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Texas pension fund commits $150M to Invesco's 5th value-add RE fund

Teacher Retirement System of Texas committed $150 million to Invesco Real Estate Ltd's fifth value-add real estate fund, IPE Real Assets reported.

According to the report, the pension fund also approved a $50 million pledge to Invesco US Value-Add Sidecar V One, a co-investment vehicle.

Invesco is eyeing a capital raise of $1 billion for Invesco US Value-Add Fund V, having raised $215 million at first close in October 2017, the publication noted, citing sources that track real estate fundraising.

The targeted gross returns for Fund V are 13% to 15%, and it will invest in U.S. developments, as well as apartments, offices, industrial and retail assets requiring recapitalization, renovation and re-tenanting.