LACERS commits $35m to Asana Partners fund

The $16.9 billion Los Angeles City Employees’ Retirement System has committed $35 million to Asana Partners Fund II, according to board meeting documents.

Asana Partners Fund II is a value-added real estate fund. It is managed by Asana Partners, a real estate investment company based in Charlotte, N.C. Through its funds, the firm invests in distinctive retail properties in dynamic urban markets in the United States, including, but not limited to, Houston, Atlanta, New York, Seattle, San Francisco, Austin and Boston. The firm is seeking to raise $600 million for the fund, according to the board meeting documents.

The fund has previously received a $75 million commitment from the New Mexico State Investment Council.

LACERS has a target allocation to real estate of 7 percent with an actual allocation of 4.7 percent.