MetLife Investment Management Originates $15.7 Billion in Private Placement Debt and Private Structured Credit In 2020
March 11 2021 - 4:23PM
Business Wire
2020 business activity includes $3.6 billion of
investments originated on behalf of third party institutional asset
management clients
MetLife Investment Management (MIM), the institutional asset
management business of MetLife, Inc. (NYSE: MET), today announced
it originated $15.7 billion in private placement debt and private
structured credit across 215 transactions in 2020. This included
$3.6 billion of investments originated on behalf of third party
institutional clients. This origination activity, which added 85
new credits, helped grow MIM’s total private placement debt and
private structured credit portfolio to $102.1 billion1 as of
December 31, 2020.
“During a year in which companies all over the world were
impacted by the pandemic, we continued to provide timely, bespoke
financing solutions for issuers that provided liquidity and
financial certainty during difficult times,” said Nancy Mueller
Handal, head of Private Fixed Income & Alternatives at MIM.
MIM’s private placement origination for 2020 included $9.0
billion, $3.7 billion, and $3.0 billion in corporate,
infrastructure and structured credit transactions, respectively.
Notably, nearly $4.0 billion of this origination was completed in
March and April last year.
John Wills, global head of Private Placements at MIM, noted:
“Our strong corporate relationships and ability to source
attractive financing and investment opportunities for our clients
around the world were key factors in a strong year for MIM. During
the worst of the pandemic-driven dislocation, MIM continued to work
closely with new and existing issuers to provide solutions that
helped companies and equity sponsors pay down debt, boost liquidity
and operational cash, and ultimately, create a financial buffer
against the uncertainty caused by the pandemic.”
Scott Waterstredt, head of Private Structured Credit at MIM,
added: “Macro-economic uncertainty due to the pandemic effectively
closed the broadly-syndicated, asset-backed market for a period
during the year. The private structured credit team worked with a
number of asset owners to provide financing and liquidity solutions
that were attractive for both the asset owner and our clients.”
Corporate origination was well-diversified by industry sector,
led by investment in the Professional Services and Healthcare &
Life Sciences sectors, which, together, accounted for roughly
one-quarter of the $9.0 billion in origination. Infrastructure
origination was led by Renewable Power transactions, which
accounted for approximately one-third of the $3.7 billion in
origination, supporting sustainability objectives. Private
structured credit investments focused on residential mortgage and
alternative asset financing transactions.
Mueller Handal concluded: “Looking ahead, we will continue to
support issuers and investors with solutions that ensure they
manage through the later stages of the pandemic, and we look
forward to providing expansion capital for new opportunities as
global economic growth resumes post-pandemic.”
About MetLife Investment
Management
MetLife Investment Management, the institutional asset
management business of MetLife, Inc. (NYSE: MET), is a global
public fixed income, private capital and real estate investment
manager providing tailored investment solutions to institutional
investors worldwide. MetLife Investment Management provides public
and private pension plans, insurance companies, endowments, funds
and other institutional clients with a range of bespoke investment
and financing solutions that seek to meet a range of long-term
investment objectives and risk-adjusted returns over time. MetLife
Investment Management has over 150 years of investment experience
and as of December 31, 2020 had $659.6 billion2 in total assets
under management.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (MetLife), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 markets globally and
holds leading positions in the United States, Japan, Latin America,
Asia, Europe and the Middle East. For more information, visit
www.metlife.com.
Forward-Looking Statements
The forward-looking statements in this news release, such as
“continue,” “ensure,” look forward,” “looking ahead,” “resumes,”
“seek,” and “will,” are based on assumptions and expectations that
involve risks and uncertainties, including the “Risk Factors”
MetLife, Inc. describes in its U.S. Securities and Exchange
Commission filings. MetLife’s future results could differ, and it
has no obligation to correct or update any of these statements.
Endnotes
1 At estimated fair value. Includes all corporate and
infrastructure private placement debt and private structured credit
investments managed by MIM.
2 Total assets under management is comprised of all MetLife
general account and separate account assets and unaffiliated/third
party assets, at estimated fair value, managed by MIM.
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version on businesswire.com: https://www.businesswire.com/news/home/20210311006018/en/
For Media: James Murphy +1 917-225-6303
james.p.murphy@metlife.com
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