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Constellation Growth Capital joins Highbridge Capital Management

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Constellation Growth Capital, a growth equity investor in the convergence of media, communications and technology, has become part of Highbridge Capital Management’s principal investmen

Constellation Growth Capital, a growth equity investor in the convergence of media, communications and technology, has become part of Highbridge Capital Management’s principal investment effort, Highbridge Principal Strategies, and has closed its third fund at USD200m.

Highbridge Capital Management is a global alternative investment and asset management firm. Currently, Highbridge manages approximately USD21bn 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 USD650m. 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 supplier of online curriculum; and Origin Digital, a global video applications service provider, which was acquired by Accenture in 2008.

Constellation’s principals, led by Cliff Friedman (pictured) and including Tom Wasserman and Liza Boyd, have worked together for over eight years.

Friedman says: ‘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 USD200m 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, chief executive of Highbridge Principal Strategies, adds: ‘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.’

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