Railpen rolls into additional alternative investments

The UK-based Railways Pension Scheme (RPMI Railpen) increased its commitment to the Capital Constellation fund by $100 million. Capital Constellation is a provider of ‘catalytic’ investment capital to next-generation alternative investment managers and also recently received $100 million from another one of its partners – the $67 billion Alaska Permanent Fund Corporation. Between the two allocations, Constellation’s total assets have swelled to $1.2 billion. "Constellation has already generated innovative solutions and we are thrilled to be a part of what we see as the future of how pensions and sovereigns can access alternative investments," said Paul Bishop, head of private markets at RPMI Railpen and a founding board member of Constellation. According to Daniel Adamson, senior managing director of Wafra Inc. and president of Capital Constellation, what matters most in these new allocations is the reaffirmation of the firm’s investment program and the trust that is being build with its partners. Wafra is a leading private equity and alternative investment manager on behalf of the Public Institution for Social Security of Kuwait and joins Alaska and RPMI Railpen, and other partners including the Kuwait Investment Authority and the Third Swedish National Pension Fund (AP3) in backing Capital Constellation. These founding partners of Constellation together manage more than $200 billion in assets and have made a commitment of $900 million to Constellation. Since its inception Constellation has seeded four managers: Ara Partners, Astra Capital Management, Motive Partners and a real estate credit manager. Constellation, a joint venture among global institutional investors interested in investing in ‘next-generation’ alternative asset managers, is also under exclusivity with two additional managers.

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