North Dakota Retirement and Investment Office (RIO) has approved a commitment of up to $200 million to Invesco Real Estate U.S. Fund VI, a private real estate fund managed by Invesco Real Estate.
Invesco Real Estate U.S. Fund VI opened to investors in November 2020 with a $1.5 billion fundraising target. The closed-end, value-add fund will invest in diversified properties in the United States.
The commitment will be divided between the Legacy Fund and the Pension Trust, which will each contribute $100 million, RIO said in an investment document.
As of Dec. 31, 2020, the Pension Trust was invested in five Invesco funds and the Legacy Fund was invested in one.
The Pension Trust has a target asset allocation of approximately 10 percent to private real estate, 25 percent of which is targeted to noncore strategies. In addition to a modest underweight to t
