MetLife Investment Management Secures $1.2 Billion for Third Private Equity Partners Fund

Quick Summary

MetLife Investment Management (MIM) has closed its $1.2 billion Private Equity Partners Fund III (MIPEP III). This managed secondary transaction, anchored by Lexington Partners, provides institutional investors access to a diversified portfolio of nearly 80 private equity, venture capital, and equity co-investment interests globally.

How Does MIPEP III Benefit Institutional Investors?

MetLife Investment Management solves the challenge of accessing high-quality private equity by offering a structured vehicle for institutional capital. The Private Equity Partners Fund III acquired a $754 million portfolio of existing interests, totaling $966 million in funded and unfunded commitments. This managed secondary sale allows investors to enter a mature, diversified pool of assets rather than building a portfolio from scratch.

• $1.2 billion in total fund commitments.
• 80 global assets including venture capital and co-investments.
• Secondary market access anchored by industry leader Lexington Partners.

"The closing of MetLife Investment Private Equity Partners Fund III marks another important milestone for our private equity investment platform," said Brian Funk, president of MetLife Investment Management. "Building on the momentum of our previous fund closings, this expands our ability to deliver differentiated private markets solutions while demonstrating the strength of our disciplined, long-term investment approach."

What is the Scale of MIM’s Private Equity Platform?

MIM demonstrates its disciplined investment approach through a track record of large-scale transactions. Since 2022, the firm has successfully closed three major funds in this series, totaling billions in commitments. The Private Equity Partners Fund III follows the $1.6 billion MIPEP I and the $1.2 billion MIPEP II, showcasing consistent institutional investor demand for MetLife’s alternative investment strategies.

• $14.2 billion in private equity assets held as of March 2026.
• $20.9 billion deployed in alternative investments over the last decade.
• $736.3 billion in total assets under management (AUM) for MIM.

"We are pleased to continue our partnership with MIM on this transaction," said Wil Warren, Partner and President of Lexington. "As the private equity secondary market continues to evolve, investors are increasingly seeking innovative structures to access diversified, high-quality portfolios and MetLife Investment Private Equity Partners Fund III meets that demand."

FF NEWS TAKE:

MetLife Investment Management’s successful close of the Private Equity Partners Fund III moves the needle by validating the secondary market's maturity. By recycling general account assets into institutional funds, MIM creates a virtuous liquidity cycle that benefits both the parent company and external LPs. This $1.2 billion close proves that even in volatile markets, diversified private equity remains a cornerstone for institutional portfolios seeking risk-adjusted returns.