MetLife Investment Management, the asset management firm of MetLife Inc., launched a private equity fund investment platform for institutional clients jointly with the closing of approximately $1.6 billion in commitments to a new MIM-managed fund-of-funds.
The new fund purchased a portfolio of approximately $1.2 billion of private equity and venture capital assets. HarbourVest Partners L.P. served as lead investor. Funded and unfunded commitments totaled $1.2 billion from MetLife affiliates as part of a managed secondary sale transaction anchored by HarbourVest.
MIM syndicated part of the transaction to other unaffiliated clients. Upon the closing of the fund, MIM intends to deploy approximately $400 million on new private equity opportunities.
Steven Goulart, president of MIM and executive vice president and chief investment officer for MetLife wrote, “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.”
Campbell Lutyens & Co. served as advisor to MetLife for this transaction.