Asana Partners has launched its Asana Partners Fund IV with a $1.5 billion target, according to a Dec. 17, 2024, filing.

It follows the $1.5 billion final close of Asana Partners Fund III, which closed in 2022.

A diverse group of institutional investors from North America, Europe and Asia Pacific made commitments to the fund. It is Asana Partners’ fifth fund and the third in its flagship series of value-add funds focused on acquiring and repositioning mixed-use assets in high-quality urban and near-urban neighborhoods in the United States.

The fund reached its hard cap of $1.5 billion and was oversubscribed within six months of commencing the marketing process.

In other news, Canyon Partners Real Estate has held a final close for its Canyon U.S. Real Estate Debt Fund III (CRED III), a real estate credit investment strategy with approximately $1.2 billion of assets, surpassing its $1 billion fundraising target. CRED III represents Canyon’s largest U.S.