Former Alaska alts investment head Moseley resurfaces at Wafra

Steve Moseley has returned to New York to focus on GP stakes, emerging managers and a new co-investment joint venture for LPs.

The former head of alternative investments at Alaska Permanent Fund and one of the biggest names in the LP community has resurfaced, one month after departing the sovereign wealth fund.

Steve Moseley is understood to be joining Wafra as a managing director, according to three sources familiar with the matter. He will be based at the New York office of the investment manager and advisory firm.

As well as focusing on Wafra’s manager seeding strategy and wider GP stakes business, he will work on a new joint venture that will allow LPs to co-invest as a group alongside sponsors, according to one of the sources.

Moseley has an existing relationship with Wafra, which manages $32 billion across liquid and illiquid alternatives. In 2018, Alaska Permanent teamed up with UK private pension RPMI Railpen and Public Institution for Social Security of Kuwait to launch Capital Constellation, a $700 million joint venture, which Wafra manages. The JV provides cornerstone fund commitments and scaling advice for emerging managers.

During his eight-and-a-half years in Alaska, Moseley gained a reputation for backing innovative new strategies and managers that went on to become household names. Alaska was an anchor investor for Whitehorse Liquidity Partners, a Toronto-based preferred equity shop now on its fifth fund; and for the debut fund of Dyal, the GP stakes pioneer that last year merged with credit manager Owl Rock to form $102 billion listed manager Blue Owl.

The Wall Street Journal first reported that Moseley was set to join Wafra.

Wafra did not wish to comment.