MetLife Investment Management, the institutional asset management business of MetLife, has formed a new $1.2bn private equity fund of funds, significantly boosting the amount of private capital the insurer manages for outside investors.
The new fund, MetLife Investment Private Equity Partners II, purchased a portfolio of approximately $860m of private equity and equity co-investment interests with funded and unfunded commitments totalling $975m from MetLife affiliates as part of a managed secondary sale transaction anchored by funds managed by Lexington Partners, which served as lead investor.
MIM syndicated a portion of the transaction to other unaffiliated institutional clients and intends to deploy approximately $250m on behalf of the fund on new private equity opportunities.