New York Life Investments to Acquire Majority Stake in Credit Value Partners
Adding opportunistic and distressed debt capabilities expands New York Life Investments’ offering of alternative strategies
NEW YORK, January 4, 2017 – New York Life Investments, the global asset management business of New York Life, announced today the signing of an agreement to acquire a majority stake in Credit Value Partners, LP (CVP), a specialist boutique with opportunistic and distressed debt and high yield corporate credit investing capabilities.
The addition of CVP represents another step in New York Life Investments’ commitment to offering investors a broad range of alternative investment solutions that today include private equity, mezzanine, equity co-investing, middle market lending, real estate, hedged strategies and real assets. These strategies are managed by New York Life Investments and its boutiques, which include Candriam Investors Group, Cornerstone Capital, GoldPoint Partners, IndexIQ, MacKay Shields and Private Advisors.
"CVP is an attractive opportunity to expand our alternatives offerings. The capabilities of CVP’s veteran team align with the income generation needs and total return profile of our investor base," explained Yie-Hsin Hung, chief executive officer at New York Life Investment Management. “With a range of products and capabilities presenting attractive credit opportunities across market cycles, CVP is well positioned to apply its credit expertise to preserving capital and delivering strong risk-adjusted returns for clients.”
"This partnership presents a tremendous opportunity for CVP to deepen and expand our credit investment platform and maintain our business culture," said Donald Pollard, managing partner and portfolio manager at Credit Value Partners. “New York Life Investments is a highly regarded partner with significant resources that will enhance CVP’s access to capital and investment opportunities and enable our firm to realize its full potential."
The acquisition, which is subject to customary closing conditions, is expected to close in the first quarter of 2017. Terms of the transaction were not disclosed.
Berkshire Capital Securities LLC acted as exclusive financial advisor to CVP. Tannenbaum Helpern Syracuse & Hirschtritt LLP acted as legal advisor to CVP.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/17/16. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 6/9/16
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, NewYork Life Investment Management LLC.
New York Life Insurance Company
New York Life Insurance Company