AlpInvest Partners will act as the fund’s lead investor.

Manulife Investment Management has closed $1.5 billion in commitments for a new fund, Manulife Private Equity Partners (MPEP).

MPEP is the company’s first fund-of-funds product. It is part of the firm’s shift toward specialized asset management solutions for global investors.

Manulife Investment Management Fund

Meanwhile, the fund consists of an existing portfolio of funds and co-investment interests in North American buyout and growth funds. MPEP also includes capacity for new fund investments and as co-investments managed by Manulife Investment Management’s Private Markets Group.

“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 Daniel Budde, Senior Managing Director at the firm.

Institutional and high net worth investors with AlpInvest Partners backed the group. AlpInvest will also act as the fund’s lead investor.

“Manulife has built a highly attractive private equity program, including relationships with some of the top managers in the North American middle-market,” said Michael Hacker, Managing Director at AlpInvest Partners. “We appreciated the opportunity to partner with Manulife in the development of this product, including the selection of a high-quality seed portfolio.”

Finally, Steve Blewitt, Global Head of Private Markets, Manulife Investment Management also commented on the news.

“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,” he said.

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