Scroll through the stars to explore some of our strategic partner relationships.

Constellation is an innovative global joint venture creating structured, growth-oriented investments in alternative investment management firms.

Premier institutional investors

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The Constellation platform was founded in 2018 by Wafra as a collaborative asset owner network with capital and expertise from three of the world’s premier institutional investors – Alaska Permanent Fund Corporation, RPMI Railpen and Wafra, on behalf of PIFSS. Over time, our coalition has grown to include additional asset owners across three continents, including Kuwait Investment Authority and AP3, among others. Constellation’s asset owners, who collectively manage approximately $1 trillion in AUM, have created a singular collective market presence that enables us to be a disruptive player in alternative investments and partner with talented investment teams to create aligned, substantial and lasting benefits for both asset owners and asset managers.

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

  • One of UK’s largest and longest established pension funds, the Railways Pension Scheme is responsible for the safekeeping and investment of approximately £30 billion on behalf of the pension’s 350,000 members connected to the railway industry.

    INVESTMENT YEAR: 2018

    HQ: London

    YEAR FOUNDED: 1953

    STRATEGY: Private Pension

  • 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

  • The Public Institution for Social Security

    https://www.pifss.gov.kw/

    The Public Institution for Social Security is the second largest pension scheme in the Middle East responsible for investing retirement and social security contributions to over 605,000 employed Kuwaiti nationals and military personnel.

    INVESTMENT YEAR: 2018

    HQ: Kuwait City

    YEAR FOUNDED: 1976

    STRATEGY: Public Pension

  • 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

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.

  • 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

  • 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.

  • 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

  • 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

  • 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

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.

Our people

  • Paul Bishop

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

    read bio +-

    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

    read bio +-

    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

    read bio +-

    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

    read 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

  • Innovation from Asset Giants: Daniel Adamson

    May 25, 2021 – As a concluding follow up to the three-part miniseries Innovation in Private Markets, we reflect on our first podcast with Ted Seides, Founder and Host of Capital Allocators, featuring Daniel Adamson, President of Capital Constellation and Senior Managing Director at Wafra that was released almost exactly a year ago.

  • Innovations in Private Markets: Sulaiman Alderbas – A Massive Turnaround

    May 18, 2021 –  In the third and final podcast episode of Innovation in Private Markets, Ted Seides, Founder and Host of Capital Allocators, is joined by Sulaiman Alderbas, Head of Alternative Investments at PIFSS. Sulaiman discusses his journey into the world of investing and the lessons learned along the way.  He discusses how he went about reorganizing and rebuilding the alternative investment division of the $100+ billion pension fund and where he sees the strengths of the organization today.