative Alternative Fund: 15% of net profit above the High-Water Mark on the Conservative Alternative Fund. Incentive-based revenue.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Annual | Forge First Long Short LP — Class A units (Limited Partnership, prospectus-exempt) |
| Other | Annual | Forge First Multi Strategy LP — Class A units (Limited Partnership, prospectus-exempt) |
| Subscription | Annual | CI Forge First Long Short Alternative Fund (Alternative Mutual Fund) — Series A and Series F |
| Subscription | Annual | CI Forge First Conservative Alternative Fund (Alternative Mutual Fund) — Series A, AT, F, FT |
Go-to-market motion1 record
Forge First Asset Management product offering
Product offeringCore offering
Forge First Asset Management is an alternative asset manager that actively manages long/short funds investing in a diversified basket of North American securities, including equities, ETFs, fixed income, and listed options. The firm offers a coordinated suite of four investment vehicles — two prospectus-qualified alternative mutual funds and two prospectus-exempt limited partnership funds — applying a market-agnostic, all-capitalization long/short philosophy that combines equity long/short, pairs trading, arbitrage, and thematic strategies. Its investment process is fundamental, free-cash-flow-driven, and targets asset protection, diversification, and capital growth with low correlation to traditional North American equity and credit markets.
Product overview
Forge First Asset Management is a single-line alternative asset manager offering a coordinated family of four North-American long/short investment vehicles rather than a software platform. The product suite is organized into two channels: (1) prospectus-qualified Alternative Mutual Funds — the CI Forge First Conservative Alternative Fund and the CI Forge First Long Short Alternative Fund, available through registered dealers — and (2) prospectus-exempt Limited Partnership Funds — the Forge First Multi Strategy LP and the Forge First Long Short LP, offered directly to eligible Canadian investors as Class A units. All four products share the same market-agnostic, all-capitalization long/short philosophy targeting asset protection, diversification and capital growth with low correlation to traditional equity markets, and are accompanied by monthly performance commentary and factsheets. The manager (Forge First Asset Management Inc.) is a wholly owned subsidiary of CI Investments Inc., operating as CI Global Asset Management following the December 2025 acquisition.
Differentiator
Problem solved
Functional benefit
Brands
- CI Forge First Long Short Alternative Fund: Alternative mutual fund (formerly Forge First Long Short Alternative Fund, name change effective March 23, 2026); Series A and Series F available.
- CI Forge First Conservative Alternative Fund
- Forge First Multi Strategy LP
- Forge First Long Short LP
Products and services
- CI Forge First Conservative Alternative Fund Defensive, multi-asset alternative mutual fund that seeks consistent, risk-adjusted net returns over the long term with low correlation to North American equity and credit markets, using equity long/short, pairs trading, arbitrage, thematic trading, derivatives, and borrowing. Series A, AT, F, and FT units are available for purchase through registered dealers.
- CI Forge First Long Short Alternative Fund Enhanced equity alternative mutual fund that aims to provide a positive net total return regardless of market conditions with low correlation to North American equity and credit markets, using long/short, leverage, and shorting across North American equities, ETFs, fixed income, and listed options. Series A and Series F units are available.
- Forge First Multi Strategy LP Prospectus-exempt limited partnership that runs a defensive equity portfolio with a Low to Medium risk target band, seeking consistent long-term capital appreciation from superior security selection with active shorting across Canadian and US stocks, bonds, and options. Class A units are available to sophisticated (accredited) Canadian investors.
- Forge First Long Short LP Prospectus-exempt limited partnership that runs an enhanced equity long/short portfolio with a Medium risk target band, seeking above-average capital appreciation from superior security selection and capital preservation via active shorting in Canadian and US stocks, bonds, and options. Class A units are available to sophisticated (accredited) Canadian investors.
Companies that use Forge First Asset Management
Customer profileIdeal customer profiles2 records
Forge First Asset Management technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Forge First Asset Management partnerships and signals
Strategic signalRecent moves6 records
Expansion highlights5 records
Forge First Asset Management competitors and assessment
Company assessmentDirect peers
- Picton Mahoney Asset Management: Toronto-based alternative asset manager offering long/short equity and market-neutral funds to Canadian retail and institutional clients. Closest direct comparable to Forge First given overlapping long/short philosophy, Canadian domicile, and advisor-sold mutual fund + LP fund channel mix.
- Arrow Capital Management: Toronto-based alternative asset manager running long/short and event-driven strategies in North American equities for Canadian investors. Directly comparable to Forge First in strategy type, geography, and multi-vehicle fund structure.
- Kingwest & Company: Canadian long/short equity manager offering long/short mutual funds and LP-style funds to retail and institutional Canadian investors. Comparable to Forge First in investment philosophy (fundamental, long/short North American equities) and target investor base.
- Galibier Capital Management: Toronto-based long/short equity boutique managing Canadian-focused long/short mandates. Directly comparable as a small-team Canadian long/short specialist competing for the same accredited investor and advisor channel.
- Portland Investment Counsel: Canadian alternative asset manager offering long/short and alternative mutual funds and LP vehicles to Canadian investors. Comparable product mix (mutual fund + LP wrappers, long/short philosophy) and target market to Forge First.
Broad incumbents
- Ninepoint Partners: Toronto-based diversified alternative asset manager with a broader alt fund lineup (long/short, credit, energy, digital assets). Comparable as a larger Canadian alt manager that has acquired or incubated multiple alt sub-brands similar to how CI GAM now houses Forge First.
- Fiera Capital: Large Canadian-headquartered multi-affiliate asset manager with an active alternatives platform including long/short equity strategies. Comparable as a larger incumbent that competes for institutional and HNW Canadian alt allocations.
- IA Clarington Investments: Canadian mutual fund manager with a notable alternatives lineup (including long/short equity funds) distributed through dealer networks. Comparable in offering liquid alt mutual funds to the Canadian retail advised channel that Forge First's CI-branded funds now compete in.
- Dynamic Funds (1832 Asset Management): One of Canada's largest mutual fund complexes with alternative strategies including long/short equity funds. A broader incumbent in the Canadian mutual fund distribution channel that now shares shelf space with the rebranded CI Forge First funds.
- Manulife Investment Management (Canada): Large Canadian-affiliated asset manager with a global alternatives platform and Canadian-distributed long/short and alt mutual funds. Comparable as a large incumbent offering liquid alt products to Canadian advisors and institutions.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Forge First Asset Management financial estimates
Financial estimateRevenue estimate
Valuation estimate
Forge First Asset Management leadership team
Management profileNumber of profiles
Profiles6 records
Forge First Asset Management funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Forge First Asset Management M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Forge First Asset Management
What does Forge First Asset Management do?
Forge First Asset Management is an alternative asset manager that actively manages long/short funds investing in a diversified basket of North American securities, including equities, ETFs, fixed income, and listed options. The firm offers a coordinated suite of four investment vehicles — two prospectus-qualified alternative mutual funds and two prospectus-exempt limited partnership funds — applying a market-agnostic, all-capitalization long/short philosophy that combines equity long/short, pairs trading, arbitrage, and thematic strategies. Its investment process is fundamental, free-cash-flow-driven, and targets asset protection, diversification, and capital growth with low correlation to traditional North American equity and credit markets.
Is Forge First Asset Management a public or private company?
Forge First Asset Management is a private company. It is classified as corporate owned and is currently acquired.
When was Forge First Asset Management founded?
Forge First Asset Management was founded in 2012. It employs 11 to 50 people.
Where is Forge First Asset Management based?
Forge First Asset Management is headquartered in Toronto, Canada, in the North America region.
How does Forge First Asset Management make money?
Six revenue lines are on record. Management fees on Long Short LP is the primary driver. The others are management fees on Multi Strategy LP, performance fees on Long Short LP, performance fees on Multi Strategy LP, management fees on Alternative Mutual Funds and performance fees on Conservative Alternative Fund.
Who are Forge First Asset Management's main competitors?
Direct peers on record are Picton Mahoney Asset Management, Arrow Capital Management, Kingwest & Company, Galibier Capital Management and Portland Investment Counsel. Broad incumbents are Ninepoint Partners, Fiera Capital, IA Clarington Investments, Dynamic Funds (1832 Asset Management) and Manulife Investment Management (Canada).
Does Forge First Asset Management have an API?
No public API is recorded for Forge First Asset Management.
What industry is Forge First Asset Management in?
Forge First Asset Management's product category is Alternative Asset Management. Its primary akta.pro industry code is FSAAABAI, Alternative Investments for Private Wealth (Hedge Funds, PE/VC Access, Private Credit), with a secondary code of FSAAAJAD, Target-Risk / Risk-Profile Model Portfolios. Its NAICS code is 523940 and its SIC code is 6282.