New York Life Investment Management (New York Life IM) and its European affiliate Candriam have increased their ownership stake in Kartesia, acquiring a majority holding of around 80 per cent.
The acquisition by $807.7bn (£607.9bn) New York Life IM marks further expansion of its private markets platform valued at $290bn, spanning equity, debt and real estate in the US and Europe.
The agreement follows an initial minority investment of a 33 per cent stake in €7.5bn Kartesia made in 2020 by New York Life IM, the affiliated global asset management business of New York Life Insurance Company, and global multi-specialist asset manager Candriam.
“The increase in our ownership of Kartesia, as well as the great partnership and collaboration our teams have built over the past five years, reflect our commitment to broadening our alternative investment capabilities to serve the growing demand for private market assets among investors,” said Naïm Abou-Jaoudé, chief executive of New York Life IM.
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According to the firms, since the start of the partnership with Candriam, Kartesia has nearly tripled its assets under management, expanded its team to 120 professionals and grown to nine offices across Europe.
“Over the past five years, we’ve built a close and effective partnership, working together to launch innovative strategies,” said Vincent Hamelink, chief executive of Candriam. “We’re excited to take this next step and continue delivering exceptional value to our clients.”
Kartesia’s partners will retain around 20 per cent of the business following the transaction. The firm said Kartesia will continue to operate with investment autonomy under its existing leadership team, while its partnership with New York Life IM and Candriam will provide access to broader operational resources, institutional infrastructure and global distribution capabilities.
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“By combining Kartesia’s track record and expertise in private credit with the global reach and resources of New York Life IM and Candriam, we will be very well positioned to deliver innovative solutions and long-term value for our investors,” said Matthieu Delamaire, managing partner at Kartesia. “We look forward to continuing this journey together, driving growth and excellence in private markets.”
The deal comes as New York Life IM said last week that private markets are “regaining momentum” this year, with deal activity rebounding and supportive financial conditions helping to extend the cycle.
Separately, insurer New York Life last week announced the launch of New York Life IM as a unified global brand bringing together its asset management businesses across public and private markets.
