Investors - MARCH 9, 2017

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NYSCRF makes $300m follow-on commitment

by Jody Barhanovich

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.


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