Lexington Partners has emerged as the buyer in MetLife Investment Management's latest large managed fund transaction, Secondaries Investor has learned. The insurance giant has been shopping a $1.8 billion portfolio under the codename Project Trident in the secondary market this year. The deal represents a significant secondary transaction in the private equity space.

MetLife worked with Evercore as its advisor on the LP-led transaction, which has been circulating among potential buyers since early 2025. The managed fund deal allows MetLife to optimize its portfolio while providing Lexington Partners with access to a substantial pool of private equity investments. Such transactions have become increasingly common as institutional investors seek to rebalance their holdings.

The acquisition underscores Lexington's continued expansion in the secondary market and MetLife's strategic approach to portfolio management. With competition for quality secondary assets remaining intense, this transaction highlights the ongoing activity in the private equity secondary market despite broader economic uncertainties.