MetLife Investment Management closes $1.6 billion private equity fund

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MetLife Investment Management, based in Whippany, announced on April 12 the launch of a private equity fund as well as the closing of approximately $1.6 billion in commitments to a new fund of funds managed by MIM.

According to the announcement, the new fund has purchased an approximately $1.2 billion portfolio of private equity and venture capital assets with commitments from MetLife affiliates in a transaction anchored by funds managed by lead investor HarbourVest Partners LP

MIM syndicated part of the transaction to other unaffiliated institutional clients, the company said. 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 Steven Goulart, president of MIM and executive vice president and chief investment officer of MetLife. , said in a statement. “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 consists of almost 80 investments in private equity and venture capital funds in various sectors.

Mike Pugatch, managing director of Boston-based HarbourVest Partners, said the transaction provides HarbourVest “exposure to an attractive portfolio of MIM’s private equity assets.”

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