JPMorgan Plans Liquidation Of 24-Year-Old Real Estate Fund
JPMorgan Asset Management is winding down a flagship real estate fund more than two decades after it launched.
The investment banking giant is liquidating its JP Morgan US Real Estate Income and Growth Fund, a core-plus fund that had more than $1B in assets as of late 2025.
“As a fiduciary, we believe this decision is in the best interests of the fund’s investors,” a spokesperson for JPMorgan Asset Management said in an email. “We expect this process will take time, and we will proceed thoughtfully and deliberately, with a continued focus on maximizing value throughout the process."
The decision to close the fund was disclosed in a board meeting document from the Ohio Bureau of Workers’ Compensation’s real estate consultant, Meketa Investment, and was first reported by IPE Real Assets.
The JP Morgan fund launched in 2002 and has 16% exposure to office assets with the rest split between industrial and multifamily properties, IPE reported. It's been losing value in recent years, according to documents from the North Dakota Retirement Investment Office.
The $170M stake in the fund held by the North Dakota Legacy Fund was down a net 1.7% in 2025, an improvement from the 3.7% loss the prior year. The valuation of the North Dakota fund’s stake shrank by 9.7% over the last three years, but it still eked out 0.28% growth over a five-year timeline.
The private fund had $1.4B in assets as of late 2025, according to the Meketa Investment documents, which reportedly say the liquidation process is projected to take up to three years.
JPMorgan is closing the fund at a time when more investors are turning to real estate. Global funds raised $172B last year, up 13% from the prior year, with the five largest funds holding capital flows steady since 2022, according to a report from With Intelligence by S&P Global.
Funding levels are unlikely to reach the fever pitch seen in 2021 and 2022, the report’s authors wrote. Rising U.S. Treasury bond yields are pressuring borrowing costs, sucking wind out of the sails of capital markets after the first quarter saw a 25% jump in year-over-year transaction volume. For the month of April, year-over-year sales volume slumped 33% to $24.7B.
