New York Life Investment Management and its private markets affiliate Apogem Capital acquired the remaining ownership interest in Bow River Advisers. The transaction builds on NYLIM’s initial investment in Bow River Advisers in 2023.
Bow River Advisers serves as investment adviser to the Bow River Capital Evergreen Fund.
As part of the transaction, the Evergreen investment team will become part of Apogem’s private markets platform.
The Bow River Capital Evergreen Fund will also be renamed the Apogem Evergreen Fund.
The fund provides investors with access to diversified private equity investments across sectors, sponsors, geographies, and company sizes.
Since launching in 2020, the fund has completed more than 150 investments and raised more than $1.3 billion in assets.
Its existing investment team, strategy, and investment committee will remain in place following the transaction.
NYLIM said the structure is intended to preserve the investment philosophy and governance that have guided the fund since inception while providing greater access to Apogem’s private markets capabilities and NYLIM’s distribution resources.
The transaction expands NYLIM’s private markets platform, which represents approximately $304 billion in assets.
NYLIM manages approximately $838 billion in total assets.
The transaction follows other investments by NYLIM in specialized private markets businesses, including its increased majority stake in European private credit manager Kartesia.
Bow River Capital will retain a meaningful economic interest in the Evergreen business for several years after closing.
The remainder of Bow River Capital’s operations, including its private credit, private equity, real estate, and venture capital strategies, are not affected by the transaction.
KEY QUOTES:
“Our partnership with Bow River Advisers reflects NYLIM’s long-term approach to expanding our private markets platform: partnering with high-quality investment teams, preserving the expertise and entrepreneurial culture that make them successful, and providing the resources to help them grow.”
New York Life Investment Management Leadership
“We’re pleased to take the next step in our partnership with the Bow River Advisers team.”
Apogem Capital Leadership
“We couldn’t be happier to be expanding our relationship with NYLIM and Apogem, whose consistent focus and experience in the lower middle market is a great complement to our middle-market-focused Evergreen strategy.”
Jeremy Held, President of the Bow River Capital Evergreen Fund
