AIG closes fund of funds on $637.3m

The global insurer’s fourth fund of funds vehicle closed well in excess of both its $400m target and its $239m predecessor.

AIG Global Investment Group (“AIGGIG”) has announced the closing of AIG Private Equity Fund IV (“PEP IV”), a fund of funds vehicle with total capital commitments of $637.3 million ($490.7 million).

PEP IV offered investors the option of choosing a “core allocation,” which would invest over the full range of the portfolio, or a “customized allocation,” which would invest according to a predetermined geographic or strategic focus or a particular investment type.

This latest fund of funds offering by AIGGIG represents a significant increase over its predecessor, PEP III, which closed on just over $239 million in 2004. According to the Company’s web site, this vehicle is fully committed with $212 million dedicated to 27 investment funds, approximately $6 million in three direct investments and two secondary investments totaling $2 million.