Fund manager RockBridge Capital has secured a $15 million commitment from New York Life Insurance Co. for its latest fund. This will make New York Life one of the largest investors to the fund, known as the RockBridge Real Estate Fund. The fund focuses on hotel property.
"We’re excited to have such a well-respectedas 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," said Ronald Callentine, CEO of Columbus, Ohio-based RockBridge Capital.
Life joins a growing list of institutions that have invested in RockBridge Capital’s funds. Others include the Northwestern Mutual Life Insurance Co., the John D. and Catherine T. MacArthur Foundation and Nationwide Life Insurance Co.
With New York Life’s commitment, the fund’s anticipated capital rose to $120 million.