NEW YORK–(BUSINESS WIRE)–Wafra Inc. (“Wafra”), the global alternative investment firm, announced today that it held a final close for Constellation Generation IV (“CG IV”) at the target size of $1.5 billion. CG IV is the latest vintage in the Constellation series of funds that provides growth capital to private alternative asset management firms.
Pursued under the Capital Constellation brand, which Wafra established in 2018 to continue its investments in emerging and growth alternative asset managers, the Constellation funds create financial solutions through structured investments and strategic value creation for those asset management firms while generating multiple sources of value for Constellation’s asset owner partners. To date, Constellation funds have made investments in nine asset management firms, including Avista Capital, Post Road Group and Broad Sky Partners.
“For over a decade, Wafra has pursued a strategy of providing catalytic capital to the next generation of alternative investment managers. Through the Constellation platform, Wafra has continued this strategy and partnered with some of the world’s most highly respected institutional investors. CG IV is the most recent iteration of this innovative partnership,” said Lauren Rich, a Managing Director at Wafra.
With the close of CG IV at its target size, Wafra has now raised approximately $2.5 billion for its series of Constellation funds. CG IV’s predecessor fund, Constellation Generation III (“CG III”) held a final close in January 2020. The total size of CG III and parallel investment vehicles was $890 million, making CG IV’s size a notable increase from prior funds.
“We continue to be energized by the investment opportunity set and meeting CG IV’s target size reflects LP demand to build long term, aligned partnerships with the next generation of investors,” said Gustavo Cardenas, a Managing Director at Wafra. “We believe our disciplined approach and partner alignment creates real value for asset managers and allows us to serve as true strategic partner rather than a transactional counterparty.”
The Constellation funds are backed by a dozen premier global asset owners with partners spanning six countries on three continents, whose aggregate assets under management total nearly $2 trillion. With CG IV, the Constellation network expanded with the addition of four new asset owner partners.
“Constellation’s thesis of aligning talented management teams with preeminent institutional investors continues to be borne out in the track record of investment performance and caliber of partners within the Constellation network,” said Daniel Adamson, Senior Managing Director at Wafra and President of Capital Constellation. “With the successful conclusion of CG IV’s fundraise, we have made real strides toward realizing the vision laid out by Constellation’s founding members.”
About Capital Constellation
Founded and advised by Wafra and created in partnership with a select group of institutional asset owners, Capital Constellation is an innovative venture among global investors, designed as a collaborative asset owner platform with significant capital and expertise from some of the world’s premier institutional investors. Capital Constellation pursues a private equity strategy that provides growth capital to private alternative asset management firms, believing that the ability to partner with talented investment teams can create aligned, substantial and lasting benefits for both asset owners and asset managers. For more information, please visit: www.capitalconstellation.com.
About Wafra Inc.
Wafra is a global alternative asset manager with approximately $32 billion of assets under management. Funds advised by Wafra have formed 25 strategic partnerships with both growth and established alternative asset managers. By providing flexible and accretive capital solutions and focusing on the long term, Wafra aligns with and invests in high-quality investment management teams. Headquartered in New York, Wafra and its affiliates have additional offices in London, Kuwait and Bermuda. For more information, please visit www.wafra.com.
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