San Diego City commits $55m to MetLife core fund

The $8.1b San Diego City Employees’ Retirement System has committed $55 million to MetLife Core Property Fund, according to board meeting documents.

The open-ended, diversified core real estate fund invests in a diversified portfolio of core, institutional-quality commercial real estate assets. The fund’s strategy focuses on primary markets that feature large and diversified economies, deep institutional inventory and liquidity, and attractive growth prospects, according to the board documents.

As of Sept. 30, 2018, the property fund had 52 investments.

San Diego City has a target allocation to real estate of 11 percent.