Debevoise & Plimpton LLP is advising global asset manager New York Life Investments in its acquisition of a majority stake in boutique distressed and high-yield debt specialist Credit Value Partners as it expands its range of alternative investment solutions.

Terms of the acquisition, which is subject to customary closing conditions and is expected to close in the first quarter of 2017, were not disclosed.

New York Life Investments has been steadily building its stable of alternative investment solutions, now offering private equity, mezzanine, equity co-investing, middle market lending, real estate, hedged strategies, liquid alternatives and real assets. New York Life Investments and its various boutiques, including Candriam Investors Group, Cornerstone Capital, GoldPoint Partners, IndexIQ, MacKay Shields and Private Advisors, manage these strategies.

The Debevoise team is led by partner William D. Regner and includes partners Jonathan F. Lewis, Byungkwon Lim and Peter F.G. Schuur, counsel Gary E. Murphy and associates Douglas M. Hirn, Emily F. Huang, Angela W. Lee, Verity A. Van Tassel Richards and Lena E. Smith.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.