GoldPoint Mezzanine raises $300m

The private investment arm of New York Life Insurance Company has launched its fourth mezzanine fund, the predecessor of which raised over $1 billion.

GoldPoint Mezzanine Partners has raised $300 million for its fourth mezzanine fund, according to a US Securities and Exchange Commission filing.

John Schumacher, chairman, Thomas Haubenstricker, chief executive officer, Robert Barrack, chief operating officer, and executive vice presidents James Barker, Matthew Cashion, A Palker and Amanda Parness, are all listed on the filing.

The firm, which did not respond to a request for comment at time of publication, appears to be marketing the fund for another year. Two investors have committed so far.

GoldPoint Partners manages $10.2 billion of private equity assets including mezzanine, as of 30 June 2015. It invested $2.1 billion in roughly 100 mezzanine transactions between 1991 and September 2013, according to its website.

In 2012, the firm rebranded from New York Life Investment Management to GoldPoint Partners.

After launching in 2002, the firm’s first mezz fund, New York Life Investment Management Mezzanine Partners, raised $475 million, shy of it $600 million target. The firm raised $800 million in its second fund, launched in 2006, surpassing a $600 million target. Its third fund, launched in 2010, raised $1.03 billion and attracted investment from the Chicago Municipal Employees Annuity and Benefit Fund, Pentegra Retirement Services and Phoenix Life Insurance Company, according to PDI Research and Analytics.

The firm invests in cash pay subordinated debt and associated equity securities or warrants in conjunction with mid-market buyouts. It typically provides $20 million-$50 million per transaction across nearly all industry sectors, though it can also write larger tickets.

GoldPoint Partners is an indirect wholly-owned subsidiary of New York Life Insurance Company, one of the US’s largest life insurance companies. As of 30 September 2013, New York Life had $413 billion in AUM.