December 17, 2020 - New York State Common Retirement Fund is investing $340 million in institutional investor-backed Capital Constellation Inc., which takes stakes in growth-stage, specialist private-equity managers.

With this commitment, the New York State pension fund will become an equal partner in Capital Constellation alongside investors that include the Alaska Permanent Fund Corporation (APFC), the Public Institution for Social Security of Kuwait (PIFSS) and Railpen, according to Daniel Adamson, president of Capital Constellation and senior managing director of Wafra.

According to Steve Moseley, deputy chief investment officer and head of alternative investments at the Alaska Permanent Fund Corporation, Constellation's portfolio of managers had demonstrated early successes in their fundraising and investments. The Alaska Permanent Fund had captured early opportunities to support Constellation's GPs by co-investing directly in their underlying portfolio companies.

"I'm not a fan of victory laps, especially during a race, but I'd say that Constellation has met or exceeded our plans and expectations," said Mr. Moseley...

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