MLC Private Equity launches insto fund

A new private equity fund launched by MLC Private Equity has raised US$762 million ($1.2bn).

The fund, MLC Private Equity Partners, invests in global middle-market private equity opportunities and co-investments in sectors such as healthcare, technology, and consumer-focused operating in North America, Europe, and the UK. These investments come to about US$632 million ($986m).

About US$130 million ($203m) of new capital is due to be allocated.

StepStone, a NASDAQ-listed private markets firm with US$659 billion of total capital, was the major investor seeding the fund.

New York-based MLC Asset Management US LLC is the investment manager of the fund.

MLC Private Equity co-head for US and Europe Marek Herchel said: "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."

"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."

MLC Private Equity has committed some $10 billion to global private equity funds and co-investments. The team comprises 10 members based in Sydney and New York.

StepStone partner Adam Johnston said: "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."