Key Takeaways
- • MetLife Investment Management (MIM) announced the closing of approximately $1.2 billion in commitments to MetLife Investment Private Equity Partners Fund III (MIPEP III), the third fund in its private equity platform for institutional investors.
- • The fund acquired a portfolio of roughly $754 million of private equity, venture capital and equity co-investment interests, with funded and unfunded commitments totaling $966 million, from MetLife affiliates in a managed secondary sale.
- • Lexington Partners-managed funds served as lead investor in the managed secondary transaction, which covers nearly 80 diversified private equity, venture capital and co-investment assets globally.
- • MIPEP III follows MIPEP I (approximately $1.6 billion, 2022) and MIPEP II (approximately $1.2 billion, 2024), bringing the platform's three-fund total to roughly $4 billion in closed commitments.
- • MIM reported $736.3 billion in total assets under management as of March 31, 2026, and its private equity team has deployed nearly $20.9 billion in alternative investments over the last decade.
Summary
MetLife Investment Management (MIM), the institutional asset management arm of MetLife, Inc. (NYSE: MET), announced the closing of approximately $1.2 billion in commitments to MetLife Investment Private Equity Partners Fund III (MIPEP III), according to a Business Wire release dated August 3, 2026. The fund is the third vehicle in MIM's private equity investment platform for institutional investors.
The fund acquired a portfolio of approximately $754 million of private equity, venture capital and equity co-investment interests, with funded and unfunded commitments totaling $966 million, from MetLife affiliates. The transaction was structured as a managed secondary sale anchored by funds managed by Lexington Partners, which served as lead investor. The acquired portfolio comprises nearly 80 private equity, venture capital and equity co-investments diversified globally. The release states that the sale follows strong returns for the MetLife general account's private equity portfolio, which held $14.2 billion in private equity assets as of March 31, 2026.
MIM President Brian Funk said the closing "marks another important milestone for our private equity investment platform" and that the fund expands the firm's ability to deliver differentiated private markets solutions. Wil Warren, Partner and President of Lexington, said investors are increasingly seeking innovative structures to access diversified, high-quality portfolios as the private equity secondary market evolves.
MIPEP III builds on MIM's earlier platform transactions. MIPEP I launched the platform in 2022 with approximately $1.6 billion in commitments, and MIPEP II closed at approximately $1.2 billion in 2024. MIM says the three funds demonstrate its ability to execute large-scale managed secondary transactions. The private equity team has deployed nearly $20.9 billion of alternative investments over the past decade.
Evercore served as financial advisor and placement agent, and Sidley Austin LLP acted as legal advisor to MIM. As of March 31, 2026, MIM reported $736.3 billion in total assets under management across public and private fixed income, real estate, equity, alternatives, multi-asset and insurance solutions.
The fund acquired a portfolio of approximately $754 million of private equity, venture capital and equity co-investment interests, with funded and unfunded commitments totaling $966 million, from MetLife affiliates. The transaction was structured as a managed secondary sale anchored by funds managed by Lexington Partners, which served as lead investor. The acquired portfolio comprises nearly 80 private equity, venture capital and equity co-investments diversified globally. The release states that the sale follows strong returns for the MetLife general account's private equity portfolio, which held $14.2 billion in private equity assets as of March 31, 2026.
MIM President Brian Funk said the closing "marks another important milestone for our private equity investment platform" and that the fund expands the firm's ability to deliver differentiated private markets solutions. Wil Warren, Partner and President of Lexington, said investors are increasingly seeking innovative structures to access diversified, high-quality portfolios as the private equity secondary market evolves.
MIPEP III builds on MIM's earlier platform transactions. MIPEP I launched the platform in 2022 with approximately $1.6 billion in commitments, and MIPEP II closed at approximately $1.2 billion in 2024. MIM says the three funds demonstrate its ability to execute large-scale managed secondary transactions. The private equity team has deployed nearly $20.9 billion of alternative investments over the past decade.
Evercore served as financial advisor and placement agent, and Sidley Austin LLP acted as legal advisor to MIM. As of March 31, 2026, MIM reported $736.3 billion in total assets under management across public and private fixed income, real estate, equity, alternatives, multi-asset and insurance solutions.
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