New York Life Investments acquires majority stake in Richmond firm
- December 3, 2010
New York Life Investments has agreed to acquire a majority stake in Private Advisors LLC, an alternative investment firm in Richmond. The parties expect to close the deal by year-end.
At closing, New York Life, a much larger firm with $275 billion in assets under management, will acquire a 60 percent ownership interest in Private Advisors, while Private Advisors’ equity holders will retain the remaining 40 percent.
Private Advisors has $3.9 billion in assets under management, more than 60 employees and a 13-year track record across a range of funds. It’s led by founder and managing partner Louis Moelchert Jr., who managed the endowment for the University of Richmond for more than 25 years before starting his own company.
“This is a great opportunity for our clients and our firm,” Moelchert said in a statement. New York Life’s multi-boutique investment structure “will enable Private Advisors to preserve its long-standing investment philosophy, its experienced investment team and capabilities — all while benefitting from the resources of one of the most reputable financial institutions in the world,” said Moelchert.
John Kim, president and CEO of New York Life Investments, said the deal complements his firm’s alternative capabilities in private equity and real estate as well as its broad suite of equity and fixed-income strategies.