Chase Bolding, chief investment officer for North American real estate at Invesco Real Estate, oversees roughly $40 billion of commercial properties and guides the firm’s expanding private‑wealth platform.
From crisis‑era roots to a diversified portfolio
Bolding began his career in 2007 at Greenfield Partners in Connecticut, joining as the sole analyst on a $1 billion closed‑end fund. He entered the field just before the Global Financial Crisis, gaining experience in stressed and distressed assets that shaped his risk‑focused mindset.
After the crisis, he moved to Invesco Real Estate, where the firm participated in the Treasury‑led Public‑Private Investment Program. The team targeted private real‑estate opportunities, buying loan books and, when possible, taking control of underlying properties across hotel, retail, office and apartment sectors.
In the years that followed, the company shifted from opportunistic credit purchases to value‑add development, repurposing assets to meet growing demand. By 2015 the organization was focusing more on pro‑cyclical investments, such as redeveloping office space and leasing it to new tenants.
Building a private‑wealth offering
In late 2018 the firm decided to bring its institutional capabilities to individual investors. Bolding helped launch three products: the Invesco Real Estate Income Trust (INREIT), a $1.3 billion non‑traded REIT investing in stabilized properties; the Invesco Commercial Real Estate Finance Trust (INCREF), a perpetual REIT holding loans and preferred equity; and a Delaware Statutory Trust structure for tax‑deferral strategies.
These vehicles allow high‑net‑worth clients and family offices to access core‑plus and income‑oriented strategies that were previously limited to pension funds and sovereign wealth entities.
The private‑wealth side now sits alongside the institutional core, core‑plus and separate‑account businesses, which together manage more than ten separate accounts and a range of fund structures.
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Industrial properties dominate the firm’s current allocation, driven by long‑term e‑commerce logistics, reshoring of supply chains and growth in advanced manufacturing.
These assets typically feature long‑term leases, modest capital expenditures and predictable cash flow, aligning well with income‑focused investors.
Healthcare assets also feature prominently, with a focus on outpatient facilities and senior‑housing projects that serve an aging population.
In the residential arena, the organization pursues both traditional apartments and manufactured housing, targeting markets where new supply is constrained, such as the New York metro area and the I‑95 corridor.
Office exposure has been trimmed after the pandemic, as the sector’s capital‑intensive nature can erode cash‑flow returns. Bolding says the firm now looks for office assets with low operating costs, strong tenant appeal and distinctive locations.
Given the firm’s broad reach across sectors, the next few years could see a continued emphasis on industrial and healthcare assets, while office holdings remain selective. If market conditions shift, the platform may adapt by reallocating capital toward higher‑yielding opportunities.
In the meantime, Bolding’s team continues to monitor macro trends, balancing portfolio risk with the need for steady income streams. The ability to pivot between credit and equity strategies positions it to capture value across the real‑estate cycle.
