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Laxman Pai, Opalesque Asia:

MetLife Investment Management (MIM), an institutional asset management business of MetLife, announced the launch of its second private equity fund for institutional clients in concert with the closing of approximately $1.2 billion in commitments to a new MIM-managed fund-of-funds.

The investment arm of MetLife announced in a press release that the new fund, MetLife Investment Private Equity Partners II, purchased a portfolio of approximately $860 million of private equity and equity co-investment interests with funded and unfunded commitments totaling $975 million from MetLife affiliates as part of a managed secondary sale transaction anchored by funds managed by Lexington Partners L.P., which served as lead investor.

John McCallion, MetLife's chief financial officer and head of MetLife Investment Management said: "MIM continues to expand its client solutions with this new fund, which leverages our deep private equity investment capabilities and further demonstrates our leadership in investing in private markets."

"The strong long-term performance of our private equity investments drove the creation of this differentiated investment solution," John added.

According to the media release, MIM syndicated a portion of the transaction to other unaffiliated institutional clients. MIM intends to deploy approximately $250 million on behalf of the fund on new private equity opportunities.

The portfolio of assets acquired by the fund ......................

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