Fresno County Employees’ Retirement Association (FCERA) intends to redeem $60m (€61.8m) of its investment within the Invesco Core Fund to help balance the assets within the pension fund’s real estate portfolio.
According to FCERA’s meeting document, the proposed redemption is expected to help the pension fund balance the split between core and non-core assets within its real estate portfolio.
Currently, the pension fund’s real estate portfolio comprises 29% value-add/opportunistic and 71% core, with a long-range goal of a 50/50 split between the two strategies.
The pension fund’s investment consultant Verus said in the meeting document that the partial redemption request – planned for the fourth quarter of this year – will likely be processed by the manager sometime during 2023.
FCERA’s investment in the Invesco Core Fund is currently worth $226.2m. The Invesco fund produced an 11.3% year-to-date return and a one-year return of 26.2%.
Invesco declined a request for comment.
FCERA’s real estate investments this year include a $50m commitment to Invesco Real Estate US Fund VI, a fund close to achieving its $2.5bn fundraising target by the end of the year, according to sources.
The pension fund also approved a $40m commitment to Ares Real Estate Fund X, Ares Management Corporation’s tenth US value-added real estate fund which recently closed at $1.8bn.
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