US wealth management investor Constellation Wealth Capital reported closing its oversubscribed debut fund with total commitments surpassing the target amount of $1B.
The alternative asset manager filed for Constellation Wealth Capital Fund on August 11, 2023, and commenced sales to investors on August 25 of that year. As of July 2024, Constellation had taken $863.4M in commitments from 59 investors and by its final filing with the SEC on October 30 reported sales interest had surpassed $1B, with pledges from 69 investors.
Investors in the fund include insurance companies, endowments, foundations, asset managers and fund-of-funds, as well as family offices. Mizuho Securities USA assisted with the sale and marketing of the fund across the US, with Constellation reporting $5.3M in sales commissions in its October filing.
Constellation said it has made eight capital injections in wealth management firms through Constellation Wealth Capital Fund since its inception: AlphaCore Wealth Advisory, AlTi Tiedemann Global, Avior Wealth Management, Cresset Capital Management, CV Advisors, Lido Advisors, Perigon Wealth Management and Requisite Capital Management. Cresset was the most recently reported of those investments, with Constellation in late November disclosing a $150M investment for a 10% stake in the Chicago-based RIA.
In a press release announcing the close, Constellation said it would “continue to focus on making structured minority investments in well-positioned wealth management firms throughout the United States.”
