New York Life Investment Management (NYLIM) has agreed to acquire a majority stake in US single-family residential credit manager Invictus Capital Partners for an undisclosed sum.
The transaction will expand NYLIM’s $304bn (€268bn) global private markets platform by adding Invictus’s $20bn residential credit platform and its affiliate loan sourcing platform, Verus Mortgage Capital.
The deal, which also includes a multi-year capital commitment from New York Life’s general account, enhances NYLIM’s private credit and asset-backed finance capabilities across mortgage sourcing, underwriting, securitisation and asset management.
Naïm Abou-Jaoudé, CEO of NYLIM, said: “Invictus has built a differentiated residential credit platform combining deep investment expertise with scaled proprietary sourcing and securitisation capabilities.
“These are difficult capabilities to replicate and highly complementary to New York Life’s permanent capital and NYLIM’s institutional franchise. Together, we see significant opportunity to expand our residential credit capabilities and deliver differentiated solutions to insurers and other institutional clients.”
Michael Warden, CEO of Invictus Capital Partners, said: “We are proud to partner with NYLIM. Its capital strength, global reach and long-term orientation complement the platform we have built at Invictus.
“We see significant opportunity in a growing US single-family residential credit market, where strong fundamentals and structural inefficiencies continue to create attractive investment opportunities. Together, we are well positioned to grow the business and serve a broader range of institutional investors.”
To read the latest IPE Real Assets magazine click here.
