JP Morgan Asset Management is winding down its flagship US real estate income and growth fund, marking the end of the core-plus fund’s 24-year run.
According to a JP Morgan spokesperson, after careful consideration, JP Morgan Asset Management has decided to wind down the JP Morgan US Real Estate Income and Growth Fund.
“As a fiduciary, we believe this decision is in the best interests of the fund’s investors,” the spokesperson added. “We expect this process will take time, and we will proceed thoughtfully and deliberately, with a continued focus on maximising value through the process.”
The US Real Estate Income and Growth Fund is a 2002-vintage vehicle that held $1.4bn (€1.2bn) in assets as of late 2025, according to a board meeting document from Ohio Bureau of Workers’ Compensation’s real estate consultant Meketa Investment.
Meketa disclosed that the liquidation process is projected to take up to three years.
Institutional investors in the fund include the Ohio Bureau of Workers’ Compensation, with a $40.7m exposure, and the North Dakota State Investment Board, which held an investment valued at $173.2m as of June 2025.
The fund, which holds 84% of its assets in industrial and multifamily properties with the rest in office and retail, posted a net return of -1.9% for the three-month period and -9.7% over three years, the meeting document disclosed.
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