AIG Global Investment Group , whose member companies are subsidiaries of American International Group Inc., announced Friday that AIG Private Equity Portfolio III, or PEP III, had its second and final close on Nov. 12, with commitments totaling nearly $239 million.
PEP III is a program consisting of five private equity funds sponsored by the global investment group. Its objective is to realize long-term capital appreciation by creating a diversified portfolio of investment funds, direct and secondary investments. PEP III permits investors to participate in this diversified portfolio through three funds of funds focused on U.S. buyout, non-U.S. buyout, and venture capital investments, as well as a secondary investment fund of funds and a direct investment fund.
"The strategy of pursuing a diversified multimanager approach to private equity, coupled with its direct investment capability, can reduce investment volatility and stabilize expected returns for investors," said Steven Costabile, a managing director and the head of the private equity funds group at AIG Global Investment Group.
The 21 investors in PEP III are insurance companies, pension funds, endowments, universities, and university foundations, as well as subsidiaries of AIG.
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