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Constellation is an innovative global joint venture providing catalytic investment capital to next generation alternative managers.

Premier institutional investors

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Capital Constellation (“Constellation”) combines the expertise and capital base of three of the world’s premier institutional investors – APFC, RPMI Railpen and Wafra, on behalf of PIFSS – to catalyze the next generation of promising private equity and alternatives managers. These partners of Constellation, together, manage more than $200 billion in assets, and have made an initial commitment of $700 million to Constellation. Constellation’s mission is to partner with talented investment teams, enabling them to break through the challenges of initial fundraising by providing strategic and operational support and creating an aligned, substantial and long-term capital base.

About Us

Constellation is advised by Wafra, a leading manager of private equity and alternative investment funds, building on its experience of partnering with pioneering investor entrepreneurs to translate their visionary investment strategies to deliver lasting benefits for both asset owners and investment managers.

Asset Owners



Constellation is a unique partnership of premier institutional investors.  With our experienced teams, we leverage our deep network of institutional peers and industry experts to invest and form partnerships that enhance our investment pipeline and, ultimately, our returns.

Our people

  • Paul Bishop

    Head of Private Markets, RPMI Railpen
    Board Member, Capital Constellation

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    Paul Bishop is the Head of Private Markets of RPMI Railpen. RPMI Railpen invests the assets of the UK railway industry pension schemes. Mr. Bishop is responsible for RPMI Railpen’s private market portfolios covering fund investment, co-investment and direct investment activity. He joined RPMI in 2011 and was previously responsible for leading the investment management team in researching, selecting and monitoring the Scheme’s investments across multiple asset classes. Prior to joining the company, Mr. Bishop was Chief Investment Officer of a UK life assurance and asset management company responsible for the management of portfolios across public and private markets. Mr. Bishop also has experience as a Senior Investment Consultant. He is a CFA Charterholder and a Chartered Alternative Investment Analyst.

  • Stephen Moseley

    Head of Alternative Investments, APFC
    Board Member, Capital Constellation

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    Steve Moseley is the Head of Alternative Investments of the Alaska Permanent Fund (“APFC”), an endowment established in 1980 to provide for all current and future generations of Alaskans. He leads the APFC’s private equity fund investment, co-investment, and direct investment activity. Before joining the APFC, Mr. Moseley restructured, managed, and sold Marston-Ross Corporation, a Connecticut-based family investment office. Before that he was president of StepStone Group, a global manager of diversified private market assets and, prior to that, co-president of the direct investment division of StepStone’s predecessor company, Pacific Corporate Group (“PCG”). During his time at PCG, Mr. Moseley also served as CIO. Earlier in his career, Mr. Moseley served as a vice president in investment banking at Credit Suisse First Boston (“CSFB”) and as a principal in CSFB’s private equity investment affiliate, Windward Capital Partners. Before CSFB, Mr. Moseley was an investment banker with Merrill Lynch in New York, Tokyo and London. Mr. Moseley received his MBA from Yale University and his BA from Wesleyan University.

  • Russell Valdez

    Chief Investment Officer, Wafra
    Board Member, Capital Constellation

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    Russell Valdez is the Chief Investment Officer of Wafra and serves on Wafra’s Management Advisory Committee and Board of Directors. Mr. Valdez oversees all negotiated alternatives transactions spanning strategic partnerships, real assets, private equity, alternative finance and real estate. He leads investments in investment management firms, finance companies and real assets platforms. Mr. Valdez serves on the boards of Capital Constellation, Oak Hill Advisors, OJO Labs, LOGIX Fiber Networks and Suntex Marinas.

    Previously, Mr. Valdez was a Corporate Associate at Covington & Burling, practicing in private equity and mergers and acquisitions. His experience also includes positions at Chemonics International and Visa Europe.

    Mr. Valdez earned a BA from Stanford University and a JD from Harvard Law School.

  • Daniel Adamson

    Senior Managing Director, Wafra
    President, Capital Constellation

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    Daniel Adamson is a Senior Managing Director and serves on Wafra’s Management Advisory Committee. Mr. Adamson leads Wafra’s efforts in business and product development, building financial and strategic solutions for sovereign investors and pension funds. He is also the President of Capital Constellation, a joint venture between asset owners in Europe, North America and the Middle East, investing in the next generation of alternatives managers.

    Previously, Mr. Adamson held senior positions at Ares Management and Bridgewater Associates. He began his career at McKinsey & Company.

    Mr. Adamson earned a BA, summa cum laude, from Yale University, an MPhil in Politics from Oxford University, where he was a Marshall Scholar and a JD from the Yale Law School. He currently serves on the External Advisory Board for Strategic Investment Funds at the World Bank.

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