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Alternative Market Briefing

Capital Constellation buys stake in Avista Capital

Wednesday, January 13, 2021

Laxman Pai, Opalesque Asia:

Healthcare-focused private equity firm Avista Capital Partners has sold a passive minority stake to the alternative asset manager Capital Constellation.

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.

Wafra Group, which is owned by the more than $100 billion Public Institution for Social Security of Kuwait, is the investment manager of Capital Constellation. 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.

New York-based Avista Capital Partners has over $6 billion in assets under management. It 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.

According to a joint press release, Constellation acquired a minority ownership interest in Avista, providing significant investment capital to support the continued growth of Avista's healthcare-focused investment business and enabling Avista to increase its commitment to its funds under management.

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