Met Life Investment Management has finalized a $1.2bn managed fund deal with Lexington Partners, Secondaries Investor reports. The insurer previously marketed a $1.8bn portfolio under Project Trident, securing Lexington's backing for the transaction. The new vehicle includes Met Life Investment Private Equity Partners Fund III acquiring approximately $754m of interests from Met Life affiliates. This marks a strategic move to consolidate assets through a managed secondaries structure. Details highlight Lexington's role as a key investor in the deal.

The transaction underscores Met Life's efforts to optimize its fund portfolio. By partnering with Lexington, the insurer aims to streamline operations and enhance liquidity. The $754m acquisition from affiliates further solidifies the partnership. No additional terms or conditions were disclosed in the announcement.

This deal aligns with broader trends in private equity and secondaries markets. Lexington's involvement signals confidence in Met Life's asset management capabilities. The $1.2bn scale of the transaction positions it as a significant development in institutional finance.