Tiffany K. Hage, Co-Founder and Managing Partner of Citation Capital [Photo: Citation Capital]
Dallas-based Citation Capital is a “next-generation” PE firm founded in 2023 by Tiffany K. Hajj and Liddie B. Hudson. Capital Constellation is a collaborative asset ownership platform based in New York City.
The amount of investment has not been disclosed.
Citation specializes in partnering with founder and family-owned businesses, and last October it announced its first investment, a majority stake in better-for-you snack maker Cibo Vita. marchThe company has partnered with New York nonprofit Ownership Works to implement an “extensive shared ownership program” within its portfolio.
In April, Bloomberg reported that Citation Capital was seeking to raise $850 million for its first fund, which would be the largest raise ever by a Texas private equity firm.
Last October, Hage told the Dallas Business Journal that he thought of his company’s growth plan as a “30-year plan.”
“Citation is something we’re committed to for the next 30-plus years,” Hage told DBJ. “We want to build a company that will outlive us.”
Capital Constellation is acting as an adviser to New York-based Wafra.
Capital Constellation, which was formed in partnership with a “select group of institutional investors,” is advised by Wafra, a global alternative investment manager also based in New York.
“We are honored to welcome Wafra as a partner and believe this investment underscores our belief in Citation, our strategy and the culture that Liddy and I have intentionally built with our team,” Hajji, Citation’s co-founder and managing partner, said in a statement. “As we partner with families and founders to expand and enhance their legacies, we are thrilled to be part of the Capital Constellation platform, which has an outstanding global reputation for identifying and backing first-class managers.”
HudsonCommenting on the partnership, Citation’s Co-Founder and President, said, “It will support Citation’s long-term ambitions as we continue to scale. We are excited to partner with a leading investment platform like Capital Constellation and look forward to working with the Wafra team and the high-caliber investors in the Constellation strategy to continue executing on our vision and investment thesis.”
Adele Aldervas, Wafra’s chief investment officer and Capital Constellation’s president, said he and his firm are “very impressed with Citation and what Tiffany, Liddy and the team have accomplished to date.”
“Constellation is looking to back the most innovative and exciting emerging managers in the market,” Aldervas added in a statement. “Citation has developed a differentiated strategy in the mid-market and we believe it is well positioned to grow and prosper for decades to come.”
Bringing something different to the market
“The Citation team brings something different to the market by specializing in founder and family-owned opportunities.” Gustavo CardenasThe Wafra managing director said: “This is exactly the company Constellation was looking for, with a founding team committed to working together and investing for the long term, and a very compelling track record of early stage acquisitions that demonstrate their ability to source and execute on differentiated investments.”
Gibson, Dunn & Crutcher LLP acted as legal counsel to Wafra. Kirkland & Ellis LLP acted as legal counsel to Citation.
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