New York Life Insurance has made a strategic investment in Jaguar Growth Partners, a New York-based investment management and advisory firm specializing in private equity real estate in growth markets around the globe. As part of the agreement, the asset management arm of the new York-based insurer has acquired an undisclosed minority interest in Jaguar and will join the firm's advisory board. In addition, New York Life expects to commit up to $100 million as an anchor investor in the firm's inaugural commingled fund.
The investment by New York Life is a strong endorsement of Jaguar and its leadership position in growth markets. “This affiliation with Jaguar will provide New York Life with a differentiated set of alternative investment opportunities, which we believe will add value for our policyholders and contribute to the financial strength of the company,” said John Kim, vice chairman and chief investment officer of the insurer. “In today's challenging investment environment, we are pleased to have a partner with the knowledge and insight to help us benefit from investment in real estate growth markets.”
Founded in 2013 by former Equity International executives Gary Garrabrant, Jaguar invests in and develops scalable real estate-related operating platforms and companies poised to grow in markets characterized by an expanding middle class, aspirational youth, urbanization and other secular trends found in emerging global economies. “We are privileged to partner with the largest mutual life insurance company in the US and one of the world's largest asset managers, and we look forward to benefitting from New York Life's strong heritage of investment expertise and innovation,” said Garrabrant. “The combination of our history, experience and relationships with New York Life's institutional depth and breadth is a very powerful one,” added McDonald.
Jaguar currently is planning the launch of its first property fund, which is expected to have a target of approximately $750 million. In July, it was in talks with multiple placement agents and was planning on hiring a firm to work on the capital raise within the next several months, with an official launch expected to occur soon thereafter.
Similar in strategy to the funds of Equity International, Jaguar will be focused on investing in real estate-related companies and platforms in growth markets across the globe and already has identified a pipeline of $2 billion of investment opportunities. The firm anticipates that approximately half of its investment activity will be in Latin America – particularly Mexico, the Andes region and Brazil – with the remainder in Asia and Africa.