MetLife Investment Management (MIM) has launched a private equity fund investment platform for institutional clients in concert with the closing of approximately $1.6 billion in commitments to a new MIM-managed fund-of-funds.
The new fund has purchased a portfolio of approximately $1.2 billion of private equity and venture capital assets with funded and unfunded commitments totaling $1.2 billion from MetLife affiliates as part of a managed secondary sale transaction anchored by funds managed by HarbourVest Partners, which served as lead investor.
MIM syndicated a portion of the transaction to other unaffiliated institutional clients. Following the closing, MIM intends to deploy approximately $400 million on behalf of the fund on new private equity opportunities.
