Invesco Real Estate is planning a $750m (€630m) first close in June for its latest US value-add fund.

Max Swango, a managing director and global head of client portfolio management for Invesco Real Estate, told IPE Real Assets that the $750m first close for the Invesco Value Added Fund VI fund is backed by US-based investors.

“An additional $500m of commitments are circled from non-US investors from Europe, Asia and the Middle East, expected to close later in 2021.”

North Dakota State Investment Board said in a meeting document that it is planning to issue a $200m commitment to the fund.

According to the US pension fund, Invesco is planning to raise up to $1.5bn for the fund.

Invesco said the fund has so far invested in a $188m northern San Diego apartment complex and has also agreed a $206m single-family rental portfolio deal in a variety of markets around the country.

The fund is also in the process of agreeing a $43m deal to developed two new industrial buildings in New Jersey.

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