New York Life Investments Partners with CBRE Investment Management to Launch MainStay CBRE Global Infrastructure Megatrends Fund
NEW YORK, October 27, 2021 / PRNewswire / – New York Life Investments today announced the launch of the MainStay CBRE Global Infrastructure Megatrends Fund (the “Fund”) in an ongoing strategic partnership with CBRE Investment Management, a leading company global real estate asset management companies. New York Life Investment Management LLC is the manager of the Fund and CBRE Investment Management Listed Real Assets LLC is the sub-advisor. 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 as part of its common stock offering (excluding any exercise of the underwriter’s option to purchase additional common stock), from Morgan Stanley, BoA Securities , Raymond James and Wells Fargo acting as principal underwriters.
“We are delighted to build on our existing partnership with CBRE Investment Management, as their team’s experience in investing in listed infrastructure and real assets makes them an ideal sub-advisor for the Fund,” said Kirk lehneis, fund president and chief operating officer at New York Life Investment Management. “As global policy supports increased investment in infrastructure and historically attractive valuations continue to drive the sector’s growth potential, we believe global listed infrastructure has the potential to deliver attractive income to portfolios of clients. “
The Fund is an open-end, non-diversified fund that seeks to provide a high total return with an emphasis on current income by investing primarily in income-producing equity securities of 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 lead to a decades-long investment supercycle: decarbonization, digital transformation and modernization of assets.
CBRE Investment Management’s global listed infrastructure investment team, led by Jeremy Anagnos, Chief Investment Officer of listed infrastructures, as well as Joseph smith, Chief Investment Officer of listed real estate asset strategies; Hinds Howard, Infrastructure Portfolio Manager; and Dan Foley, infrastructure portfolio manager; ensure the day-to-day management of the Fund’s portfolio.
“As infrastructure enters what we believe to be an investment supercycle, we are delighted to partner again with New York Life Investments to provide investors with the opportunity to gain exposure to the tailwinds of long-term investing. term of the sector, ”Mr. Anagnos said. “We believe that decarbonization, digital transformation and asset modernization are three core infrastructure megatrends that are not only accelerating across the world today, but have the potential to generate an investment opportunity that can last for years. “
The MainStay CBRE Global Infrastructure Megatrends Fund is the third fund launched under New York Life Investments’ strategic partnership with CBRE Investment Management. The company also acts as a sub-advisor for two other mutual funds in the MainStay Fund range: the MainStay CBRE Real Estate Fund (symbol: CLARX) and the MainStay CBRE Global Infrastructure Fund (symbol: VCRAX).
For more information about the Fund, please call MainStay at (800) 624-6782.
About New York Life Investments
With over 600 billion dollars in assets under management * as of June 30, 2021, New York Life Investments comprises the global asset management activities affiliated with its parent company, New York Life Insurance Company (New York Life), and provides clients with access to specialized and independent investment teams through the through its family of affiliated shops. New York Life Investments remains committed to its clients through a combination of the diverse perspectives of its stores and a long-standing emphasis on lasting relationships.
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in United States** and one of the largest life insurers in the world. Based at New York City, New York Life’s family of companies offer life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently assigned to any US life insurer by the four major credit rating agencies ***.
* Assets under management include the assets of investment advisers affiliated with New York Life Insurance Company. The assets under management of Candriam and Ausbil are declared at the spot rate.
** Based on earnings reported by “Fortune 500 ranked in Industries, Insurance: Life, Health (Mutual)”, Fortune magazine, 2/6/2021. For the methodology, please see http://fortune.com/fortune500/.
*** Individual comments from independent rating agencies as of 10/15/2020: AM 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 subject to market risk and fluctuations in value.
“New York Life Investments” is both a service mark and the common trade name of certain investment advisers affiliated with the New York Life Insurance Company.
About CBRE Investment Management
CBRE Investment Management is one of the world’s leading real estate asset management companies 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 company seeks to provide sustainable investment solutions in real asset classes, geographies, risk profiles and execution formats so that its clients, people and its communities thrive.
CBRE Investment Management is an independent subsidiary of CBRE Group, Inc. (NYSE: CBRE), the world’s largest commercial real estate investment and services firm (based on 2020 revenue). CBRE has more than 100,000 employees serving customers in more than 100 countries. CBRE Investment Management leverages CBRE’s market data and knowledge, investment research and other resources for the benefit of its clients. For more information on CBRE Investment Management, please visit www.cbreim.com
* Assets under management (AUM) refers to the fair market value of investments related to real assets for which CBRE Investment Management provides, on a global basis, supervision, investment management services and other advice and which generally consist of investments in real assets; participation in funds and joint ventures; securities portfolios; operating companies and loans on real estate assets. This AUM is primarily intended to reflect the extent of CBRE Investment Management’s presence in the global real asset market, and its calculation of AUM may differ from calculations of other asset managers and its calculation of regulatory assets under management for the purposes of certain regulatory filings. .
A registration statement relating to the ordinary shares of the Fund has been filed and declared in effect 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, and there will be no sale of securities in any jurisdiction where the offering or sale is not permitted.
Investors should consider the investment objectives, risks, charges and expenses of the Fund. carefully before investing. The Fund 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 can be obtained by contacting your financial advisor.
New York Life Investment Management LLC uses the services of SEC-registered advisers. CBRE Investment Management Listed Real Assets (CBRE Investment Management) is not affiliated 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, New Jersey 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a FINRA / SIPC member.
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