Mr. Daniel Budde reports
MANULIFE INVESTMENT MANAGEMENT CLOSES $1.5 BILLION PRIVATE EQUITY FUND
Manulife Financial Corp.'s Manulife Investment Management has closed approximately $1.5-billion (U.S.) in commitments to Manulife Private Equity Partners LP (MPEP). MPEP is the first fund-of-funds product raised by Manulife Investment Management's private markets group as part of its continuing effort to provide specialized asset management solutions for global investors.
The fund was seeded with an existing portfolio of funds and co-investment interests in North American buyout and growth funds invested with more than 25 leading private equity managers. MPEP also includes capacity for new fund investments as well as co-investments to be managed by Manulife Investment Management's private markets group. MPEP's fund investment program is led by Daniel Budde, senior managing director at Manulife Investment Management.
"The investment team will utilize its significant experience, relationships and database of market intelligence to build an attractive portfolio that is consistent with the fund's mandate," said Mr. Budde.
The fund is backed by a global group of institutional and high-net-worth investors with AlpInvest Partners, a leading player in the private equity secondary market, acting as the fund's lead investor.
Michael Hacker, managing director at AlpInvest Partners, said: "Manulife has built a highly attractive private equity program, including relationships with some of the top managers in the North American middle-market. We appreciated the opportunity to partner with Manulife in the development of this product, including the selection of a high-quality seed portfolio."
"We have a long history of investing in private equity, and we are excited to be able to offer a fund of funds product to our clients," said Vipon Ghai, global head of private equity and credit at Manulife Investment Management.
Steve Blewitt, global head of private markets, Manulife Investment Management, added, "The fund attracted prominent institutional and high-net-worth clients from Europe, North America and Asia, which demonstrates the strength of Manulife Investment Management's private markets platform and global reach."
Campbell Lutyens & Co. was the exclusive financial adviser for the fund.
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