Contra Costa County Employees Retirement Association (CCCERA) has approved a $100m (鈧�86.1m) commitment to 鈥檚 latest US value-add fund.
CCCERA, which seeks to invest up to $200m (鈧�170.5m) a year to help achieve its asset allocation target, said in a meeting document that it has backed the Invesco Real Estate US Fund VI fund. As of the first half of the year, the $10.2bn pension fund had invested 5.6% of its total plan assets in real estate compared with a current policy target of 8% and a long-term policy of 10%.
According to sources, Invesco has so far raised $855m for the fund which has a $1.3bn target and $1.5bn hard cap.
Max Swango, managing director and global head of client portfolio management for Invesco Real Estate told 91传媒在线 that Invesco Real estate Fund VI fund 鈥渃ontinues to see a great pipeline for new investment opportunities and the fund鈥檚 existing investment opportunities are exceeding its current capital raise鈥�.
To date the fund has committed to $931m of investments in logistics, residential, single-family rentals, build-to-rent projects, left science and cold storage, Swango said.
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