Constitution Capital Partners, a Boston-based fund of funds firm, is raising its first fund with a $500 million target, according to market sources. The firm is expected to have raised $250 million by the end of the year.
The fund of funds platform was founded in 2008 by the former North American private equity investment team of Standard Life Investments. The six members of Standard Life’s North American team departed the firm en masse in 2008, following the private equity division’s partial spin-out from Standard Life.
Constitution is led by managing partners Dan Cahill and John Guinee.
This will be the group’s first fund raised from multiple institutions. To date it has been committing capital on behalf of the Universities Superannuation Scheme (USS), the UK’s second largest pension fund. In 2008,
So far the firm has committed to funds such as Houston-based Sterling Group’s $820 million Fund III and Providence-based Nautic Partners’ latest fund.