New York Life Capital Partners, the private equity arm of New York Life Investments, has named senior managing principal Steven Benevento as its first chief investment officer.
Benevento, who joined New York Life in 1995, will continue to manage NYLCAP's co-investment business and be involved in all of the firm’s investment activities, namely its mezzanine debt and fund of funds programmes. He will take on the new responsibility of overseeing New York Life’s investment process and will continue to report to chief executive officer Thomas Haubenstricker.
“As the firm continues to grow, it is critical that we have someone with Steve’s expertise dedicated to the role of maintaining the integrity of our investment process,” Haubenstricker said in a statement.
Prior to joining New York Life, Benevento managed private equity, mezzanine and non-investment grade debt investments within New York Life’s private finance group. He previously worked at TIAA-CREF, where he focused on private market debt and mezzanine investments.
In April, New York Life closed on $980 million for its third mezzanine fund. Fund III, which was in market for roughly 18 months, is 25 percent invested, according to a spokesperson for the firm. The fund received commitments from 41 limited partners, nearly double the number of LPs in the firm’s second fund that collected $800 million in 2007.
New York Life Capital Partners typically invests in subordinated debt associated with buyouts of mid-market companies in the US and Europe in a variety of sectors. The group manages approximately $8.8 billion of private equity assets, including alternative assets for New York Life Insurance Company and other institutional investors.