New York Life backs ex-Zell partner in emerging markets bet
October 23, 2014 by Zachary Tracer
(Bloomberg) — New York Life Insurance Co. is turning to billionaire Sam Zell’s former partner to make bets on emerging-market real estate.
The insurer took a stake in Jaguar Growth Partners and plans to commit as much as $100 million to the first fund at the firm, which will invest in properties in developing markets, according to a statement today. Jaguar is led by Gary Garrabrant, a co-founder of Equity International with Zell.