Institution: New York State Common Retirement Fund
Headquarters: Albany, US
AUM: $278.4 billion
Allocation to alternatives: 21.6%
MetLife Core Plus Partners III is a joint venture between NYSCRF and Metlife Investment Management, a New Jersey-headquartered asset management firm that focuses on providing debt services to social infrastructure, retail, hospitality and residential properties across the US.
The fund launched in October 2021 and will target North American core-plus investment opportunities across four major property types – multifamily, industrial, retail and office.
NYSCRF currently allocates 6.4 percent of its investment portfolio to real estate, which equates to just under $18 billion in capital. The $278.4 billion public pension has a target allocation to real estate of 9 percent.
As illustrated below, NYSCRF’s recent real estate commitments have tended to focus on North American vehicles targeting a variety of returns.
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