Tacoma Employees’ Retirement System (TERS) has transferred its investment in the Invesco Core Real Estate Fund to the IDR Core Property Index Fund, which tracks the NCREIF Open-end Diversified Core Equity (ODCE) index.
The pension fund disclosed in a meeting document that it has completed the transfer of its $95m (€87.8m) investment the index managed by IDR Investment Management.
TERS was already an investor in the IDR fund, having approved a $100m commitment to it in August 2022.
An Invesco spokesperson said: “The Tacoma Employees’ Retirement System has been a strong and valued relationship for Invesco for the last 14 years, and we look forward to continuing to serve them through a broader vehicle that includes Invesco.”
IDR Investment Management did not respond to a request for comment.
TERS said transferring the capital from the Invesco fund to the IDR vehicle would result in significant time savings. Under current market conditions, it estimated that a traditional redemption from the Invesco fund could takes two years or longer, while transitioning to the IDR fund would likely require only six months to a year.
TERS told IPE Real Assets that the Invesco fund underperformed relative to the ODCE index during the third quarter of the year.
The pension fund also made a $60m commitment to Pantheon Global Infrastructure Fund V, an infrastructure ‘secondaries’ fund that invests in other vehicles.
Pantheon is seeking to raise $4bn for the fund and will commit 10% of total commitments secured.
The fund will allocate at least 90% of its capital to secondaries and up to 10% to co-investments.
Europe and North America will be the primary investment regions, each accounting for 30% to 60% of the fund’s capital.
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