AIG Closes $239M Fund-of-Funds

AIG Global Investment Group closed a fund-of-funds last month that allows investors to put capital in a wide array of private equity options. The AIG Private Equity Portfolio III (PEP III), which closed with $239 million in commitments, is comprised of five different private equity funds. Three of the funds-of-funds are focused on U.S. buyout, non-U.S. buyout and venture capital investments, respectively. In addition, there is a secondary investment fund-of-funds and a direct investment fund.

LPs, according to documents filed with the Securities and Exchange Commission, include Mayo Foundation, Transamerica Life Insurance Co., Mellon Trust of New England as Trustee for the Cargill Inc. and associated companies, Lafayette College, the Jules C. Stein T/U/W Annuity Trust, Lausanne, Switzerland-based Caisse De Pensions De L’Etat De Vaud; Fondo Pensione Vecchi Iscritti, based in Milan, Italy; Delaware’s Nuclear Electric Insurance Limited; Cleveland-based Kelvin and Eleanor Smith Foundation and the Commerce and Industry Insurance Co., based in New York.

AIG’s PEP invests in the United States and Canada with some exposure in Europe.

Email Matthew.Sheahan@thomson.com