MetLife Investment Management Launches $1.2b Private Equity Fund

MetLife Investment Management (MIM) has announced the launch of its $1.2bn private equity fund, MetLife Investment Private Equity Partners II. The fund's formation marks a significant expansion in MetLife's management of private capital for external investors, with a focus on global diversification.

In a managed secondary sale transaction anchored by Lexington Partners, MIM acquired a portfolio valued at approximately $860m, alongside commitments totaling $975m from MetLife affiliates. A portion of this transaction was syndicated to other institutional clients.

The fund aims to deploy approximately $250m towards new private equity opportunities, leveraging MIM's extensive track record in deploying over $20.0bn in alternative investments since 2010. This move follows strong returns from MetLife's general account's private equity portfolio, which held $14.3bn in assets as of March 31, 2024.

Evercore acted as the advisor to MIM for this strategic initiative.