AIG Private Equity Portfolio III, the latest fund of funds offering from AIG Global Investment, has closed with commitments totalling $239m.
The 21 investors in PEP III comprise insurance companies, pension funds, endowments, universities, university foundations and AIG subsidiaries.
PEP III is a programme consisting of five private equity funds. Three of them focus on US buy-out, non-US buy-out and venture capital investments, while the other two are a secondary investment fund of funds and a direct investment fund.
Steven Costabile, managing director and head of the Private Equity Funds Group for AIG Global Investment Group said, ‘The strategy of pursuing a diversified multi-manager approach to private equity, coupled with its direct investment capability, can reduce investment volatility and stabilise expected returns for investors.’
PEP III had two predecessor funds: AIG Private Equity Portfolio had its final closing on 30 December 2000 with $250m in capital commitments and AIG Private Equity Portfolio II closed on 30 June 2002 with $135m in capital commitments.
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