New York Life Investment Management And Apogem Acquire Remaining Stake In Bow River Advisers

New York Life Investment Management and Apogem Capital LLC announced on October 1, 2026 that NYLIM has acquired the remaining ownership interest in Bow River Advisers, LLC, a subsidiary of Denver-based Bow River Capital and the investment adviser to the Bow River Capital Evergreen Fund. The transaction builds on NYLIM's 2023 initial acquisition of an interest in Bow River Advisers and brings the Evergreen team into Apogem's private markets platform. According to the announcement, the move combines an established evergreen private equity solution with Apogem's lower middle market investment capabilities and NYLIM's distribution resources.

As part of the transaction, the Bow River Capital Evergreen Fund will be renamed the Apogem Evergreen Fund. The fund provides access to private equity investments across sector, sponsor, geography and size. Since its 2020 launch it has completed more than 150 investments and raised more than $1.3 billion from investors, particularly those seeking to diversify traditional stock and bond portfolios. Its existing team, strategy and investment committee will remain in place. Apogem's filings also reference shareholder approval of a new advisory agreement with NYLIM and a sub-advisory agreement with Apogem Capital LLC. Public statements indicate that Bow River Advisers and its employees fully integrated with Apogem Capital on October 1, 2026.

NYLIM CEO Naïm Abou-Jaoudé said the partnership reflects the firm's long-term approach of partnering with high-quality investment teams while preserving their culture and providing resources for growth. Apogem CEO Josh Niedner described the deal as a step in the partnership that creates opportunities to leverage Apogem's sourcing and investment relationships. Jeremy Held, President of the Bow River Capital Evergreen Fund, said the lower middle market focus of Apogem complements the middle-market strategy of the Evergreen fund. Jane Ingalls, President and COO of Bow River Capital, said the firm will continue to offer lower middle market strategies across private credit, private equity, real estate and venture capital in closed-end and evergreen structures.

NYLIM cites approximately $838 billion in assets under management as of June 30, 2026, and says the transaction expands its $304 billion private markets platform. Apogem reports approximately $44 billion in assets as of the same date. Bow River Capital will retain a meaningful economic interest in the Evergreen business for several years after closing, and the remainder of its business is unchanged.