RPMI, the manager of the £28 billion ($32.6 billion) Railways Pension Scheme, London, made a follow-on commitment of $100 million to its Capital Constellation joint venture, a spokesman confirmed in an email.
RPMI originally committed $200 million in 2018 to launch the joint venture alongside the $58.7 billion Alaska Permanent Fund, Juneau, which also committed $200 million originally and disclosed its own $100 million follow-on commitment at its February board meeting.
The follow-on commitments by RPMI and the Alaska Permanent Fund increases the total committed to Capital Constellation, which sets out to seed the next generation of promising alternative investment managers, to $1.2 billion.
The more than $100 billion Public Institution for Social Security of Kuwait was the third original partner and committed $300 million at the time.
Wafra Group, which is owned by the Kuwait entity, is the investment manager for the joint venture.
Commitments in 2019 by the $592 billion Kuwait Investment Authority and 374 billion Swedish kronor ($36 billion) AP3, Stockholm, brought the total committed to $1 billion.