MetLife, the institutional asset management business of MetLife, announced the launch of a private equity fund investment platform for institutional clients in concert with the closing of approximately $1.6bn in commitments to a new MIM-managed fund-of-funds. The new fund purchased a portfolio of approximately $1.2bn of private equity and venture capital assets with funded and unfunded commitments totaling $1.2bn from MetLife affiliates as part of a managed secondary sale transaction anchored by funds managed by HarbourVest Partners L.P., which served as lead investor. MIM syndicated a portion of the transaction to other unaffiliated institutional clients. Following the closing, MIM intends to deploy approximately $400 million on behalf of the fund on new private equity opportunities. 'This new platform and secondary transaction speak to MetLife's 30-year track record as a leading private markets investor and MIM's ability to generate strong results in alternative asset classes,'...
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