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Apr 3 2012 | 12:56pm ET
New York Life Capital Partners, a private equity affiliate of New York Life Investments, closed its third mezzanine fund with total commitments of $980 million on March 30, 2012.
The total for the NYLCAP Mezzanine Partners III fund was a 20% improvement over that of its predecessor fund.
"We are very grateful for the show of support we received from investors and are confident that our strategy of investing in the middle market, with longstanding sponsor relationships, will continue to deliver strong results" said Thomas Haubenstricker, CEO of New York Life Capital Partners.
The fund will provide mezzanine financing to private equity groups to support their acquisitions of middle-market companies in the U.S. and Western Europe. To date, the fund has invested $235 million in 10 portfolio companies.
New York Life Capital Partners, with about $8.3 billion in assets under management, raised its first dedicated mezzanine fund in 2002. The existing team has invested $1.9 billion in 90 mezzanine transactions on behalf of the funds.