Teacher Retirement System of Texas has become one of the initial investors to back Invesco Real Estate’s latest Asia fund.
The pension fund said it has approved a $100m (€88.1m) commitment to the value-add Invesco Real Estate Asia Fund IV fund.
Invesco, which declined a request for comment, raised $100m at first close last month, according to sources.
The Invesco Asia fund series looks to find assets that can produce net internal rate of returns in the range of 15% to 18%, according to sources.
The fund typically searches for investment opportunities in a variety of property types in Asia. This includes hotels, industrial, office, residential and retail.