Deals

Invesco hopes to quadruple commitments to US core fund

The Dallas-based real estate group has so far won commitments totalling $120m for its US IV fund and is targeting $500m for the final close this year.

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Invesco hopes to quadruple commitments to its core US IV fund this year.

Dallas-based Invesco held a first close of $120 million on 18 February for the US vehicle, it said, and hopes to hold a final close of $500 million in the second half of the year.

The fund is focused on traditional asset classes, just like its three predecessor funds.

Today it revealed that two investors from Munich-based MEAG Munich ERGO AssetManagement are the lead LPs.

Wolfgang Wente, head of real estate funds at MEAG, said in a statement that for investors in Germany, Invesco’s US fund provided an “outstanding possibility” to diversify internationally due to the stabilisation of the US real estate markets.

MEAG is a major asset management force in the European financial sector with responsibility for a €191 billion of assets. It is also the asset manager for the Swiss insurer, Munich Re Group.

Steffen Pilopp, Invesco Real Estate’s fund manager of the US funds, said he was pleased with the fundraising so far given the “difficult market environment” and hoped to make the first acquisition announcements soon.