Wafra Inc has raised $1.5 billion for its fourth flagship fund which will look to acquire minority stakes in alternative asset managers, including private equity firms, according to a report by Reuters.
Wafra Inc has raised $1.5 billion for its fourth flagship fund which will look to acquire minority stakes in alternative asset managers, including private equity firms, according to a report by Reuters.
The report cites Daniel Adamson, a Wafra senior managing director, as confirming that Capital Generation IV will target “lower middle-market” firms with less than $3 billion in assets under management.
Backing for the new fund came from a consortium of institutional investors from across North America, Europe and the Middle East, and part of a joint venture called Capital Constellation, which launched in 2018 and has previous invested about $3 billion in Wafra’s existing three funds that invest in alt asset managers.
Investors include the New York State Common Retirement Fund, Canada Pension Plan Investment Board, Alaska Permanent Fund Corporation, UK-based Railways Pension Scheme, and the Kuwait Investment Authority.
Mubadala Capital, a subsidiary of United Arab Emirates sovereign wealth fund Mubadala Investment Company, will also join the Capital Constellation consortium and invest in the new fund.
Founded in 1985, Wafra, which is headquartered in New York and has about $32 billion in assets under management, is owned by Kuwait’s $134 billion public pension fund, the Public Institution for Social Security.
