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With the release of VMM 2012 SP1 CTP2, Microsoft added support to the SMP storage provider.

Now VMM 2012 with SP1, supports the following types of storage providers:

• SMI-S CIM–XML
• SMP

Besides the new SMP provider type, the VMM 2012 SP1 release adds the following new functionality:

• Supports auto (dynamic) iSCSI target systems, such as the Dell EqualLogic PS Series. System Center 2012 – Virtual Machine Manager supported only static iSCSI target systems.
• Supports the thin provisioning of logical units through VMM. Your storage array must support thin provisioning, and thin provisioning must be enabled for a storage pool by your storage administrator

For a detailed step by step, look at my blog post https://virtualisationandmanagement.wordpress.com/2012/06/28/vmm-2012-sp1-installing-dell-equallogic-ps-series-smp-provider-new/