Manulife Investment Management has closed $660m for its third private equity fund of funds, Manulife Private Equity Partners III, in partnership with global private investment house Ardian.

The vehicle will offer investors diversified access to leading North American buyout funds through a combination of fund interests and co-investments.

The fund was seeded with a portfolio assembled in collaboration with Ardian, including exposures to over 15 top-tier private equity managers. It forms part of Manulife IM’s broader strategy to provide institutional investors with tailored access to high-quality private equity assets.

“We are excited to have closed on Manulife Private Equity Partners III and have the opportunity to demonstrate our commitment to general partners as a provider of stable sources of capital and our patient approach to building value,” said Vipon Ghai, Global Head of Private Equity and Credit at Manulife IM.

The fund will be managed by Richard Tarr, Managing Director of Private Equity Funds at Manulife IM.

Vladimir Colas, Executive Vice-President and Co-Head of Secondaries & Primaries at Ardian, added, “The Manulife IM team has a longstanding track record investing in private equity funds and co-investments alongside high-quality sponsors, making them an attractive strategic partner for Ardian.”

Manulife IM’s private equity and credit platform currently oversees $28bn in assets across primary fund commitments, co-investments, secondaries, and credit, with a focus on the North American and Asian middle markets.

Source: PR Newswire