MetLife Investment raises $1.6B for new fund-of-funds

MetLife Investment Management LLC, MetLife Inc.'s institutional asset management arm, amassed approximately $1.6 billion for a new fund-of-funds.

The fund closing concurrently launches a broader private equity investment platform for institutional investors.

As part of a managed secondary sale transaction anchored by funds managed by HarbourVest Partners LP as lead investor, the new fund acquired a portfolio of about $1.2 billion of private equity and venture capital assets with funded and unfunded commitments aggregating $1.2 billion from MetLife affiliates.

MetLife Investment Management syndicated a portion of the transaction to other unaffiliated institutional clients and plans to deploy about $400 million from the fund into new private equity opportunities.

The acquired portfolio comprises nearly 80 private equity and venture capital fund investments diversified across the globe and several sectors.

Campbell Lutyens & Co. was adviser to MetLife on the transaction.