Whippany-based MetLife Investment Management on April 12 announced the launch of a private equity fund along with the closing of approximately $1.6 billion in commitments to a new MIM-managed fund-of-funds.
According to the announcement, the new fund purchased a portfolio of approximately $1.2 billion of private equity and venture capital assets with commitments from MetLife affiliates as part of a transaction anchored by funds managed by lead investor HarbourVest Partners L.P.
MIM syndicated a portion of the transaction to other unaffiliated institutional clients, the company said. Following the closing, MIM intends to deploy approximately $400 million on behalf of the fund on new private equity opportunities.
“This new platform and secondary transaction speak to MetLife’s 30-year track record as a leading private markets investor and MIM’s ability to generate strong results in alternative asset classes,” Steven Goulart, president of MIM and executive vice president and chief investment officer for MetLife, said in a statement. “This initial transaction provides us the opportunity to demonstrate the strength of our investment capabilities in private equity and venture capital and provide this offering to unaffiliated institutional investors, while also adjusting MetLife’s alternatives exposure.”
The portfolio consists of nearly 80 private equity and venture capital fund investments across a range of sectors.
Mike Pugatch, managing director of Boston-based HarbourVest Partners, said the transaction provides HarbourVest “exposure to an attractive portfolio of MIM’s private equity assets.”