New Mexico commits to Asia Pacific real estate fund
The New Mexico State Investment Council has committed $150 million to Invesco Asia Real Estate Fund, according to Charles Wollmann, a spokesperson for the investment council.
The open-end, core real estate fund had a first close in February 2014 after raising $500 million. According to Wollmann, the fund is expected to raise approximately $1 billion in equity by the end of this year.
The investment adds diversification to the investment council’s core real estate portfolio, which Wollmann says is currently 100 percent U.S. investments.
This is the $20.6 billion investment council’s first time investing with Invesco Real Estate. Wollmann says Invesco Real Estate is a “quality manager with a good track record and resources. [It is] an attractive relationship for us for a strategic long-term position.”
The fund will invest in office, industrial, retail and apartment properties in China, Japan, Australia, Singapore, Hong K