Abstract-In this paper we propose a novel algorithm, namely Multi-Objective Placement (MOP), for the efficient placement of Virtualized Network Function (VNF) chains in future 5G systems. Real datasets are used to evaluate the performance of MOP in terms of acceptance ratio and embedding time when placing the time critical radio access network (RAN) functions as a chain. In addition, we rely on a realistic infrastructure topology to assess the performance of MOP with two main objectives: maximizing the number of base stations that could be embedded in the Cloud and load balancing. The results reveal that the acceptance ratio of embedding RAN functions is only 5% less than the one obtained with the optimal solution for the majority of considered scenarios, with a speedup factor of up to 2000 times.