Constellation Growth Capital, a former Bear Stearns venture capital group focused on media, communications and related technology, has closed a $200m fund to further investments and joined Highbridge Capital Management, the hedge fund manager controlled by JPMorgan Chase.

The news, coming a year after Bear Stearns collapsed and was sold to JPMorgan, forms part of Highbridge’s efforts to build a long-dated diversified asset management business to equal its $20bn alternative investment business, said Clifford Friedman, Constellation’s lead principal.