NEW YORK–(BUSINESS WIRE)–Capital Constellation, the joint venture among leading institutional asset owners in Europe, North America and the Gulf, today announced the addition of a new partner, the New York State Common Retirement Fund, a public pension with an estimated value of $268.3 billion (as of June 30, 2021).
Founded in 2018 as a partnership among the Alaska Permanent Fund Corporation, the Public Institution for Social Security of Kuwait (“PIFSS”) and Railpen, Constellation unites the expertise and capital base of premier institutional investors and some of the most promising growth-oriented alternatives managers. Managed by private equity and alternative investment manager, Wafra Inc. (“Wafra”), in its three years since inception Constellation (along with affiliated entities) has grown into a multi-billion-dollar investment platform by investing in nine alternative asset managers across North America and Europe and by creating a global consortium of like-minded asset owners who see value in Constellation’s structured investments. NYSCRF joins Constellation as an equal partner and becomes part of a larger platform that counts the Kuwait Investment Authority and the Third Swedish National Pension Fund amongst its members.
“We have built a partnership that we believe is ground-breaking, scalable and forward-thinking, and are thrilled that a world-class institution such as New York State Common Retirement Fund sees value in what we have created and shares our ambitious vision,” said Daniel Adamson, President of Constellation. Russell Valdez, Chief Investment Officer of Wafra and a founding Board member of Constellation added, “We are delighted to welcome the NYSCRF team as an equal partner in Constellation.”
“For over a decade, the NYSCRF has been a significant investor in emerging managers. We believe this strengthens the NYSCRF by allowing us access to a diverse set of new talent,” said Navyug Patel, Deputy CIO of the NYSCRF. Andreas Dische, Senior Investment Officer of the NYSCRF and a Strategic Committee member of Constellation added, “Constellation provides a global partnership of asset owners who seek access to the economics of private markets firms and the next generation of investment talent. We look forward to this partnership for many years to come.”
“Constellation has had a very successful first few years and we are energized by the additional momentum that the New York State Common Retirement Fund brings,” noted Steve Moseley, Deputy CIO of the Alaska Permanent Fund and founding member of Constellation’s Board. “Railpen shares New York Common’s generational time horizon and sense of service to our constituency, and with the addition of New York as a partner, we look forward to realizing the mission and vision of Constellation,” said Richard Williams, CIO of Railpen and a member of Constellation’s Board. “New York Common is a highly respected asset owner, and we recognize the immense value in having them join Constellation,” said Sulaiman Alderbas, Head of Alternatives at PIFSS and a Strategic Committee member of Constellation.
About Capital Constellation
Capital Constellation is an innovative joint venture among major asset owners. Recognized as the “Partnership of the Year” at Institutional Investor’s Allocators’ Choice Awards in 2018, Capital Constellation is 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. For more information, please visit: www.capitalconstellation.com.
About the New York State Common Retirement Fund
The NYS Common Retirement Fund is the third largest public pension plan in the United States with an estimated $268.3 billion in assets as of June 30, 2021. NYSCRF holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. NYSCRF is consistently ranked as one of the best-managed and funded plans in the country. For additional information, please visit: www.osc.state.ny.us/common-retirement-fund.
About the Alaska Permanent Fund Corporation
The Alaska Permanent Fund Corporation was created by the Alaska Legislature in 1980 as an independent state entity tasked with the important mission of prudently investing and managing the assets of the Alaska Permanent Fund. As one of the first sovereign wealth funds, and the largest fund of its kind in the United States, the Alaska Permanent Fund has gained worldwide recognition as a model for converting a non-renewable natural resource into a renewable financial resource, safeguarding approximately $89 billion for all current and future generations of Alaskans. For more information, please visit: www.apfc.org.
About Railpen
The Railways Pension Scheme (“Railpen”) is one of the UK’s largest and longest established pension funds. Railpen is responsible for the safekeeping and investment of circa £35 billion on behalf of the scheme’s 500,000 members who are connected to the railway industry. Railpen runs the railways pensions schemes on behalf of its parent, the Railways Pension Trustee Company Limited (RPTCL). Railpen’s purpose is to ‘secure our members’ future.’ To achieve this we invest the scheme’s assets to generate strong returns over the long term. Railpen (formerly known as RPMI and RPMI Railpen) is authorized and regulated by the Financial Conduct Authority (FCA). For additional information, please visit: www.railpen.com.
About the Public Institution for Social Security
The Public Institution for Social Security (“PIFSS”) of Kuwait runs the social security system for all Kuwaiti Nationals spanning public and private sector professionals working at home and abroad. More than just retirement benefits, the system protects members in cases of sickness, workplace injuries and disabilities. As an investor, PIFSS looks for opportunities across global markets in asset classes including fixed income, equities, real estate, private equity, hedge funds, infrastructure and other alternatives. The Social Security system in Kuwait has a long history dating back to the 1950s and is one of the bedrocks of the nation’s social services. PIFSS itself was established in 1976 to take the lead in its implementation. For more information, please visit: www.pifss.gov.kw.
About Wafra Inc.
Wafra Inc. (“Wafra”) is a global alternative investment manager. Wafra manages assets and commitments of approximately $28 billion as of September 30, 2021. Funds advised by Wafra currently have 23 minority partnerships with both growth stage and mature alternative investment management firms. By providing flexible and accretive capital solutions and focusing on long-term partnerships, Wafra aligns and partners with high quality management teams. Headquartered in New York, Wafra and its affiliated and associated firms have additional offices in Austin, London, Kuwait and Bermuda. For more information, please visit: www.wafra.com.
