Fund Closing Marks Launch of Broader Private Equity Investment Platform for Institutional Investors
WHIPPANY, NJ, April 12, 2022–(BUSINESS WIRE)–MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), announced the launch of a capital fund investment platform -investment for institutional clients, together with the closing of approximately $1.6 billion of commitments in a new fund of funds managed by the MIM. The new fund purchased a portfolio of approximately $1.2 billion in private equity and venture capital assets with funded and unfunded commitments totaling $1.2 billion from MetLife affiliates under from a managed secondary sale transaction anchored by funds managed by HarbourVest Partners LP, which served as lead investor. .
MIM syndicated part of the transaction to other unaffiliated institutional clients. Post-closing, MIM intends to deploy approximately $400 million on behalf of the fund into new private equity opportunities.
“This new platform and secondary transaction demonstrates MetLife’s 30 years of experience as a leading private markets investor and MIM’s ability to generate strong results in alternative asset classes,” said said Steven Goulart, president of MIM and executive vice president and chief investment officer for MetLife. “This initial transaction provides us with the opportunity to demonstrate the strength of our private equity and venture capital investment capabilities and to bring this offering to unaffiliated institutional investors, while adjusting MetLife’s alternative exposure .”
The portfolio of assets acquired by the fund consists of nearly 80 investments in high-quality private equity and venture capital funds, diversified globally and in various sectors. The sale follows strong returns for MetLife’s general account private equity portfolio, which held $14.0 billion in private equity assets at the end of 2021.1
“As an active provider of large-scale, tailored liquidity solutions, we are delighted to partner with MIM on this innovative transaction, which also provides HarbourVest with exposure to an attractive portfolio of private equity assets from MIM,” said Mike Pugatch, Managing Director of HarbourVest Partners. “The high quality and diverse nature of the private equity sponsors within the portfolio was a key factor in our decision, and we look forward to partnering with MIM on this investment in the future.”
MIM’s private equity team consists of 12 professionals and has deployed nearly $18.0 billion in alternative investments on behalf of MetLife between 2007 and 2021. MIM had $669.0 billion in assets under management as of December 31, 2021. 2
Campbell Lutyens & Co. served as advisor to MetLife on this transaction.
About MetLife Investment Management
MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private equity and real estate investment manager that provides investment solutions tailored to institutional investors around the world. MetLife Investment Management offers public and private pension plans, insurance companies, endowments, funds and other institutional clients a range of tailored investment and financing solutions that aim to meet a range of long-term investment goals and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and, as of December 31, 2021, had $669.0 billion in assets under management.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional clients build a confident future. Founded in 1868, MetLife is present in more than 40 markets worldwide and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
HarbourVest is an independent global private markets investment specialist with over 35 years of experience and over $92 billion in assets under management, as of December 31, 2021. The firm’s powerful global platform offers its investment opportunities in private equity, private credit and infrastructure and real assets through primary fund investments, secondary investments and direct co-investments, in pooled funds or separately managed accounts . HarbourVest has over 800 employees, including over 190 investment professionals in Asia, Europe and the Americas. This global team has committed more than $49 billion to newly created funds, completed more than $40 billion in secondary purchases, and invested more than $27 billion directly in operating companies. Partnering with HarbourVest, clients gain access to custom solutions, longstanding relationships and actionable insights.
The forward-looking statements contained in this press release, using words such as “going forward”, “intend”, “looking into the future” and “seek”, are based on assumptions and expectations that involve risks and uncertainties, including “risk factors”. MetLife, Inc. described in its filings with the United States Securities and Exchange Commission. MetLife’s future results could differ, and it has no obligation to publicly correct or update any of these statements.
1 As of December 31, 2021, at book value.
2 As of December 31, 2021. Total assets under management include all MetLife general account and segregated account assets and unaffiliated/third party assets, at estimated fair value, managed by MIM.
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