New York Life Investments has agreed to acquire a majority stake in Credit Value Partners, a boutique investment firm specializing in opportunistic and distressed debt and high-yield corporate credit, spokesman Kevin Maher said.
The acquisition, which is subject to customary closing conditions, is expected to close in the first quarter. Terms of the transaction were not disclosed.
CVP, which has more than $2 billion in assets under management, will act as an independent and autonomous investment firm.
The acquisition of CVP adds opportunistic and distressed debt capabilities to New York Life Investments' alternatives offerings, which include private equity, mezzanine debt, 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 Management, GoldPoint Partners, IndexIQ, MacKay Shields and Private Advisors.
New York Life Investments has $280 billion in assets under management.