Invesco Real Estate, the real estate arm of Atlanta-based asset manager Invesco, has corralled $891.3 million for its first Asia core real estate fund, according to a filing with the Securities and Exchange Commission.
The firm has raised the capital for the open-ended vehicle – Invesco Real Estate Asia Fund – from 14 separate investors, including Los Angeles County Employees Retirement Association, California State Teachers’ Retirement System and New Mexico State Investment Council, according to documents from those pensions.
Through the fund, Invesco is targeting core/core-plus investments across the Asia Pacific region with a focus on key cities in Australia, Japan and Korea.
According to the firm’s initial marketing materials for the fund, seen by PERE, Invesco is restricted to invest not more than 25 percent of the gross asset value of the fund in any single investment; not more than 30 percent of the GAV in any single country; and not more than 20 percent of the GAV in China.
The firm set a target gross total return for the fund at 9-11 percent per annum, and a target gross income return at 5-6 percent per annum.
Invesco held a $400 million first close for the vehicle back in February 2014, with the intention of raising $1 billion within five years of that initial closing.
Invesco’s core mandates are being steered by Ian Schilling, who replaced the outgoing Graeme Torre in early May last year.