The Teacher Retirement System (TRS) of Texas has committed $125 million to Asana Partners Fund IV, according to investment communications.
Asana Partners Fund IV is a closed-end, value-added fund that aims to raise $1.5 billion in equity. It focuses on streetfront retail properties in the United States. The Michigan Office of Retirement Services committed $75 million to this fund in September. Asana Partners Fund III, its predecessor, raised $1.5 billion in equity.
Texas TRS, a public pension fund, had $221 billion in total assets under management as of June 30, 2025. As of then, it had a 15 percent real estate allocation target with $30.1 billion in total real estate assets.
