KARTESIA MANAGEMENT S.A. ANNOUNCES STRATEGIC PARTNERSHIP WITH CANDRIAM AND NEW YORK LIFE INVESTMENTS ALTERNATIVES
We are delighted to announce a strategic partnership with Candriam and its sister affiliate New York Life Investments Alternatives (“NYLIA”), that will see them becoming the new anchor investor in Kartesia Management.
Most of you will be familiar with Candriam, a leading pan-European multi-specialist asset manager with a 20-year track record and a team of 500 experienced professionals. Together with NYLIA, they are both part of New York Life Insurance Company (“NYL”), a privately held and managed Fortune 100 company founded in 1845, the largest mutual life insurance company in the United States and one of the largest life insurers in the world.
Together NYL / Candriam is probably one of the most desirable AAA- rated brand names in the insurance and asset management world, which as part of their strategy, selectively partner with boutique asset managers in order to enlarge their product offering to their existing clients and to their own insurance general account. Prior to this investment in Kartesia Management, NYL / Candriam have not been active in European direct corporate lending.
NYL / Candriam are the ideal anchor investor for Kartesia, as they bring together the balance sheet of an insurance behemoth as well as significant distribution capabilities. Most importantly, they bring the experience of working with specialised autonomous investment firms as a minority shareholder. For Candriam / New York Life, Kartesia becomes its new pan-European platform for private debt investment strategies. This builds on the strength that New York Life Group has as a significant investor in US private debt and private equity strategies to date, both on behalf of NYL and as a significant provider of investment solutions to external 3rd party investment clients.
From a day to day standpoint, Kartesia will continue to be led by its existing 4 managing partners and operate as an independent and autonomously run business under the Kartesia brand and leadership. This partnership will be comparable to previous Anchor Investors and the Managing Partners have made sure there will be no interference in the existing decision-making process (IC) and deal making (sourcing, monitoring, etc). Internal processes, reporting lines and strategy will also remain unchanged.
For our investors, we also believe there is only upside in the strategic partnership. They are committed to supporting Kartesia in continuing to grow its business in all areas and we believe their support will allow us the infrastructure and reach to look at new opportunities, and beyond Europe.
We are very excited and confident that this partnership will strengthen our proposition and allow us to bring you more interesting and diverse investment opportunities.