New York Life Commits $15M To RockBridge Fund

COLUMBUS, OH— RockBridge Capital LLC’s latest real-estate fund received a major influx of investment capital via a $15 million commitment from New York Life Insurance Co. Commenting on the investment, RockBridge CEO Ronald Callentine said: “We are excited to have such a well-respected investor as New York Life invest with us, particularly given that New York Life is one of the most experienced investors in closed-end real-estate funds.” New York Life has invested several hundred million dollars in closed-end real-estate funds over the course of the past 15 years. Like a number of RockBridge Capital’s investors, New York Life has reportedly adopted a strategy of investing in specialized funds that have a competitive advantage in the marketplace by focusing on, and becoming experts in, a particular asset type. This strategy was deemed to be a perfect fit with RockBridge Capital, according to the company, whose focus on the hospitality industry has reportedly led to a track record of above-market returns. Positioning itself as one of the larger participants in the RockBridge fund, New York Life joins a growing list of institutions that have similarly invested, including: Nationwide Life Insurance Co.; The Northwestern Mutual Life Insurance Co.; Delaware Lincoln Investment Advisors (a division of Lincoln Financial Group); The John D. and Catherine T. MacArthur Foundation; West Virginia University Foundation; another large, eastern U.S. public university foundation; and a number of high-net-worth individuals. Last month’s closing that included New York Life’s commitment— bringing the fund’s anticipated capital to $120 million— represented the end of the open investment period for the fund. However, new investors may still be added to the fund, provided they are granted approval by the board of advisors.