Hartford Investment Management Co. has been added to Capital Constellation, a consortium of institutional asset owners in Europe, North America and the Persian Gulf.
HIMCO also joined Constellation’s strategic committee, Constellation said in a release Tuesday.
Constellation, which was founded in 2018 by alternative investment manager Wafra, “unites the expertise and capital base of premier institutional investors around the world with promising growth-oriented alternative asset managers,” the release noted.
Managed by Wafra, Constellation and its affiliated entities have since grown into a multibillion-dollar investment platform, with investments in alternative asset managers across North America and Europe, the release added.
The consortium has invested in “a couple dozen” alternative asset managers, a Constellation spokeswoman said by email, including Broad Sky Partners, All Seas Capital Partners, Astra Capital Management, Avista Capital Partners, Ara Partners, Motive Partners, Pollen Street Capital and Post Road Group.
Daniel Adamson, president of Constellation and chair of the strategic committee, said in an interview that he views HIMCO, which is part of a leading insurer, as an asset owner because they are a “long-term steward of capital” as are the other members of the consortium.
HIMCO is now the ninth member of the consortium, according to Mr. Adamson. The other eight members include The Public Institution for Social Security, a public pension fund in Kuwait; Alaska Permanent Fund; Railpen, a U.K. pension fund; New York State Common Retirement Fund; Swedish pension fund AP3; Orange County Employees Retirement System; The Kuwait Fund, a Kuwaiti state agency focused on international development; and the Kuwait Investment Authority, Kuwait’s largest sovereign wealth fund. Wafra is owned by the Public Institution for Social Security.
Constellation’s asset owner partners have an approximate aggregate assets under management of $1.5 trillion.
Constellation did not disclose the asset size of HIMCO’s commitment.
“Our partners are spread across three continents, and they vary in size and specialty,” he said. “We wanted this type of diversity in order to have different perspectives that contribute to value creation and deal flow.”
Mr. Adamson said Constellation is pleased to partner with HIMCO because of their “intelligence and their entrepreneurial and collegial culture.”
Based in New York, Wafra managed assets and commitments of approximately $33 billion as of March 31.
Based in Hartford, Conn., HIMCO had approximately $116 billion in assets under management as of May 31, across fixed income, alternative and equity markets.
HIMCO could not be reached for further comments.