New York Life Investment Management (NYLIM), a global asset management firm with approximately $838 billion in assets under management (AUM)*, and its private markets affiliate, Apogem Capital LLC, today announced NYLIM’s acquisition of its remaining ownership in Bow River Advisers, LLC, a subsidiary of Bow River Capital and investment adviser of the Bow River Capital Evergreen Fund.

Building on NYLIM’s 2023 initial acquisition of an interest in Bow River Advisers, this transaction brings the Evergreen team into Apogem's private markets platform. This combines an established evergreen private equity solution with Apogem's extensive lower-middle-market investment capabilities and NYLIM's distribution and resources.

As part of the transaction, the Bow River Capital Evergreen Fund will be renamed the Apogem Evergreen Fund. The fund provides access to a broad range of private equity investments across sector, sponsor, geography and size. Since its launch in 2020, the fund has completed more than 150 investments and raised more than $1.3 billion in assets from a wide range of investors, particularly those interested in diversifying their traditional stock and bond portfolios. Its existing team, strategy and investment committee will remain in place, preserving the investment philosophy and governance that have guided the fund since its inception.

The transaction expands NYLIM’s $304 billion private markets platform and follows the firm’s continued investment in specialized private markets capabilities globally, including its increased majority ownership stake in European private credit manager Kartesia earlier this year.

Naïm Abou-Jaoudé, CEO of NYLIM, said, “Our partnership with Bow River Advisers reflects NYLIM’s long-term approach to expanding our private markets platform: partnering with high-quality investment teams, preserving the expertise and entrepreneurial culture that make them successful, and providing the resources to help them grow. Together with our broader private markets capabilities across the U.S. and Europe, this partnership strengthens our ability to deliver differentiated solutions and long-term value for clients globally.”

“We’re pleased to take the next step in our partnership with the Bow River Advisers team,” said Josh Niedner, CEO of Apogem Capital. “Bringing the Bow River Advisers team into Apogem creates opportunities to leverage our sourcing, investment relationships and broader private markets capabilities while preserving the Evergreen team’s established investment approach.”

Jeremy Held, President of the Bow River Capital Evergreen Fund, said, “We couldn’t be happier to be expanding our relationship with NYLIM and Apogem, whose consistent focus and experience in the lower middle market is a great complement to our middle-market-focused Evergreen strategy. Bringing our organizations closer together gives our team access to additional scale and resources while maintaining the approach that has defined the fund from the beginning.”

Jane Ingalls, President and COO of Bow River Capital, said, “NYLIM has been, and will continue to be, a valued partner to our firm. As we move forward, Bow River will remain focused on offering investors differentiated, lower middle market strategies across private credit, private equity, real estate and venture capital in both closed-end and evergreen structures.”

Bow River Capital will retain a meaningful economic interest in the success of the Evergreen business for several years after the closing. The remainder of Bow River Capital’s business, which focuses on investments in the lower middle market across private credit, private equity, real estate and venture capital, is unchanged as part of the transaction.

Before investing, investors should carefully consider the investment objectives, risks, charges, and expenses of the investment company. This and other important information are contained in the prospectus and, if available, the summary prospectus, which may be obtained by visiting https://dfinview.com/NYLIM or by contacting your financial professional. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.

Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

About New York Life Investment Management

With approximately $837.6 billion* in assets under management as of June 30, 2026, New York Life Investment Management is a Pensions & Investments' Top 30 Largest Money Manager** and one of the largest active asset managers globally with established capabilities across both public and private markets. Comprised of the affiliated global asset management businesses of New York Life Insurance Company, New York Life Investment Management is committed to achieving enduring financial outcomes and building long-term partnerships across market cycles and generations. Our specialized, independent investment teams bring disciplined active management and deep expertise to help clients navigate the next era of investing.

“New York Life Investment Management” is both a service mark and the common trade name of the following investment advisors affiliated with New York Life Insurance Company: Andera Partners, Apogem Capital LLC, Ausbil Investment Management Limited, Bow River Advisers, LLC, Candriam S.C.A., Kartesia Management S.à r.l., MacKay Shields LLC, New York Life Investment Management LLC, NYL Investors LLC, and Tristan Capital Partners LLP.

*Assets under management (AUM) includes assets of the investment advisers that make up “New York Life Investment Management” as of 6/30/2026. AUM includes certain assets, such as nondiscretionary AUM, external fund selection, and overlay services, including ESG screening services, advisory consulting services, white labeling services, and model portfolio delivery services, that are not necessarily considered Regulatory Assets Under Management according to the SEC’s Form ADV. AUM is reported in USD. AUM not denominated in USD is converted at the spot rate as of 6/30/2026.

The total AUM figure for “New York Life Investment Management,” as a brand, is less than the sum of the AUM of each affiliated investment adviser in the group because it does not count AUM where the same assets can be counted by more than one affiliated investment adviser. In addition, AUM includes assets of certain, but not all, investment advisers affiliated with New York Life Insurance Company and excludes assets managed by Andera Partners and Bow River Advisers, LLC. AUM is based on estimates and is subject to change.

**New York Life Investment Management ranked 26th largest institutional investment manager in Pensions & Investments' Largest Money Managers 2026 published June 2026, based on worldwide institutional AUM as of Dec. 31, 2025. No direct or indirect compensation was paid for the creation and distribution of this ranking.

About Apogem Capital

Apogem Capital is a leading private markets investor with 35 years of expertise across private credit and private equity in North America. As of June 30, 2026, the firm manages approximately $44 billion in assets.¹ Apogem provides a comprehensive suite of solutions, including direct lending, private equity funds and co-investments, GP-led transactions and LP secondaries, GP stakes, and private real assets.

With a team of over 250 professionals, including more than 120 investment professionals, Apogem combines deep domain expertise with the stability and long-term perspective of its parent company, New York Life Insurance Company. Apogem Capital is a wholly owned subsidiary of New York Life through New York Life Investment Management Holdings, LLC.

For more information, visit apogemcapital.com.

^1. AUM is estimated and unaudited and includes non-discretionary and co-advised assets.

About Bow River Advisers

Bow River Advisers is a subsidiary of Bow River Capital, an alternative asset manager based in Denver, Colorado, focused on investment in the lower middle market across private credit, private equity, real estate and venture capital. Collectively, the Bow River Capital team has deployed capital into diverse industries, asset classes, and across the capital structure.

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