New Mexico commits $75m to real estate
The $11.4 billion New Mexico State Investment Council approved a $75 million commitment to Asana Partners Fund I at its Jan. 10 meeting, according to spokesman Charles Wollmann in an email.
“Our commitment to Asana is tactical and will help fill a current underweight we have to retail in our real estate allocation,” says Wollmann. It is the pension fund’s first commitment to an Asana fund.
The closed-end Asana Partners Fund I, which launched in August 2016, is the firm’s debut real estate fund. It is a value-added fund that invests in retail real estate in 11 key cities in the United States: Atlanta; Austin; Boston; Charleston, S.C.; Charlotte, N.C.; Dallas; Houston; Nashville; New York City; Raleigh, N.C.; and Washington, D.C. Asana aims to raise $400 million in equity commitments for the fund.