Capital Constellation enters partnership with Pollen Street

Capital Constellation, a consortium of limited partners managed by alternatives manager Wafra, will provide investment capital to support the continued growth of Pollen Street's private equity and credit businesses.

Among the consortium's limited partners are Alaska Permanent Fund, RPMI Railpen, the Kuwait Investment Authority, the Third Swedish National Pension Fund, and the Public Institution for Social Security of Kuwait.

Founded in 2013, Pollen Street specialises in backing lower-mid-market firms. It has offices in London and New York, and a team of 70 professionals.

In February, Pollen Street was sacked as the manager overseeing the £600m Pollen Street Secured Lending (PSSL) trust, amid a takeover bid for the trust from Waterfall Asset Management.

The trust accused Pollen Street Capital of "serious, repeated and ongoing breaches" of its contract. The decision was not made based on performance, but due to the fact that Pollen Street Capital allegedly withheld information from the board, published "very material information about the company without board approval" and "failed to confirm compliance with clear and important instructions from the company, its client", said Simon King, the chair of the trust board, in a statement announcing the notice of termination.

Pollen Street Capital strongly refuted the allegations and said in its own statement that it had "always acted with the utmost integrity and in the best interests of all shareholders of PSSL".

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