Manulife Investment Management announces close of second co-investment fund

Rhea-AI Summary

Manulife Investment Management has closed its second private equity co-investment fund, Manulife Co-Investment Partners II, L.P. (MCIP II), with commitments totaling US$683.5 million, surpassing its initial US$600 million target. The fund primarily targets North American middle market companies and is backed by a diversified global investor base. With a strong track record in private equity, Manulife has invested over US$2 billion across 100 co-investments, reinforcing its expertise in the market.

Positive

• MCIP II raised US$683.5 million, exceeding the US$600 million target.
• Strong investor backing from a diversified global base.
• Manulife has invested over US$2 billion in 100+ co-investments over the last 15 years.

Negative

• None.

US$ unless otherwise stated                                         
TSX/NYSE/PSE: MFC     SEHK: 945

BOSTON, Oct. 7, 2021 /PRNewswire/ - Manulife Investment Management announced today the closing of Manulife Co-Investment Partners II, L.P. ("MCIP II" or the "Fund"), a US$683.5 million private equity co-investment fund, which exceeded its original target of US$600 million. MCIP II is the firm's second co-investment fund, primarily investing in a diverse portfolio of North American middle market companies. MCIP II further fulfills Manulife Investment Management's commitment to provide global investors access to its private market capabilities across private equity and credit, infrastructure, real estate, timberland, and agriculture.

"We are pleased to have closed the Fund above target – and well in excess of the size of our first equity co-investment fund," said Stephen J. Blewitt, global head of private markets, Manulife Investment Management. "The successful fundraise demonstrates the strength of our platform and the potential opportunities for our investors."

Initially launched in 2020, MCIP II is backed by a highly diversified global investor base of institutional and private capital investors.

"We appreciate the continued partnership and support from our investors. Our differentiated team, with extensive experience making direct equity investments in the North American middle market, enables Manulife Investment Management to bring these opportunities to clients interested in the diversification, risk profile and potential outperformance of equity co-investment strategies," said Scott Garfield, senior managing director, private equity and credit, Manulife Investment Management.

Mr. Garfield serves as Portfolio Manager of the fund. In addition to Mr. Garfield, Manulife Investment Management's co-investment leadership team includes Vipon Ghai, global head of private equity and credit, and members of his senior team.

"We are proud of our longstanding relationships with global private equity partners. Over the last 15 years, we have invested more than US$2 billion in over 100 co-investments thanks in great part to our synergistic private equity and credit platform, which leverages our enhanced sourcing capabilities and deal flow opportunities across private assets," added Vipon Ghai.

Manulife Investment Management's private equity and credit platform currently has $16.1 billion in assets under management and unfunded commitments across five verticals: primary private equity funds, equity co-investments, GP-led secondaries, senior credit, and junior credit. The integrated GP-centric platform possesses a strong network of 185+ sponsor partners. Manulife has been making direct private equity investments in the North American middle market since 2006. In 2016, Manulife Investment Management offered investors the opportunity to access its equity co-investment strategy with the launch of its inaugural co-investment fund.

About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.

As of June 30, 2021, Manulife Investment Management's assets under management and administration, including assets managed for Manulife's other segments, totaled CAD$1.0 trillion (US$834.0 billion). Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

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SOURCE Manulife Investment Management

FAQ

What is the size of Manulife's Co-Investment Partners II fund (MFC)?

The Co-Investment Partners II fund closed at US$683.5 million, exceeding its US$600 million target.

When was Manulife Co-Investment Partners II fund announced (MFC)?

The fund was announced on October 7, 2021.

What market does Manulife Co-Investment Partners II primarily focus on (MFC)?

It primarily invests in North American middle market companies.

How much has Manulife invested in co-investments over the last 15 years (MFC)?

Manulife has invested over US$2 billion in more than 100 co-investments in the last 15 years.