NEW YORK, Oct. 27, 2021 /PRNewswire/ -- New York Life Investments today announced the launch of the MainStay CBRE Global Infrastructure Megatrends Fund (the "Fund") through an ongoing strategic partnership with CBRE Investment Management, a leading global real assets investment management firm. New York Life Investment Management LLC serves as the manager of the Fund and CBRE Investment Management Listed Real Assets LLC serves as the subadvisor. The Fund's common shares began trading today on the New York Stock Exchange under the symbol "MEGI," and the offering is expected to close on Friday, October 29, 2021, subject to customary closing conditions.
The Fund raised $1,000,000,000 in its common share offering (excluding any exercise of the underwriter's option to purchase additional common shares), with Morgan Stanley, BoA Securities, Raymond James and Wells Fargo acting as lead underwriters.
"We are excited to build upon our existing partnership with CBRE Investment Management as their team's experience investing in listed infrastructure and real assets makes them an ideal subadvisor for the Fund," said Kirk Lehneis, President of the Fund and Chief Operating Officer at New York Life Investment Management. "As global policy supports increased infrastructure investment and historically attractive valuations continue to drive growth potential in the sector, we believe global listed infrastructure has the potential to offer attractive income in client portfolios."
The Fund is a non-diversified, closed-end fund that seeks to provide a high level of total return with an emphasis on current income by investing primarily in income-producing equity securities issued by infrastructure companies. CBRE Investment Management is actively managing the portfolio with a focus on three infrastructure megatrends that CBRE Investment Management believes are accelerating globally and could drive a multi-decade-long investment supercycle: decarbonization, digital transformation and asset modernization.
CBRE Investment Management's global listed infrastructure investment team, led by Jeremy Anagnos, Chief Investment Officer of listed infrastructure, as well as Joseph Smith, Chief Investment Officer of listed real assets strategies; Hinds Howard, infrastructure portfolio manager; and Dan Foley, infrastructure portfolio manager; are providing day-to-day portfolio management for the Fund.
"With infrastructure entering what we believe to be an investment supercycle, we are thrilled to once again partner with New York Life Investments to offer investors the opportunity to gain exposure to the sector's long-term investment tailwinds," said Mr. Anagnos. "We believe decarbonization, digital transformation and asset modernization are three core infrastructure megatrends that are not just accelerating across the globe today but that have the potential to drive an investment opportunity that may last for years."
The MainStay CBRE Global Infrastructure Megatrends Fund marks the third fund launched as part of New York Life Investments' strategic partnership with CBRE Investment Management. The firm also serves as subadvisor to two additional mutual funds in the MainStay Fund lineup: the MainStay CBRE Real Estate Fund (Ticker: CLARX) and the MainStay CBRE Global Infrastructure Fund (Ticker: VCRAX).
For more information on the Fund, please call MainStay at (800) 624-6782.
About New York Life Investments
With over $600 billion in Assets Under Management* as of June 30, 2021, New York Life Investments is comprised of the affiliated global asset management businesses of its parent company, New York Life Insurance Company (New York Life), and offers clients access to specialized, independent investment teams through its family of affiliated boutiques. New York Life Investments remains committed to clients through a combination of the diverse perspectives of its boutiques and a long-lasting focus on sustainable relationships.
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States** and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies***.
*AUM includes assets of Investment Advisors affiliated with New York Life Insurance Company. AUM for Candriam and Ausbil is reported at the spot rate.
** Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 6/2/2021. For methodology, please see http://fortune.com/fortune500/.
***Individual independent rating agency commentary as of 10/15/2020: A.M. Best (A++), Fitch (AAA), Moody's Investors Service (Aaa), Standard & Poor's (AA+) The financial strength of New York Life Insurance Company applies only to its insurance products and not to investment products which are subject to market risk and fluctuation in value.
"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $129.1 billion in assets under management* as of June 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE's data and market insights, investment sourcing and other resources for the benefit of its clients. For more information about CBRE Investment Management, please visit www.cbreim.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management's presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
A registration statement relating to the Fund's common shares has been filed with, and declared effective by, the Securities and Exchange Commission. This press release is not an offer to sell securities and is not a solicitation of an offer to buy securities, nor will there be any sales of securities in any jurisdiction where the offer or sale is not permitted.
Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The Fund's prospectus, which contains this and other information about the Fund, should be read carefully before investing. A copy of the final prospectus relating to this Fund may be obtained by contacting your financial advisor.
New York Life Investment Management LLC engages the services of SEC-registered advisors. CBRE Investment Management Listed Real Assets (CBRE Investment Management) is unaffiliated with New York Life Investments. The MainStay Funds® are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.
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SOURCE New York Life Investments