MetLife's asset arm closes $1.2B private equity fund via secondary deal

MetLife Investment Management (MIM) has closed roughly $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 bought about $754 million of private equity, venture capital, and co-investment interests from MetLife affiliates in a managed secondary sale.

Funds managed by Lexington Partners anchored the deal as lead investor. The acquired stakes carry funded and unfunded commitments totaling $966 million, spanning nearly 80 investments diversified globally.

The sale follows strong returns for MetLife's general account private equity portfolio, which held $14.2 billion in assets as of March 31, 2026. Over the past decade, MIM's private equity team has deployed nearly $20.9 billion in alternative investments.

MIPEP III builds on MIM's earlier platform funds — roughly $1.6 billion for MIPEP I in 2022 and about $1.2 billion for MIPEP II in 2024. "This expands our ability to deliver differentiated private markets solutions," said Brian Funk, president of MIM.

The private equity secondary market keeps expanding as investors seek new ways to access diversified portfolios. "Investors are increasingly seeking innovative structures to access diversified, high-quality portfolios," said Wil Warren, partner and president of Lexington. With $736.3 billion in total assets under management, MIM is leaning into large-scale managed secondaries as a repeatable route to grow its private equity platform.