The new fund acquired a portfolio of roughly $754m in private equity, venture capital, and co-investment interests from MetLife affiliates, with total funded and unfunded commitments coming to $966m.
The portfolio comprises nearly 80 fund and co-investment positions diversified across geographies, seeded off the back of strong returns from the MetLife general account, which held $14.2bn in private equity assets as of 31 March.
“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,” Wil Warren, Partner and President of Lexington, said in a statement.