NEW YORK – November 14, 2007 – New York Life Capital Partners (NYLCAP), the private equity boutique of New York Life Investment Management, announced the successful closing of its second mezzanine fund with $800 million of total capital commitments, $200 million above the fund’s original target of $600 million. 

The NYLCAP mezzanine program invests in subordinated debt with warrants or equity or in other mezzanine securities typically in conjunction with leveraged buyouts of middle market companies in the United States and Europe executed by top performing sponsors.  The mezzanine program targets sponsored transactions across all industry sectors and will typically hold $20 to $50 million in any given transaction. 

“A point of pride and testament to our success is that nearly all of our original investors re-invested in our second mezzanine fund.  We’ve doubled the number of investors, and nearly doubled the size of our predecessor fund. That could not be achieved without the strong relationships and reputation we’ve built as a preferred provider of debt in the LBO market,” said John Schumacher, chief executive officer of New York Life Capital Partners.

NYLCAP 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 ten additional institutional investors. 

NYLIM Mezzanine Partners II has 22 investors including U.S. pension plans, domestic and overseas insurance companies, and institutional investors from Europe, Asia and the Middle East. To date, the fund has made eleven investments, representing approximately 30 percent of the fund’s capital.

New York Life Investment Management Holdings LLC, ranks among the largest asset management firms in the United States.  Through its multiple boutique investment structure, NYLIM delivers investment performance through an array of products designed for both institutional and retail clients. Through MainStay Investments, NYLIM distributes some of the most highly regarded mutual funds and wrap accounts in the industry. 

NYLIM is a leading provider of retirement plans for corporations, multi-employer trusts, and individuals, and is recognized as one of the nation’s top providers of guaranteed products to both the qualified and non-qualified markets. Together with its affiliates and over 1,500 employees, NYLIM manages over $249 billion in assets as of September 30, 2007.

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Media Contact:
John Puccio
New York Life Investment Management
212-576-8172
john_puccio@nylim.com