Constellation Ventures, a former affiliate of Bear Stearns Asset Management, has become part of Highbridge Capital Management’s principal investment effort. It also has closed a new fund, and renamed itself Constellation Growth Capital. The firm will continue to be led by Clifford Friedman.
Constellation Growth Capital, a growth equity investor in the convergence of media, communications and technology, is pleased to announce that it has become part of Highbridge Capital Management’s principal investment effort, Highbridge Principal Strategies, and has closed its third fund at $200 million. Highbridge Capital Management is a global alternative investment and asset management firm. Currently, Highbridge manages approximately $21 billion of capital for financial institutions, corporate pension funds, university endowments and family offices.
Constellation, established in 1998 by Clifford Friedman, has raised three funds with total investment assets of over $650 million. Collectively the funds currently have 14 active portfolio companies in the media and communications sector, including: Dahlia Italy, Italy’s second largest pay-DTT operator; MediaXstream, a provider of high quality transport and network services for producers and broadcasters; and OnePhone, a mobile enterprise telephony solution provider.
Investors in the investment vehicles managed by Constellation include high-value Limited Partners such as state and local public pension funds and international corporations.
In addition to previously announced fund realizations, Constellation has executed a number of successful exits, including: Savvis Communications, a provider of high performance and low cost information technology infrastructure; K12, a leading supplier of online curriculum; and Origin Digital, a global video applications service provider, which was acquired by Accenture in 2008.
Constellation’s management team is comprised of professionals with a wealth of experience and a strong track record in the media, communications and technology sectors. The Principals, led by Cliff Friedman and including Tom Wasserman and Liza Boyd, have worked together for over eight years.
In an effort to give Constellation and its portfolio companies unique access and industry insight, Constellation utilizes the expertise of its three Operating Partners: Lars Berg, formerly Managing Director at Mannesmann AG; Nobuyuki Idei, former Chairman and Group CEO of Sony Corporation; and Rick Sirvatis, former President and COO of General Motors Mediaworks.
Clifford H. Friedman, Constellation Growth Capital’s lead Principal said:
“The move to Highbridge puts us on the platform of one of the world’s pre-eminent alternative investment managers. To close Constellation’s third fund at $200 million in the current environment is a tremendous achievement, and demonstrates the confidence of our existing and new Limited Partners in Constellation’s continued success.”
Scott Kapnick, CEO Highbridge Principal Strategies, added:
“Constellation Growth Capital is a perfect fit for Highbridge. Constellation has an outstanding team with a long and successful track record and we all look forward to working with Cliff and his team to take the franchise to the next level.”
Notes to Editors
Constellation Growth Capital is a growth equity investor in the convergence of media, communications and technology. Established in 1998 by Cliff Friedman, Constellation has raised three funds with total investment assets of over $650 million. Constellation and its portfolio companies are supported by Investment Partners, Liza Boyd and Tom Wasserman, and Operating Partners. The firm’s Operating Partners include: Lars Berg, previously Managing Director at Mannesmann AG; Nobuyuki Idei, former Chairman and CEO of Sony Corporation; and Rick Sirvatis, former President and COO of General Motors Mediaworks. In December 2008, Constellation joined Highbridge Principal Strategies, a division of Highbridge Capital Management, one of the world’s largest alternative investment management firms.
Highbridge Principal Strategies (HPS) is a multi-billion dollar principal investing business established in 2007 by Highbridge Capital Management to invest in longer-dated opportunities, including privately negotiated mezzanine loans, fundamental public and private credit positions, and private equity. HPS is led by Scott Kapnick, the former Co-Head of Global Investment Banking at Goldman Sachs and member of the Goldman Sachs Management Committee and Principal Investment Area Investment Committee. Currently, the HPS team employs a flexible and disciplined approach to investing and currently manages other collective investment vehicles for Highbridge.