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Report: MetLife's US real estate debt fund pulls in $800M

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Report: MetLife's US real estate debt fund pulls in $800M

MetLife Real Estate Investors, MetLife Inc.'s third-party investment management arm, drew $800 million in capital for its MetLife Commercial Mortgage Income Fund, IPE Real Estate reported, citing unnamed sources.

Investors in the fund comprised life companies with conservative investment strategies, but industry sources told the publication that MetLife is looking to attract capital from U.S. public pension funds and other sources.

The open-ended fund focuses on real-estate debt backed by existing core industrial, retail and apartment assets in the U.S., with the goal of generating 6% to 7% annual net internal rate of return.

Tom Mizo, senior managing director for HFF Securities, which is MetLife's placement agent for the fundraising, declined to comment on the fund launch, according to the report.