New York Life Expands in Private Equity With 40% Andera Stake

New York Life Investments is acquiring a minority stake in European private equity firm Andera Partners, joining the rush of money managers pushing further into alternative assets.

The firm — which oversees $750 billion of assets — will acquire a 40% stake in the Paris-based company, according to a statement Thursday. Andera manages about $4.5 billion and specializes in growth equity investments and venture capital.

New York Life Investments aims to broaden “our alternative investment capabilities to serve the growing demand for private market assets among both institutional and individual investors,” Naïm Abou-Jaoudé, chief executive officer of New ...