NEW YORK, Oct. 27, 2021 /PRNewswire/ — New York Life Investments immediately introduced the launch of the MainStay CBRE World Infrastructure Megatrends Fund (the “Fund”) via an ongoing strategic partnership with CBRE Funding Administration, a number one world actual property funding administration agency. New York Life Funding Administration LLC serves because the supervisor of the Fund and CBRE Funding Administration Listed Actual Property LLC serves because the subadvisor. The Fund’s frequent shares started buying and selling immediately on the New York Inventory Change beneath the image “MEGI,” and the providing is anticipated to shut on Friday, October 29, 2021, topic to customary closing situations.
The Fund raised $1,000,000,000 in its frequent share providing (excluding any train of the underwriter’s choice to buy extra frequent shares), with Morgan Stanley, BoA Securities, Raymond James and Wells Fargo performing as lead underwriters.
“We’re excited to construct upon our current partnership with CBRE Funding Administration as their workforce’s expertise investing in listed infrastructure and actual property makes them an excellent subadvisor for the Fund,” mentioned Kirk Lehneis, President of the Fund and Chief Working Officer at New York Life Funding Administration. “As world coverage helps elevated infrastructure funding and traditionally engaging valuations proceed to drive progress potential within the sector, we imagine world listed infrastructure has the potential to supply engaging earnings in consumer portfolios.”
The Fund is a non-diversified, closed-end fund that seeks to offer a excessive degree of complete return with an emphasis on present earnings by investing primarily in income-producing fairness securities issued by infrastructure corporations. CBRE Funding Administration is actively managing the portfolio with a concentrate on three infrastructure megatrends that CBRE Funding Administration believes are accelerating globally and will drive a multi-decade-long funding supercycle: decarbonization, digital transformation and asset modernization.
CBRE Funding Administration’s world listed infrastructure funding workforce, led by Jeremy Anagnos, Chief Funding Officer of listed infrastructure, in addition to Joseph Smith, Chief Funding Officer of listed actual property methods; Hinds Howard, infrastructure portfolio supervisor; and Dan Foley, infrastructure portfolio supervisor; are offering day-to-day portfolio administration for the Fund.
“With infrastructure getting into what we imagine to be an funding supercycle, we’re thrilled to as soon as once more companion with New York Life Investments to supply traders the chance to realize publicity to the sector’s long-term funding tailwinds,” mentioned Mr. Anagnos. “We imagine decarbonization, digital transformation and asset modernization are three core infrastructure megatrends that aren’t simply accelerating throughout the globe immediately however which have the potential to drive an funding alternative that will final for years.”
The MainStay CBRE World Infrastructure Megatrends Fund marks the third fund launched as a part of New York Life Investments’ strategic partnership with CBRE Funding Administration. The agency additionally serves as subadvisor to 2 extra mutual funds within the MainStay Fund lineup: the MainStay CBRE Actual Property Fund (Ticker: CLARX) and the MainStay CBRE World Infrastructure Fund (Ticker: VCRAX).
For extra data on the Fund, please name MainStay at (800) 624-6782.
About New York Life Investments
With over $600 billion in Property Beneath Administration* as of June 30, 2021, New York Life Investments is comprised of the affiliated world asset administration companies of its dad or mum firm, New York Life Insurance coverage Firm (New York Life), and presents shoppers entry to specialised, impartial funding groups via its household of affiliated boutiques. New York Life Investments stays dedicated to shoppers via a mix of the varied views of its boutiques and a long-lasting concentrate on sustainable relationships.
New York Life Insurance coverage Firm (www.newyorklife.com), a Fortune 100 firm based in 1845, is the most important mutual life insurance coverage firm in the US** and one of many largest life insurers on this planet. Headquartered in New York Metropolis, New York Life’s household of corporations presents life insurance coverage, retirement earnings, investments and long-term care insurance coverage. New York Life has the best monetary energy rankings presently awarded to any U.S. life insurer from all 4 of the key credit standing companies***.
*AUM consists of property of Funding Advisors affiliated with New York Life Insurance coverage Firm. AUM for Candriam and Ausbil is reported on the spot charge.
** Primarily based on income as reported by “Fortune 500 ranked inside Industries, Insurance coverage: Life, Well being (Mutual),” Fortune journal, 6/2/2021. For methodology, please see http://fortune.com/fortune500/.
***Particular person impartial score company commentary as of 10/15/2020: A.M. Finest (A++), Fitch (AAA), Moody’s Buyers Service (Aaa), Normal & Poor’s (AA+) The monetary energy of New York Life Insurance coverage Firm applies solely to its insurance coverage merchandise and to not funding merchandise that are topic to market danger and fluctuation in worth.
“New York Life Investments” is each a service mark, and the frequent commerce title, of sure funding advisors affiliated with New York Life Insurance coverage Firm.
About CBRE Funding Administration
CBRE Funding Administration is a number one world actual property funding administration agency with $129.1 billion in property beneath administration* as of June 30, 2021, working in additional than 30 places of work and 20 international locations world wide. By its investor-operator tradition, the agency seeks to ship sustainable funding options throughout actual property classes, geographies, danger profiles and execution codecs in order that its shoppers, folks and communities thrive.
CBRE Funding Administration is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest business actual property companies and funding agency (based mostly on 2020 income). CBRE has greater than 100,000 workers serving shoppers in additional than 100 international locations. CBRE Funding Administration harnesses CBRE’s information and market insights, funding sourcing and different sources for the good thing about its shoppers. For extra details about CBRE Funding Administration, please go to www.cbreim.com
*Property beneath administration (AUM) refers back to the truthful market worth of actual assets-related investments with respect to which CBRE Funding Administration offers, on a world foundation, oversight, funding administration companies and different recommendation and which usually include investments in actual property; fairness in funds and joint ventures; securities portfolios; working corporations and actual assets-related loans. This AUM is meant principally to replicate the extent of CBRE Funding Administration’s presence within the world actual property market, and its calculation of AUM might differ from the calculations of different asset managers and from its calculation of regulatory property beneath administration for functions of sure regulatory filings.
A registration assertion regarding the Fund’s frequent shares has been filed with, and declared efficient by, the Securities and Change Fee. This press launch is just not a proposal to promote securities and isn’t a solicitation of a proposal to purchase securities, nor will there be any gross sales of securities in any jurisdiction the place the provide or sale is just not permitted.
Buyers ought to contemplate the funding targets, dangers, costs and bills of the Fund rigorously earlier than investing. The Fund’s prospectus, which comprises this and different details about the Fund, ought to be learn rigorously earlier than investing. A duplicate of the ultimate prospectus regarding this Fund could also be obtained by contacting your monetary advisor.
New York Life Funding Administration LLC engages the companies of SEC-registered advisors. CBRE Funding Administration Listed Actual Property (CBRE Funding Administration) is unaffiliated with New York Life Investments. The MainStay Funds® are managed by New York Life Funding Administration LLC and distributed by NYLIFE Distributors LLC, 30 Hudson Road, Jersey Metropolis, NJ 07302, an entirely owned subsidiary of New York Life Insurance coverage Firm. NYLIFE Distributors LLC is a Member FINRA/SIPC.
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