Firm: New York Life Capital Partners
Fund: New York Life Mezzanine Partners III
Target: $1 billion
Amount raised: $500 million
Placement agent: Southridge Investment Group
New York Life Capital began its mezzanine investment program in 1992 and raised its first dedicated fund in 2002, a $475 million fund, which included commitments from New York Life and 10 additional institutional investors, the site says. No regulatory paperwork had been filed on the new fund by deadline.
New York Life Capital’s mezzanine team typically invests in leveraged buyouts of mid-market companies in the United States and Europe. It invests across all industries and usually holds $15 to $50 million in any given deal, often involving warrants or equity and other mezzanine kickers.
Southridge Investment Group is working with New York Life Capital on the new fund, the person said.
A spokeswoman for the firm said she could not confirm the report.