LACERS invests $20m in Asana debut fund
The $14 billion Los Angeles City Employees’ Retirement System has committed $20 million in Asana Partners Fund I, a $400 million value-added private real estate fund focused on investing in street retail properties.
Asana Partners qualifies as an emerging investment manager under the LACERS emerging investment manager policy. The retirement system was reportedly considering a commitment of up to $25 million.
The fund is Asana’s first institutional commingled fund. It will invest in retail real estate investment opportunities resulting from favorable market dynamics and changing trends in the street retail segment. The strategy will target 11 key regions across the United States: