New York Life Investments is expanding its $65 billion private markets offering with the acquisition of a 40% minority stake in European private equity firm Andera Partners.
The $750 billion New York Life Investments, alongside its €149 billion ($159.7 billion) European affiliate manager Candriam, are not disclosing financial terms of the deal, a spokesman said. Andera’s partners hold the remaining stake in the company, he added.
Andera has $4.5 billion in assets under management and specializes in middle-market, growth, and small-market private equity investments, as well as mezzanine debt, life sciences, venture capital and energy transition infrastructure.
New York Life Investments’ private markets offering is provided by independent affiliated investment teams through Apogem Capital, a U.S. private equity and private debt firm; European real estate manager Tristan Capital Partners; and European private credit firm Kartesia Management.
“This partnership reflects our commitment to broadening our alternative investment capabilities to serve the growing demand for private market assets among both institutional and individual investors,” Naim Abou-Jaoude, CEO of New York Life Investment Management, said in a news release. “The experienced team at Andera has built an institutional-grade platform with a strong track record of investment performance that will complement and expand our current scale in private markets, and we are excited to welcome them to our family of global affiliates.”
Andera partners gains access to Candriam and New York Life Investments’ distribution network, global scale and operational resources, with the partnership positioning it to expand its client base and further develop its private capital strategies across the globe, the release added.
"This partnership with Candriam and New York Life Investments is fully in line with Andera Partners’ strategic ambitions,” said Laurent Tourtois and Raphael Wisniewski, managing partners at Andera Partners, in the release. “This is not only a recognition of Andera’s performance but also a unique opportunity to join forces with such respected and powerful institutions. This marks the start of a new era of internationalization for Andera Partners, in a market context of fast growth and consolidation.”
The deal is subject to various approvals, but is expected to close in the first half of 2025.
