The incumbent provider will see its contract with the plans expire in August.
The acquisition will see MetLife Investment Management’s assets under management increase to more than $700 billion.
The plan made two commitments totaling $315 million today.
The fund was raised within four months of its launch.
The plan has selected four firms for further due diligence and evaluation.
The retirement fund disclosed commitments totaling $850 million in October.
The search is being conducted to replace the plan’s incumbent global growth equity manager, which has been on watch due to underperformance.
The new hire will be joined by other senior real estate team members from his former employer at a later date.
The appointment will go into effect following the departure of Chief Financial Operating Officer Ryan Skor on Jan. 3.