Invesco Real Estate’s fifth value-add real estate fund is close to reaching its $1bn (€870m) fundraising target according to one investor.
Contra Costa County Employees’ Retirement Association (CCCERA) said in a meeting document that it has $538m capital available to invest in value-add real estate funds over the next few years.
The pension fund said it will put $75m into the Invesco US Value-Add Real Estate Fund V.
Invesco has closed commitments from other investors of a total of $410m from a number of US institutional investors.
According to CCCERA, Invesco has another $425m of commitments in the pipeline.
Two of the potential investors are non-US sovereign wealth funds that were expected to make commitments totalling $250m.
IPE Real Assets reported in June that Teacher Retirement System of Texas had agreed to put $150m into Invesco US Value-Add Fund V.
CCERA has two other existing real estate managers, LaSalle Investment Management and Long Wharf Real Estate Advisors. Both will be coming out with new funds in the near future and the pension fund’s investment staff will be evaluating them.
CCCERA said it will also look to add additional value-add real estate managers over the next few years to help maintain diversification.
