Investment group Capital Constellation has taken a minority stake in the manager of the Honeycomb and Pollen Street Secured Lending (PSSL) funds.
Capital Constellation has entered a strategic partnership with Pollen Street Capital (PSC) that will help back its private equity and credit businesses.
“We believe Pollen Street’s deep expertise within financial services and experience investing across economic cycles uniquely positions them in today’s environment,” said Russell Valdez, a founding board member at Capital Constellation.
“We’re excited to partner with Pollen Street as they have demonstrated clear industry leadership and a differentiated investment strategy in both private equity and credit investments.”
Lindsey McMurray, managing partner of PSC, said the partnership “endorses the value of strong industry specialisation in this complex environment.”
It comes at a testing time for PSC, which has had its investment management agreement terminated with PSSL after the investment trust’s board accused it of withholding due diligence information that would have helped a proposed takeover from Waterfall Asset Management.
This has been denied by PSC.
Waterfall Asset Management has until 21 April 2020 to decide whether it wishes to make an offer.