Manulife Investment Management, the asset management arm of Manulife Financial Corp., closed its Manulife Private Equity Partners LP fund with about US$1.5 billion in commitments.

It is the first fund of funds product raised by the firm's private markets group.

AlpInvest Partners is the lead investor in the platform.

Manulife Private Equity's seed portfolio comprises existing funds and co-investment interest in North American buyout and growth funds invested in over 25 private equity managers.

Campbell Lutyens & Co. was financial adviser to the fund.