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New York Life Capital Partners raises $800m for mezzanine fund15/11/2007. Source: AltAssets. 
 New York Life Capital Partners, the private equity branch of New York Life Investment Management, has closed its second mezzanine fund, NYLIM Mezzanine Partners II, on $800m, significantly above its $600m target.
NYLCAP's mezzanine programme invests in subordinated debt with warrants or equity or in other mezzanine securities typically in conjunction with LBOs of mid-market companies in the US and Europe. NYLIM Mezzanine Partners II targets transactions across various industry sectors and typically holds between $20-50m in any given investment.
The latest fund attracted 22 investors including US pension plans, domestic and overseas insurance companies and institutional investors from Europe, Asia and the Middle East. The second fund retained a large percentage of its investors in the original fund, while at the same time nearly doubling its number of LPs and the size of funds raised. The first fund closed on $475m in 2002.
John Schumacher, CEO of NYLCP, said, '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 have 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 have built as a preferred provider of debt in the LBO market.'
The fund has made 11 investments to date, representing approximately 30 per cent of overall capital.
NYLCAP began its mezzanine investment programme in 1992, and raised its first dedicated fund in 2002, a $475m fund, which included commitments from New York Life and ten additional institutional investors.
NYLIM is a provider of retirement plans for corporations, multi-employer trusts and individuals. NYLIM manages over $249bn in assets.
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