MLC Private Equity raises $762m for new PE secondary fund

• Campbell Lutyens acted as sole financial advisor for the fund while Ropes & Gray is the legal adviser
• Debevoise & Plimpton LLP provided legal counsel to StepStone
• Since inception, MLC Private Equity has committed approximately A$10 billion to private equity funds and co-investments across 100 plus fund relationships globally

MLC Private Equity, a division of Australian investment manager MLC Asset Management, has closed its new private equity secondary fund at $762 million.

StepStone was the fund’s lead investor.

MLC PE Partners is comprised of approximately $632 million of private equity assets across a portfolio of global middle-market private equity fund positions and co-investments. The portfolio is diversified across several industries such as IT, healthcare, technology, and consumer-focused sectors, across North America, Europe, and the UK.

Also, the fund raised $130 million of new capital to be invested by MLC Private Equity into a new global middle-market private equity fund and co-investments with a focus on North America, Europe, and the UK.

Campbell Lutyens acted as sole financial advisor for the fund while Ropes & Gray is the legal adviser. Debevoise & Plimpton LLP provided legal counsel to StepStone.

On the fundraising, Marek Herchel, co-head MLC Private Equity (U.S. and Europe) said in a statement, “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.”

Since inception, MLC Private Equity has committed approximately A$10 billion to private equity funds and co-investments across 100 plus fund relationships globally.

MLC Asset Management US LLC, located in New York, is the investment adviser to MLC PE Partners and an affiliate of MLC Asset Management Pty Limited.