NewsOct 17, 2026, 19:53 UTC

Constellation closes €100M continuation fund for Berlin education group

What's the deal? Constellation Capital has closed a single-asset continuation fund worth around €100 million for the Berlin-based CONSTELLATION Academy Group. The vehicle, CONSTELLATION Academy Continuation SCSp, acquires the education platform from Constellation V and its co-investment vehicle, with Committed Advisors as sole lead investor.

What's the endgame? The fund gives Constellation a longer holding period and fresh capital to open new sites and continue its buy-and-build strategy. More acquisitions are planned for 2026.

The numbers: CONSTELLATION Academy Group runs more than 200 locations across Germany for adult education, coaching, and professional training. Since Constellation's entry, the group has grown both revenue and EBITDA more than tenfold.

Why now? Continuation funds let private equity firms hold strong-performing assets past a fund's normal lifespan rather than selling. For Constellation, it keeps a fast-growing platform in hand while returning capital to earlier backers.

The transaction was paired with a syndicated debt financing of more than €100 million. Asante Capital Group acted as exclusive global fundraising adviser, Lincoln International provided a fairness opinion, and Osborne Clarke, LAB Partners, Hogan Lovells, Cadwalader, and ARQIS advised on legal matters.

The signal: Single-asset continuation funds have become a go-to tool for sponsors seeking liquidity without parting with winners. Constellation's deal shows European lower-mid-market firms applying the structure to double down on proven roll-up plays.