New York Life Investment Management (NYLIM), a global asset management firm with approximately $838bn in assets under management, and Invictus Capital Partners, a US single-family residential credit investment manager with more than $20bn in gross assets under management, have entered into a definitive agreement for NYLIM to acquire a majority ownership stake in Invictus.
The transaction will expand NYLIM's approximately $304bn global private markets platform by adding Invictus's differentiated US single-family residential credit investment capabilities and its proprietary loan sourcing and operations platform, Verus Mortgage Capital. Together, they provide an integrated capability across residential mortgage sourcing, underwriting, financing, securitisation, and asset management. Over the last decade, Invictus has acquired more than $48bn of residential loans and built a leading securitisation franchise in the US residential mortgage-backed securities market, with more than 90 completed securitisations.
The majority stake advances NYLIM's strategy to broaden its private credit and asset-based finance capabilities, and to provide institutional clients, including insurers, with differentiated access to the US single-family residential credit market, an asset class where scaled sourcing and securitisation capabilities are difficult to replicate.
For New York Life's General Account, the partnership will provide a significant new source of proprietary residential mortgage assets, as well as access to Invictus's scaled sourcing and securitisation capabilities. In connection with the transaction, New York Life will also make a significant multi-year capital commitment to Invictus.
Invictus's leadership team will remain in place, retaining a significant ownership stake in the business to ensure alignment as it grows. The partnership will build on Invictus's established investment approach and capabilities, while benefiting from NYLIM's global reach, permanent capital, distribution, and resources.
Naïm Abou-Jaoudé, chief executive officer of New York Life Investment Management, said the capabilities were highly complementary.
"Invictus has built a differentiated residential credit platform combining deep investment expertise with scaled proprietary sourcing and securitization capabilities. These are difficult capabilities to replicate and highly complementary to New York Life's permanent capital and NYLIM's institutional franchise. Together, we see significant opportunity to expand our residential credit capabilities and deliver differentiated solutions to insurers and other institutional clients," said Abou-Jaoudé.
Michael Warden, chief executive officer of Invictus Capital Partners, said the two firms were well positioned to grow the business.
"We are proud to partner with New York Life Investment Management. Its capital strength, global reach and long-term orientation complement the platform we have built at Invictus. We see significant opportunity in a growing U.S. single-family residential credit market, where strong fundamentals and structural inefficiencies continue to create attractive investment opportunities. Together, we are well positioned to grow the business and serve a broader range of institutional investors," said Warden.
The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions and regulatory approvals.
