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Art by Jackson Epstein
New York Life Investments Reveals New Private Markets Alts Brand
New York Life Investments has announced Apogem Capital as the new brand for its dedicated private markets alternatives boutique, bringing together the capabilities and investment teams of GoldPoint Partners, Madison Capital Funding and PA Capital. Apogem Capital has approximately $37 billion in assets under management and provides a broad range of private capital solutions tailored to middle market companies.
Apogem Capital offers sponsors and their portfolio companies access to a streamlined suite of capital solutions. These include direct lending, junior debt, primary and secondary private equity fund investments as well as equity-co-investments, GP stakes, real assets and long/short equity.
With the brand launch, Apogem Capital will seek to spark ideas, new strategies and new possibilities across the alternatives landscape. As a result of the combination, the New York Life Investments Alternatives brand will be retired in favor of Apogem Capital, which launches with a new brand identity, logo and website to reflect the unified brand of the boutique.
State Street Global Advisors Launches ESG-Focused ETF
State Street Global Advisors, the asset management business of State Street Corporation, has announced the launch of the SPDR Nuveen Municipal Bond ESG ETF. Sub-advised by Nuveen, the new, actively managed fund is designed to invest in municipal securities from issuers that are leaders in their sector in delivering environmental, social and governance outcomes or whose proceeds are used toward positive environmental or social projects.
“The prospect of higher taxes coupled with rising uncertainty surrounding future interest rate hikes have increased demand for actively managed municipal bond ETFs,” says Brie Williams, head of practice management at State Street Global Advisors. “At the same time demand for municipal bond exposure is growing, investors are increasingly looking beyond equities for ESG exposure.”
With over seven decades of collective experience investing in municipal bonds, Tim Ryan, Shawn O’Leary and David Blair will leverage Nuveen’s proprietary ESG Municipal Bond Scoring Tool to select bonds from issuers that are leaders in environmental stewardship, strong governance and positive social outcomes. The strategy will primarily consist of investment-grade, tax-exempt municipal securities ranging from two to 17 years in maturity issued by U.S. municipalities. To identify potential municipal bonds for investment, Nuveen utilizes a value-oriented strategy which is designed to identify higher-yielding and undervalued municipal bonds that offer above-average total return potential.
“As investors become more familiar with ESG-integrated strategies, Nuveen has created a proprietary framework that is designed to identify the municipal bond issuers that support income generation for investors and achieve positive ESG outcomes in their communities,” says Tim Ryan, municipal portfolio manager at Nuveen. “The fund is also designed to provide exposure to bonds whose proceeds are used towards positive environmental or social projects addressing critical issues including climate change, environmental degradation, inequality, poverty and justice and are aligned with the UN Sustainable Development Goals.”
SSGA Funds Management Inc. serves as investment adviser to the new fund, and Nuveen Asset Management LLC serves as investment sub-adviser.