New York Life Investments today announced the launch of the MainStay CBRE Global Infrastructure Megatrends Fund through an ongoing strategic partnership with CBRE Investment Management, a leading global real assets investment management firm. New York Life Investment Management LLC serves as the manager of the Fund and CBRE Investment Management Listed Real Assets LLC serves as the subadvisor. The Fund’s common shares began trading today on the New York Stock Exchange under the symbol “MEGI,” and the offering is expected to close on Friday, October 29, 2021, subject to customary closing conditions.
The Fund raised $1,000,000,000 in its common share offering (excluding any exercise of the underwriter’s option to purchase additional common shares), with Morgan Stanley, BoA Securities, Raymond James and Wells Fargo acting as lead underwriters.
“We are excited to build upon our existing partnership with CBRE Investment Management as their team’s experience investing in listed infrastructure and real assets makes them an ideal subadvisor for the Fund,” said Kirk Lehneis, President of the Fund and Chief Operating Officer at New York Life Investment Management. “As global policy supports increased infrastructure investment and historically attractive valuations continue to drive growth potential in the sector, we believe global listed infrastructure has the potential to offer attractive income in client portfolios.”
The Fund is a non-diversified, closed-end fund that seeks to provide a high level of total return with an emphasis on current income by investing primarily in income-producing equity securities issued by infrastructure companies. CBRE Investment Management is actively managing the portfolio with a focus on three infrastructure megatrends that CBRE Investment Management believes are accelerating globally and could drive a multi-decade-long investment supercycle: decarbonization, digital transformation and asset modernization.
CBRE Investment Management’s global listed infrastructure investment team, led by Jeremy Anagnos, Chief Investment Officer of listed infrastructure, as well as Joseph Smith, Chief Investment Officer of listed real assets strategies; Hinds Howard, infrastructure portfolio manager; and Dan Foley, infrastructure portfolio manager; are providing day-to-day portfolio management for the Fund.
“With infrastructure entering what we believe to be an investment supercycle, we are thrilled to once again partner with New York Life Investments to offer investors the opportunity to gain exposure to the sector’s long-term investment tailwinds,” said Mr. Anagnos. “We believe decarbonization, digital transformation and asset modernization are three core infrastructure megatrends that are not just accelerating across the globe today but that have the potential to drive an investment opportunity that may last for years.”
The MainStay CBRE Global Infrastructure Megatrends Fund marks the third fund launched as part of New York Life Investments’ strategic partnership with CBRE Investment Management. The firm also serves as subadvisor to two additional mutual funds in the MainStay Fund lineup: the MainStay CBRE Real Estate Fund (Ticker: CLARX) and the MainStay CBRE Global Infrastructure Fund (Ticker: VCRAX).
For more information on the Fund, please call MainStay at (800) 624-6782.
About New York Life Investments
With over $600 billion in Assets Under Management* as of June 30, 2021, New York Life Investments is comprised of the affiliated global asset management businesses of its parent company, New York Life Insurance Company (New York Life), and offers clients access to specialized, independent investment teams through its family of affiliated boutiques. New York Life Investments remains committed to clients through a combination of the diverse perspectives of its boutiques and a long-lasting focus on sustainable relationships.
