MetLife, the institutional asset management business of MetLife, announced the launch of a private equity fund investment platform for institutional clients in concert with the closing of approximately $1.6bn in commitments to a new MIM-managed fund-of-funds.
The new fund purchased a portfolio of approximately $1.2bn of private equity and venture capital assets with funded and unfunded commitments totaling $1.2bn from MetLife affiliates as part of a managed secondary sale transaction anchored by funds managed by HarbourVest Partners L.P., 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.
“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,” said Steven Goulart, president of MIM and executive vice president and chief investment officer for MetLife. “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.”
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The portfolio of assets acquired by the fund consists of nearly 80 high quality private equity and venture capital fund investments diversified globally and across a range of sectors. The sale follows strong returns for the MetLife general account’s private equity portfolio, which held $14bn in private equity assets at the end of 2021.
“As an active provider of custom liquidity solutions at scale, we are pleased to partner with MIM on this innovative transaction, which also provides HarbourVest exposure to an attractive portfolio of MIM’s private equity assets,” said Mike Pugatch, Managing Director, HarbourVest Partners. “The high quality and diversified nature of the private equity sponsors within the portfolio was a key factor in our decision, and we look forward to our partnership with MIM on this investment going forward.”
MIM’s private equity team consists of 12 professionals and has deployed nearly $18bn of alternative investments on behalf of MetLife between 2007 and 2021. MIM had $669bn in total assets under management as of December 31, 2021.
Source: Business Wire
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