New York State Common Retirement Fund (NYSCRF) has expanded its US real estate investment joint venture with the asset management arm of insurer MetLife.

The $268bn (€232.5bn) pension fund said it investing $300m for a 49.9% stake in MetLife Core Plus Partners III, the latest partnership created with MetLife Investment Management to target core US real estate. MetLife’s general account will own the remaining 50.1%.

NYSCRF issued $345m and $300m in 2016 and 2017 to its previous relationships with MetLife.

The pension fund told IPE Real Assets that MetLife has ”demonstrated its ability to identify attractive investment opportunities and proactively manage assets”.

Partners III will target core assets that can generate 8% to 10% net and 10% to 12% gross internal rate of returns based on a seven- to 10-year holding period.

NYSCRF said the venture will target multifamily and industrial properties, with selective acquisitions of office, retail and mixed-use property types. The pension fund has investment discretion to approve transactions.

“The venture can invest in a limited amount of alternative property types, with life science acquisitions primarily being the target.”

MetLife declined a request for comment.

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