Wafra’s Capital Constellation Invests in Citation Capital

The woman-owned private equity firm aims to be the biggest private equity debut in Texas.
Reported by Matt Toledo



Capital Constellation Inc. on Monday announced an investment in Dallas-based Citation Capital Management LLC, a woman-owned private equity firm founded by Tiffany Hagge, who was a partner in BDT Capital Partners, and former Credit Suisse executive Lydie Hudson.
 

Capital Constellation, a network of global asset owners which is a part of Kuwait-based alternative manager Wafra Inc., invests in established alternatives managers. Wafra itself is owned by the Public Institution for Social Security, the public pension fund of Kuwait.  

Citation Capital invests in middle-market companies within industrials, business and financial services, and select consumer companies, specifically founder- and family-led businesses. One of Citation’s first investments was New Jersey-based snack company Cibo Vita, which operates the Nature’s Garden brand. 

According to a report in April, Citation Capital was seeking $850 million for a debut fund, which would be the biggest debut for a Texas-based private equity firm. Capital Constellation’s investment was an undisclosed sum.  

“We have been very impressed with Citation and what Tiffany, Lydie and the team have achieved to date,” said Adel Alderbas, CIO of Wafra and president of Capital Constellation, in a statement. “Constellation looks to back the most innovative and exciting emerging managers in the market; Citation has forged a differentiated strategy in the middle market, and we believe it is well positioned to build and thrive over decades to come.” 


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Tags
Adel Alderbas, Capital Constellation, Citation Capital, Lydie Hudson, Tiffany Hagge, Wafra,