MetLife IM Closes $1.2B Fund of Funds

MetLife Investment Management, the institutional asset management arm of insurance behemoth MetLife Inc., has launched its second private equity fund for institutional clients, as well as closing nearly $1.2 billion in commitments to a new MIM-managed fund of funds.

The new fund, MetLife Investment Private Equity Partners II, purchased a portfolio of approximately $860 million of private equity and equity co-investment interests with commitments totaling $975 million from MetLife affiliates as part of a managed secondary sale transaction anchored by funds managed by secondaries powerhouse Lexington Partners LP, which served as lead investor.

MIM, which held nearly $600 billion in assets under management as of March 31, intends to deploy approximately $250 million on behalf of the fund on new private equity opportunities.

“MIM continues to expand its client solutions with this new fund, which leverages our deep private equity investment capabilities and further demonstrates our leadership in investing in private markets,” said John McCallion, MetLife’s CFO and head of MetLife Investment Management.

The $14.3 billion portfolio of assets acquired by the fund consists of nearly 50 globally diversified private equity and equity co-investments. MIM’s private equity team has deployed over $20 billion of alternative investments between 2010 and 2023.