Key Takeaways
- • New York Life Investment Management (NYLIM), with approximately $838 billion in AUM, has agreed to acquire a majority ownership stake in Invictus Capital Partners, a U.S. single-family residential credit manager with more than $20 billion in gross AUM, according to a Business Wire release.
- • The deal combines Invictus's investment platform with its affiliate Verus Mortgage Capital, giving the combined business integrated capabilities across residential mortgage sourcing, underwriting, financing, securitization and asset management.
- • Invictus has acquired more than $48 billion of residential loans since 2015 and completed more than 90 securitizations totaling over $45 billion, making it one of the largest asset-manager issuers in the U.S. RMBS market.
- • New York Life will make a significant multi-year capital commitment to Invictus and gain a proprietary source of residential mortgage assets for its General Account.
- • The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions and regulatory approvals; Invictus's leadership team will retain a significant ownership stake.
Summary
New York Life Investment Management and Invictus Capital Partners jointly announced a definitive agreement under which NYLIM will acquire a majority ownership stake in Invictus, according to a Business Wire release. NYLIM is a global asset manager with approximately $837.6 billion in assets under management as of June 30, 2026, and an approximately $304 billion global private markets platform. Invictus is a leading U.S. single-family residential credit investment manager, headquartered in Washington, D.C. and founded in 2008, with more than $20 billion in gross assets under management.
The transaction adds Invictus's residential credit investment capabilities and its proprietary loan sourcing and operations platform, Verus Mortgage Capital, to NYLIM's private markets business. According to the release, the combined platform provides integrated capabilities across residential mortgage sourcing, underwriting, financing, securitization and asset management. Invictus has acquired more than $48 billion of residential loans since 2015, completed realizations totaling more than $27 billion, and built a securitization franchise with more than 90 completed deals. The firm began investing in distressed RMBS during and after the global financial crisis before expanding into residential loans in 2015.
NYLIM CEO Naïm Abou-Jaoudé said the capabilities are difficult to replicate and complementary to New York Life's permanent capital and NYLIM's institutional franchise, and that the firm sees significant opportunity to deliver residential credit solutions to insurers and other institutional clients. Invictus CEO Michael Warden said the partnership brings capital strength, global reach and a long-term orientation that complement the Invictus platform.
For New York Life's General Account, the partnership is expected to provide a significant new source of proprietary residential mortgage assets, and New York Life will make a significant multi-year capital commitment to Invictus. Invictus's senior leadership team will remain in place and retain a significant ownership stake. The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions and regulatory approvals. Ardea Partners LP and Colchester Partners LLC acted as financial advisors to Invictus, Kirkland & Ellis LLP served as Invictus's legal counsel, and Debevoise & Plimpton LLP served as legal counsel to New York Life.
The transaction adds Invictus's residential credit investment capabilities and its proprietary loan sourcing and operations platform, Verus Mortgage Capital, to NYLIM's private markets business. According to the release, the combined platform provides integrated capabilities across residential mortgage sourcing, underwriting, financing, securitization and asset management. Invictus has acquired more than $48 billion of residential loans since 2015, completed realizations totaling more than $27 billion, and built a securitization franchise with more than 90 completed deals. The firm began investing in distressed RMBS during and after the global financial crisis before expanding into residential loans in 2015.
NYLIM CEO Naïm Abou-Jaoudé said the capabilities are difficult to replicate and complementary to New York Life's permanent capital and NYLIM's institutional franchise, and that the firm sees significant opportunity to deliver residential credit solutions to insurers and other institutional clients. Invictus CEO Michael Warden said the partnership brings capital strength, global reach and a long-term orientation that complement the Invictus platform.
For New York Life's General Account, the partnership is expected to provide a significant new source of proprietary residential mortgage assets, and New York Life will make a significant multi-year capital commitment to Invictus. Invictus's senior leadership team will remain in place and retain a significant ownership stake. The transaction is expected to close in the first quarter of 2027, subject to customary closing conditions and regulatory approvals. Ardea Partners LP and Colchester Partners LLC acted as financial advisors to Invictus, Kirkland & Ellis LLP served as Invictus's legal counsel, and Debevoise & Plimpton LLP served as legal counsel to New York Life.
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