The $197.8 billion New York State Common Retirement Fund has expanded its existing 50-50 joint venture relationship with MetLife in MetLife Core Plus Partners with a new $300 million follow-on equity commitment to MCPP II, according to a January transaction report.
NYSCRF’s first allocation to the joint venture fund was a $455 million commitment in December 2015. MCPPII will target core-plus office, multifamily, industrial, retail and mixed-use properties in the United States.
The joint venture was formed in January 2016 and had an initial investment portfolio comprising seven properties valued at more than $1.4 billion. MetLife continues as the majority owner of the portfolio and administrator of the venture.
The NYSCRF t
