British Pension Commits $750M To Boston Buyout Shop

Jun 23 2008 | 12:38pm ET

Constitution Capital Partners, a new private equity firm focused on North American buyouts, has raised $600 million from the Universities Superannuation Scheme to invest in North American middle market p.e. funds and direct co-investments.

USS, which has also committed $150 million to a warehouse line, will also take a 10% ownership stake in CCP.

Boston-based CCP will pursue a value-oriented approach generally focusing on North American p.e. funds with $200 million to $2.5 billion in assets under management, and on making direct investments of $10 million to $45 million in companies with enterprise values between $100 million and $1 billion.

Mike Powell, head of alternative assets at USS, said the fund is looking for the most effective way to increase its investments in North American middle market private equity.

“We are confident that the impressive credentials of CCP, and their approach of combining investing in the funds of the top private equity firms with direct investments alongside those firms, make CCP the best partner for USS to succeed in North American middle market investing,” he said.

USS is the second largest pension fund in the U.K. with more than £30 billion (US$46 billion) in assets. It currently has approximately 5% of its assets allocated to alternative investments, with a target to grow this allocation to 20% over the medium term.


In Depth

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Cash: An Asset In Adolescence

Aug 31 2017 | 3:34pm ET

If the investment industry has a rebellious teenager in the house today, that teenager...

 

From the current issue of