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 a valuable 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 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.