Premier institutional investors
The Constellation platform is a collaborative asset owner network with capital and expertise from some of the world’s premier institutional investors. Owned by Alaska Permanent Fund Corporation, New York State Common Retirement Fund, the Public Institution for Social Security (Kuwait) and Railpen, with investment management services provided by Wafra Inc., our coalition has grown to include additional asset owners across three continents, including Kuwait Investment Authority, Orange County Employees Retirement System and the Third Swedish National Pension Fund, among others. Constellation’s asset owners, who collectively manage over $1 trillion in AUM, have created a singular collective market presence that leverages Wafra’s ability to partner with talented investment teams to create aligned, substantial and lasting benefits for both asset owners and asset managers within Constellation.
About Us
Constellation is a private equity strategy that provides growth capital to private alternative asset management firms. Constellation’s structured investments seek to create financial solutions and strategic added value for alternative asset management firms while generating multiple sources of value for asset owners. A long track record of investment performance and value creation demonstrates the merits of combining ownership stakes in alternative asset management firms with curated exposures to a diverse range of underlying assets.
Asset Owners
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Railpen
https://www.railpen.com/
One of UK’s largest and longest established pension funds, the Railways Pension Scheme is responsible for the safekeeping and investment of approximately £35 billion on behalf of the pension’s 500,000 members connected to the railway industry.
INVESTMENT YEAR: 2018
HQ: London
YEAR FOUNDED: 1953
STRATEGY: Private Pension
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Alaska Permanent Fund Corporation
https://www.apfc.org/
One of the largest, most effective and globally-positioned institutional investors among U.S. investment plans, the Alaska Permanent Fund Corporation is responsible for investing approximately $65 billion on behalf of current and future generations of Alaskans.
INVESTMENT YEAR: 2018
HQ: Juneau, AK
YEAR FOUNDED: 1980
STRATEGY: Sovereign Wealth Fund
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One of the five diversification buffer funds in the national pension system, the Third Swedish National Pension Fund (AP3) invests approximately SEK 386 billion to generate maximum possible long-term risk-adjusted returns and protects the Swedish public pension system for current and future pensioners.
INVESTMENT YEAR: 2019
HQ: Stockholm
YEAR FOUNDED: 2001
STRATEGY: National Pension
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Orange County Employees Retirement System
https://www.ocers.org/
Orange County Employees Retirement Systems (“OCERS”) is among the United States’ 100 largest public pension funds, with the investment committee overseeing the system’s diverse portfolio of $21.1 billion in assets1 on behalf of employees of the county and certain districts.
INVESTMENT YEAR: 2021
HQ: Santa Ana, CA
YEAR FOUNDED: 1944
STRATEGY: Public Pension
1 OCERS’ total assets estimated as of September 30, 2021.
Advisor
Strategic Partners
Constellation is a private equity strategy that creates structured financial solutions for alternative asset management firms and seeks to generate multiple sources of value for asset owners by providing catalytic growth capital and by serving as an interest-aligned and resource-rich thought partner and implementation partner. Constellation combines the perspectives of institutional investors and business builders in seeking to drive value creation. The partnership aims to create a diversified portfolio of manager ownership interests in investment firms that we believe will prove to be enduring and successful.
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All Seas Capital
https://www.allseascapital.com/
All Seas Capital is a London based private capital firm focused on providing flexible, structured investment solutions to middle-market, entrepreneur, family-owned and sponsor-backed businesses across Western Europe.
INVESTMENT YEAR: 2020
HQ: London
STATUS: Current
YEAR FOUNDED: 2019
STRATEGY: Structured capital
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Ara Partners
https://www.arapartners.com/
Ara Partners Group is a private equity platform investing in middle-market opportunities across the global energy and industrials sectors. Ara Partners invests in private equity and private credit opportunities under the banners of AEM Advisers, Intervale Capital, Bayou City Energy, Cibolo Energy Partners, Junction Energy Capital, Aksiom Partners and Teleios Commodities.
INVESTMENT YEAR: 2018
HQ: Houston, TX
STATUS: Current
YEAR FOUNDED: 2016
STRATEGY: Industrials and renewables private equity
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Astra Capital Management
https://www.astracapitalmgmt.com
Astra Capital Management is a middle-market private equity firm specializing exclusively in the global communications and technology services industries. Astra focuses on mobility, broadband, and technology-enabled services.
INVESTMENT YEAR: 2017 1
HQ: Washington, DC
STATUS: Current
YEAR FOUNDED: 2014
STRATEGY: Telecom and communications private equity
1 Wafra closed its investment in Astra Capital Management in December 2017 in a predecessor fund; the investment was subsequently transferred to Constellation in May 2018.
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Avista Capital Partners
http://www.avistacap.com/
Avista Capital Partners (“Avista”) is a middle-market healthcare private equity platform with a focus in medtech & devices, specialty & generic pharma, pharma & device outsourcing, healthcare distribution, tech & services and consumer-driven healthcare. Avista is led by an experienced investment team whose founders have worked together for over 20 years.
INVESTMENT YEAR: 2020
HQ: New York
STATUS: Current
YEAR FOUNDED: 2005
STRATEGY: Healthcare private equity
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Broad Sky Partners
https://www.broadskypartners.com/
Broad Sky Partners is a private equity firm that partners with leading middle market business services and consumer companies. The firm offers a differentiated approach to sector-focused, thematic investing and value creation. Its Portfolio Resource Group is dedicated to helping companies capitalize on growth opportunities.
INVESTMENT YEAR: 2021
HQ: New York
STATUS: Current
YEAR FOUNDED: 2014
STRATEGY: Business services and consumer private equity
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Motive Partners
https://www.motivepartners.com/
Motive Partners is a sector specialist investment firm that is focused on technology enabled companies that power the financial services industry. Based in New York and London and comprised of investors, operators and innovators, Motive Partners brings differentiated expertise, connectivity and capabilities to create long-term value in financial technology companies.
INVESTMENT YEAR: 2018
HQ: New York
STATUS: Current
YEAR FOUNDED: 2015
STRATEGY: Fintech private equity
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Pollen Street Capital
https://www.pollencap.com/
Pollen Street Capital is an independent, sector specialist alternative investment management company focusing on financial and business services and specialty lending to drive corporate transformation and investment performance through capital solutions and strategic insight.
INVESTMENT YEAR: 2020
HQ: London
STATUS: Current
YEAR FOUNDED: 2013
STRATEGY: Financials private equity and credit
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Post Road Group
https://www.postroadgroup.com/
Post Road Group is an alternative investment management firm focusing on corporate credit and preferred equity, real estate credit and multifamily investments with an emphasis on providing creative and flexible capital in support of long-term partnerships.
INVESTMENT YEAR: 2021
HQ: Stamford, CT
STATUS: Current
YEAR FOUNDED: 2015
STRATEGY: Private credit and private equity in real estate, TMT and business services
People
Constellation is a 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.
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Richard Williams
Chief Investment Officer, Railpen
Board Member, Capital Constellationread bio +-
Richard Williams is Chief Investment Officer of Railpen, responsible for leading the pension scheme’s investment management team and successfully managing its client assets in a manner consistent with the trustee’s investment beliefs.
Having first managed a portfolio for Railpen in 1995 during his tenure at a specialized global fixed income firm, he is very familiar with Railpen’s business. Together with his colleagues at Railpen, Mr. Williams has helped to create a sophisticated internal investment management capability. Focused on long-term investing, the team utilizes an innovative approach that is benchmark agnostic and fully integrate non-financial factors when evaluating investments. Railpen’s funds include investments in equities, fixed income, property, infrastructure and alternative assets held across both private and public markets.
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Adel A. Alderbas
Chief Investment Officer, Wafra
Board Member, Capital Constellationread bio +-
Adel A. Alderbas is the Chief Investment Officer of Wafra and serves on Wafra’s Management Committee. Mr. Alderbas oversees the firm’s investment activities and leads investments in private real asset investments across infrastructure and alternative real estate, in addition to strategic investments in financial services firms.
Mr. Alderbas joined Wafra in 2007 and currently serves on the boards of Vantage Data Centers, Global Containers International, National Express Wash and Capital Constellation.
Mr. Alderbas earned a BS with honors from Purdue University and an MBA from Harvard Business School.
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Daniel Adamson
Senior Managing Director, Wafra
President, Capital Constellationread bio +-
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.
News & Research
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News
Collaboration in Private Markets: Are Asset Owners Collaborating Enough?
On March 29, 2022, a panel of investors met to discuss the changing relationships among asset owners in private markets, focusing on collaborative approaches to private market investment.
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News
POST ROAD GROUP RECEIVES STRATEGIC MINORITY INVESTMENT FROM CAPITAL CONSTELLATION
March 3, 2022 – Post Road Group (“Post Road” or the “Firm”), an alternative investment firm focused on real estate and middle-market corporate strategies, today announced that Capital Constellation has acquired a passive, minority ownership interest in Post Road to support the Firm’s long-term growth and development.