Asana Partners Closes $800M Retail Real Estate Fund
Asana officials state that the fund received commitments from a diverse set of institutional investors, including public pension funds, corporate pension funds, insurance companies, endowments, foundations, sovereign wealth funds and family offices.
CHARLOTTE, NC—Retail real estate investment firm Asana Partners reports it has closed its second value add fund— Asana Partners Fund II, LP—with $800 million in equity commitments.
The fund was oversubscribed and achieved its hard cap of $800 million in equity within 12 months of the launch of marketing.
Asana officials state that the fund received commitments from a diverse set of institutional investors, including public pension funds, corporate pension funds, insurance companies, endowments, foundations, sovereign wealth funds and family offices.
“We are grateful for the broad-based support of our existing investors and are excited about new partnerships with numerous domestic and foreign investors,” says Jason Tompkins, managing partner of Asana. “The quality of this investor base underscores the strength of our investment strategy and depth of our organization.”
The fully-discretionary fund is targeting a range of retail real estate investment opportunities in high-growth urban and infill neighborhood locations across the United States, company officials say.
Sam Judd, managing partner of Asana, says, “We continue to source compelling investment opportunities in target markets where we see high potential to leverage our unique capabilities and deep relationships, creating value for our investors.”
King & Spalding LLP acted as legal advisor to the fund. Hodes Weill Securities, LLC, acted as the exclusive placement agent to Asana in connection with the private placement of interests to certain investors in the fund.
In the past three years, Charlotte, NC-based Asana has closed $2 billion of institutional equity commitments across its various investment vehicles and strategies.
Earlier this year, Ackerman & Co. old Midtown Promenade, a nearly 111,000-square-foot Atlanta, to Asana Partners, according to multiple press reports. Last year, the firm acquired Oswego Village, a 102,809-square-foot Whole Foods 365-anchored retail center in the suburban Portland, OR community of Lake Oswego.