Capital Constellation acquires minority state in Avista

Capital Constellation has purchased a minority stake in private equity manager Avista Capital Partners. Terms of the deal and the amount of the stake were not disclosed.

Capital Constellation was launched in 2018 and is a joint venture of five sovereign wealth funds that intend to invest a total of $1.5 billion in new private equity and alternative investment funds by 2023.

Along with the Wafra Group, owned by the more than $100 billion Public Institution for Social Security of Kuwait, the four sovereign wealth funds are the $550 billion Kuwait Investment Authority; $67.9 billion Alaska Permanent Fund Corporation., Juneau; $46.8 billion AP3, Tredje AP-fonden/Third Swedish National Pension Fund; and RPMI, the manager of the $40.7 billion Railways Pension Scheme.

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