Capital Constellation has purchased a minority stake in private equity manager Avista Capital Partners, a joint news release said Tuesday.
Terms of the deal and the amount of the stake were not disclosed. Avista Capital Partners focuses on investments related to health-care, primarily in consumer-driven health care, health-care information technology and distribution, medical devices and technologies, pharmaceuticals and pharmaceutical outsourcing.
Capital Constellation was launched in 2018 and is a joint venture of five sovereign wealth funds that intends to invest a total of $1.5 billion in new private equity and alternative investment funds by 2023.
Wafra Group, which is owned by the more than $100 billion Public Institution for Social Security of Kuwait, is the investment manager of the joint venture.
Along with the Kuwait entity, the four sovereign wealth funds are the $550 billion Kuwait Investment Authority; $67.9 billion Alaska Permanent Fund Corp., Juneau; 386 billion Swedish kronor ($46.8 billion) AP3, Stockholm; and RPMI, the manager of the £30 billion ($40.7 billion) Railways Pension Scheme, London.
Avista Capital Partners has over $6 billion in assets under management.
Spokesmen for Avista Capital Partners, Capital Constellation and Wafra Group could not be immediately reached for further information.
Source: Pensions & Investments