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(corrects identify of fund in second paragragh to Constellation Era IV)
By Chibuike Oguh
NEW YORK, Oct 31 (Reuters) – Wafra Inc, an funding agency backed by Kuwait’s public pension fund, mentioned on Monday it has raised $1.5 billion for its fourth flagship fund that may purchase minority stakes in different asset managers resembling non-public fairness corporations.
The brand new fund, Constellation Era IV, will search to amass minority stakes in “decrease middle-market” corporations with lower than $3 billion in belongings below administration, Daniel Adamson, a Wafra senior managing director, mentioned in an interview.
Wafra raised the fund from a consortium of institutional buyers unfold throughout North America, Europe and the Center East, that are half a three way partnership known as Capital Constellation.
A few of these buyers embrace the New York State Widespread Retirement Fund, Canada Pension Plan Funding Board, Alaska Everlasting Fund Company, UK-based Railways Pension Scheme, and the Kuwait Funding Authority.
Mubadala Capital, a subsidiary of United Arab Emirates sovereign wealth fund Mubadala Funding Firm, will be a part of the Capital Constellation consortium and spend money on the brand new fund, Adamson mentioned.
Wafra’s earlier three funds investing in stakes of other asset managers raised a complete of about $3 billion for the reason that launch of the Capital Constellation consortium in 2018. The third fund, Constellation Era III, had generated a web inside fee of return of 44.8% as of the tip of June this 12 months, Adamson mentioned.
A number of the investments embrace minority stakes in Motive Companions, Pollen Avenue Capital, Ara Companions, and All Seas Capital.
Based in 1985, Wafra is headquartered in New York and has about $32 billion in belongings below administration. The agency is owned by Kuwait’s $134 billion public pension fund, the Public Establishment for Social Safety. (Reporting by Chibuike Oguh in New York Enhancing by Matthew Lewis)
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