MetLife Investment Management Closes $1.2 Billion Private Equity Partners Fund III Through Managed Transaction
Third fund expands MIM's private equity platform for institutional investors
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MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced the closing of approximately $1.2 billion in commitments to MetLife Investment Private Equity Partners Fund III (MIPEP III), the third fund in MIM’s private equity investment platform for institutional investors.
The new fund purchased 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 as part of a managed secondary sale transaction anchored by funds managed by Lexington Partners, which served as lead investor.
“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.”
“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.”
MIPEP III builds on the success of MIM’s prior private equity platform transactions. In 2022, MIM launched the platform with the closing of approximately $1.6 billion in commitments to MetLife Investment Private Equity Partners Fund (MIPEP I). MIM followed with the approximately $1.2 billion closing of MetLife Investment Private Equity Partners Fund II (MIPEP II) in 2024. Together, the three funds highlight MIM’s continued ability to execute large-scale managed secondary transactions while expanding access to private equity investment opportunities for institutional investors.
The portfolio of assets acquired by the fund consists of nearly 80 private equity, venture capital and equity co-investments diversified globally. 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’s private equity team has deployed nearly $20.9 billion of alternative investments over the last decade.
Evercore served as financial advisor and placement agent, and Sidley Austin LLP served as legal advisor to MIM for this transaction.
About MetLife Investment Management
MetLife Investment Management, LLC and certain of its affiliates (“MIM”), the institutional asset management business of MetLife, Inc. (NYSE: MET), provides tailored investment management solutions to institutional investors worldwide. MIM has global expertise in public fixed income, private fixed income, real estate, equity, alternatives, multi-asset, and insurance solutions and provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. As of March 31, 2026, MIM had $736.3 billion in total assets under management. For more information, see MIM’s ‘s Total Assets Under Management fact sheet for the quarter ended March 31, 2026 available on MetLife’s Investor Relations web page (https://investor.metlife.com).
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit https://www.metlife.com.
Forward-Looking Statements
The forward-looking statements in this news release, using words such as “build,” “continue,” “expand” and “seek,” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements.
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