San Joaquin County Employees’ Retirement Association (CERA) has made a $100m (€85.3m) commitment to Invesco Real Estate’s US core-plus open-ended fund.
San Joaquin CERA disclosed in a board meeting document that it has become a limited partner in the Invesco US Income Fund, the pension fund’s first into a core-plus real estate fund.
The $4.7bn pension fund has previously invested in four core real estate funds with a total remaining value of $262.8m, managed by AEW, Principal, Prologis and DWS.
The commitment to the Invesco fund will represent 23% of the pension fund’s real estate portfolio, which was valued at $436.5m as of the first quarter of this year.
According to sources familiar with the fund, the 2013 vintage Invesco fund had a net asset value of $2.9bn.
The fund invests in properties such as industrial, residential, medical office, life science and self-storage.
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