Manulife Investment Management closes USD1.5bn PE fund

Manulife Investment Management (Manulife) has closed approximately USUSD1.5 billion in commitments to Manulife Private Equity Partners (MPEP). 

MPEP is the first fund-of-funds product raised by Manulife Investment Management's Private Markets group as part of its ongoing effort to provide specialszed asset management solutions for global investors.

The Fund was seeded with an existing portfolio of funds and co-investment interests in North American buyout and growth funds invested with more than 25 leading private equity managers. MPEP also includes capacity for new fund investments as well as co-investments to be managed by Manulife Investment Management's Private Markets Group. MPEP's fund investment program is led by Daniel Budde, Senior Managing Director at Manulife Investment Management.

"The investment team will utilise its significant experience, relationships and database of market intelligence to build an attractive portfolio that is consistent with the Fund's mandate," says Budde.

The Fund is backed by a global group of institutional and high net worth investors with AlpInvest Partners, a leading player in the private equity secondary market, acting as the Fund's lead investor.

Michael Hacker, Managing Director at AlpInvest Partners, says: "Manulife has built a highly attractive private equity program, including relationships with some of the top managers in the North American middle-market. We appreciated the opportunity to partner with Manulife in the development of this product, including the selection of a high-quality seed portfolio."

"We have a long history of investing in private equity, and we are excited to be able to offer a fund of funds product to our clients," says Vipon Ghai, Global Head of Private Equity and Credit at Manulife Investment Management.

Steve Blewitt, Global Head of Private Markets, Manulife Investment Management, adds: "The Fund attracted prominent institutional and high net worth clients from Europe, North America and Asia, which demonstrates the strength of Manulife Investment Management's Private Markets platform and global reach."

Campbell Lutyens & Co was the exclusive financial advisor for the Fund.