New York Life Capital Partners has rebranded, taking the name GoldPoint Partners to reflect the New York Life boutique’s operational independence from its parent company, chief executive officer Thomas Haubenstricker told Private Equity International.
“The name is much more reflective operationally of our independence, and our independent identity as a culture, as a firm,” he said. “The theme is the same; the strategy is the same; the way we operate is the same. It really is a rebranding that reflects our operational independence.”
New York Life
The name GoldPoint harkens to the firm’s Manhattan headquarters, The New York Life Building, which is capped by a six-story, pyramidal, golden-hued roof, chief investment officer Benevento said.
“It sounds a bit cliché, choosing the name Gold Point … but beyond that the other word is ‘Partners’. We thought briefly about ‘Capital’ and ‘Group’, and partnership is really what we’re about,” Benevento said.
Although the dollar amount of New York Life’s commitments to Capital Partners’ funds have increased over its subsidiary’s 21 year history, Haubenstricker said, a growing proportion of its fund commitments have come from third party limited partners.
“In our new products, [New York Life] is well under 50 percent of invested capital,” Steve Benevento said.
The insurance company’s capital commitments hover around 30 percent of invested capital, Haubenstricker added.
GoldPoint manages more than $9 billion of private equity and debt assets, according to a statement from the firm. The firm’s strategies include co-investment and mezzanine.
The firm is targeting $800 million on a co-investment fund that will invest in US mid-market buyout deals, according to a Dow Jones report.