AIG closes $700m co-investment fund

AIG Global Investment Group announced that it has closed on a $700m co-investment fund to invest in ’top-tier’ private equity buyout deals.

AIG Global Investment Group, a division of the US-based international insurance organization American International Group, announced the closing of its new $700 million (€550 million) co-investment fund, which will allow private equity fund investors to directly invest in what AIG claims will be “top-tier” buyouts.

The fund had been targeted at $500 million, but raised total capital commitments of $664.4 million from an investor base spanning Europe, Asia and the United States. The AIG Employee Retirement Plan also invested alongside the fund to bring the total to $700 million.

The program invests in a wide range of sectors, including consumer products and services, financial services, pharmaceuticals, media and entertainment, business services and publishing.

The co-investment program has already invested in 11 portfolio companies, including US consumer packaged goods seller Acosta and US-based JetDirect Aviation in July alone. Two more investments are set to close this quarter.

AIG Global Investment Group employs more than 1,800 professionals in 44 offices around the world, and works in the fixed income, hedge funds, private equity, and real estate markets. It has more than $538 billion under management.