Constitution Capital Partners, a private equity firm focused on North American buyouts, has raised $600 million from the U.K.s second largest pension fund, Universities Superannuation Scheme, to invest in North American private equity funds and direct co-investments. USS, which has also committed $150 million to a warehouse line, will gain a 10% ownership stake in CCP.
“This investment by USS is a huge vote of confidence in the North American middle market and in CCPwe are thrilled to be working with them,” say CCP managing partner Daniel Cahill.
USS head of alternative assets Mike Powell says that the scheme is “looking for the most effective way to increase our investments in North American middle market private equity, and after extensive due diligence, we believe we have identified the best team and approach … Our due diligence team, led by Geoffrey Geiger, was particularly impressed with the breadth of the skill-set of the CCP team and their experience in conducting direct investments which we consider a key competitive advantage.”