MetLife Investment Management (MIM), the institutional asset management business of MetLife Inc. (NYSE: MET), has closed approximately $1.2 billion in commitments for MetLife Investment Private Equity Partners Fund III (MIPEP III), expanding its institutional private equity platform through a managed secondary transaction designed to provide investors with diversified exposure to private markets.
The fund acquired a portfolio of approximately $754 million in private equity, venture capital and equity co-investment interests from MetLife affiliates. Including funded and unfunded commitments, the transaction encompasses approximately $966 million in assets. Funds managed by Lexington Partners anchored the managed secondary sale as lead investor.
The closing marks the third fund in MIM’s private equity investment platform and highlights continued institutional interest in managed secondary transactions, which have become an increasingly important mechanism for providing investors with access to mature private equity portfolios while offering portfolio management flexibility for asset owners.
“The closing of MetLife Investment Private Equity Partners Fund III marks another important milestone for our private equity investment platform,” said Brian Funk, president of MetLife Investment Management. “Building on the momentum of our previous fund closings, this expands our ability to deliver differentiated private markets solutions while demonstrating the strength of our disciplined, long-term investment approach.”
Lexington Partners, one of the largest investors in the secondary private equity market, served as lead investor in the transaction.
“We are pleased to continue our partnership with MIM on this transaction,” said Wil Warren, partner and president of Lexington. “As the private equity secondary market continues to evolve, investors are increasingly seeking innovative structures to access diversified, high-quality portfolios and MetLife Investment Private Equity Partners Fund III meets that demand.”
MIPEP III builds on two earlier institutional funds launched by MIM. The firm established the platform in 2022 with approximately $1.6 billion in commitments for MetLife Investment Private Equity Partners Fund I, followed by the approximately $1.2 billion closing of Fund II in 2024. Together, the three vehicles underscore the firm’s strategy of executing large-scale managed secondary transactions while broadening institutional access to private equity investments.
The portfolio acquired by MIPEP III consists of nearly 80 private equity, venture capital and equity co-investment positions diversified across global markets. The transaction also follows continued growth in MetLife’s own private equity holdings, with the insurer’s general account reporting $14.2 billion in private equity assets as of March 31, 2026. Over the past decade, MIM’s private equity investment team has deployed nearly $20.9 billion across alternative investment strategies.
The latest fund closing comes as institutional investors continue increasing allocations to private markets while seeking greater portfolio diversification and more efficient entry points into established assets. Managed secondary transactions have gained momentum across the industry by allowing investors to access seasoned portfolios with greater visibility into underlying investments compared with traditional blind-pool private equity funds.
Evercore served as financial advisor and placement agent for the transaction, while Sidley Austin LLP acted as legal advisor to MetLife Investment Management.
MetLife Investment Management provides investment solutions across public and private fixed income, real estate, equities, alternatives, multi-asset strategies and insurance solutions for institutional clients worldwide. As of March 31, 2026, the firm managed $736.3 billion in assets on behalf of pension plans, insurance companies, endowments and other institutional investors.