METLIFE INVESTMENT MANAGEMENT ANNOUNCES FINAL CLOSE OF SINGLE FAMILY RENTAL FUND AT $390 MILLION
WHIPPANY, N.J., August 15, 2023
MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), announced today that it has successfully closed the MetLife Single Family Rental Fund, LP (SFR Fund) with $390 million in capital commitments.
MIM’s single-family rental (SFR) strategy is focused on developing and acquiring purpose-built, single-family rentals across the 75 largest U.S. markets.
"We have a high level of conviction in the demand for single family rentals, and we see this fund as a natural extension of our experience investing in other housing segments, where our perspective as a leading institutional investment manager has served clients well,” said Robert Merck, global head of Real Estate and Agricultural Finance at MIM. “We believe there’s a significant and sustained opportunity to give renters access to well-located units designed specifically for their use.”
Commitments to the SFR Fund were secured from a global group of institutional investors. The SFR Fund is the first closed-end vehicle launched by the MIM real estate equity team. James Ray, who previously oversaw regional acquisitions and development activity in the southwest United States, is the portfolio manager for the SFR Fund.
MIM’s real estate platform consists of both commercial mortgage loan strategies and real estate equity strategies that together represented $111.2 billion in gross commercial real estate assets under management as of March 31, 2023.
About MetLife Investment Management
MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and, as of June 30, 2023, had $587.5 billion in total assets under management.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Forward-Looking Statements
The forward-looking statements in this news release, using words such as “believe” and “seek” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it does not undertake any obligation to publicly correct or update any of these statements.