New York Life Capital Partners, a private equity affiliate of New York Life Investments, has successfully closed of its third mezzanine fund. NYLCAP Mezzanine Partners III, LP held its final close on 30 March, 2012, with total commitments of USD980 million, more than a 20 per cent above its predecessor fund.
"We are very grateful for the show of support we received from investors and are confident that our strategy of investing in the middle market, with longstanding sponsor relationships, will continue to deliver strong results" says Thomas Haubenstricker, CEO of New York Life Capital Partners.
The Fund will maintain its consistent strategy of partnering with successful private equity groups by providing mezzanine financing to support their acquisition of middle market companies in the US and Western Europe. To date, the Fund has invested USD235 million in 10 portfolio companies.
The Fund’s global investor base is represented by public and private pension funds, financial institutions, insurance companies, family offices, select individuals and sovereign pools of capital. “Historically, investors in this asset class have been large financial institutions and insurance companies, however in this fundraising effort, we have seen an increased interest among new types of investors seeking attractive yields and consistent downside protection,” says Haubenstricker.
New York Life Capital Partners raised its first dedicated mezzanine fund in 2002, and the existing team has invested USD1.9 billion in 90 mezzanine transactions on behalf of the funds.
