MLC Private Equity announced on Wednesday the creation of a new private equity investment vehicle which will also provide access to additional future private equity investment opportunities for global institutional investors.
The new vehicle, titled MLC Private Equity Partners, comprises some US$632 million of PE assets across a diversified portfolio of global middle-market PE fund positions and co-investments, encompassing industries such as IT, healthcare, technology, and consumer-focused sectors in North America, Europe, and the UK.
In addition, the fund raised US$130 million of new capital to be invested by MLC Private Equity’s investment team into a new global middle-market PE fund and co-investments with a focus on North America, Europe, and the UK.
Kristian Zimmermann, co-head of MLC Private Equity, Australia, noted that PE remains an attractive asset class for investors looking to achieve consistent returns.
“We are pleased to be the first in Australia to establish this innovative investment structure to provide access to a high-quality private equity portfolio and a strong pipeline of investment opportunities to institutional third-party investors,” Zimmermann commented.
MLC further clarified that the managed secondary transaction was anchored by funds managed by private markets specialist StepStone, which served as the lead investor.
“The strategic nature of MLC PE Partners along with MLC Private Equity’s market-leading private equity capability attracted a select group of prominent global institutional investors alongside StepStone Group,” commented Marek Herchel, co-head of MLC Private Equity, US and Europe.
“We look forward to long-lasting partnerships with these investors. This transaction speaks to our ability to offer access to differentiated investment opportunities within our global private equity capability, leveraging our highly skilled investment teams in Sydney and New York,” Herschel continued.
StepStone partner Adam Johnston added: “As a provider of liquidity solutions in collaboration with asset owners, we are excited to partner with MLC on this landmark transaction that supports their go-forward activities and also provides StepStone exposure to an attractive portfolio of MLC’s private equity assets.”
“MLC has built an impressive private equity program, including relationships with some of the top managers in the North American and European middle-market. We appreciated the opportunity to partner in the development of this fund, including constructing a high-quality and diversified portfolio,” Johnston concluded.
