Contra Costa County Employees Retirement Association (CCCERA) has approved a $100m (€86.1m) commitment to Invesco Real Estate’s latest US value-add fund.
CCCERA, which seeks to invest up to $200m (€170.5m) a year to help achieve its asset allocation target, said in a meeting document that it has backed the Invesco Real Estate US Fund VI fund. As of the first half of the year, the $10.2bn pension fund had invested 5.6% of its total plan assets in real estate compared with a current policy target of 8% and a long-term policy of 10%.
According to sources, Invesco has so far raised $855m for the fund which has a $1.3bn target and $1.5bn hard cap.
Max Swango, managing director and global head of client portfolio management for Invesco Real Estate told IPE Real Assets that Invesco Real estate Fund VI fund “continues to see a great pipeline for new investment opportunities and the fund’s existing investment opportunities are exceeding its current capital raise”.
To date the fund has committed to $931m of investments in logistics, residential, single-family rentals, build-to-rent projects, left science and cold storage, Swango said.
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