MetLife Investment Management has closed its third managed secondary transaction, raising approximately $1.2bn for the MetLife Investment Private Equity Partners Fund III, with Lexington Partners acting as the lead investor. The closure marks the firm’s continued expansion in the secondary market and underscores strong investor appetite for diversified private‑equity portfolios.

The portfolio comprises nearly 80 fund and co‑investment positions, diversified across geographies, and is seeded from the robust returns of the MetLife general account, which held $14.2bn in private‑equity assets as of 31 March. Wil Warren, Partner and President of Lexington, noted that “as the private‑equity secondary market continues to evolve, investors are increasingly seeking innovative structures to access diversified, high‑quality portfolios,” highlighting the fund’s alignment with market demand.

MetLife Investment Private Equity Partners Fund III aims to deliver a diversified secondary portfolio that meets the evolving needs of institutional investors, leveraging Lexington’s expertise and the scale of MetLife Investment Management. This transaction represents the third private‑equity secondary fund closed by MetLife Investment Management, reinforcing its position in the secondary market.

The fund’s focus on secondary transactions allows investors to gain exposure to established private‑equity assets with reduced risk and faster capital deployment, supporting MetLife’s broader strategy to optimize its private‑equity holdings.