Daniel Adamson is a Senior Managing Director at Wafra and the President of Capital Constellation, a joint venture between mega asset owners in Europe, North America and the Middle East that invests in the next generation of private equity managers.

Our conversation focuses on this innovative joint venture and how a group of large asset owners came together to scale their resources. We touch on a host of issues relating to the formation and implementation of the business, the many possibilities that are arising from this novel setup, and the serious challenges in bringing it to fruition. I suspect we’ll see more efforts by asset owners to disintermediate pieces of the investment value chain, although as you’ll hear, it’s a lot easier said than done.