San Mateo County Employees’ Retirement Association has committed $30m (€26.4m) to Invesco Real Estate’s open-ended core US real estate fund, according to the pension fund’s board meeting document.
San Mateo County disclosed placing the capital into the Invesco Core Real Estate Fund, to help rebalance the pension fund’s real estate portfolio.
The pension fund did not respond to a request for further information.
As of the end of 2024, San Mateo County held a $463.9m real estate portfolio representing 7.1% of the pension fund’s $6.7bn of total plan assets. The targeted allocation for the asset class is 9%.
San Mateo County’s core real estate investments comprise $219.5m in the Invesco fund, $91.3m in the Harrison Street Core Property Fund and $71.9m in the PGIM Real Estate US Debt Fund.
The Invesco fund invests mainly in apartments, industrial, retail and office assets, with some exposure to self-storage and single-family rentals.
Invesco Real Estate declined a request for comment.
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