MetLife Investment Management (MIM) has signed a definitive deal to purchase US-based alternative investment company Raven Capital Management for an undisclosed sum.

Raven, which currently makes investments in the private credit space, specialises in primary origination, underwriting as well as implementation and management of middle market direct asset-driven investments.

Until 31 December 2022, the firm’s total assets under management was $2.1bn.

The latest deal, which awaits approval of customary closing conditions, is set to help MIM in further expanding its private credit solutions.

MIM, the institutional asset management unit of insurance giant Metlife, also aims to accelerate the growth of its overall origination in the asset classes and sectors where Raven has expertise.

MIM president and MetLife executive vice president and chief investment officer Steven Goulart said: “A distinguishing feature of MIM is our ability to originate differentiated private investment opportunities for our clients.

“The addition of Raven Capital Management will broaden and further distinguish our offerings in higher yielding private credit and alternative investments.

“MIM will be able to deliver more for our clients and continue to expand our range of capabilities and complementary investment strategies.”

In December last year, MIM concluded the purchase of environmental, social and corporate governance (ESG) impact fixed income investment manager Affirmative Investment Management (AIM).

The deal, which was aimed at helping MIM to grow its ESG investment and reporting capabilities, was announced in August last year.