Asana Partners has raised $1.5bn (€1.37bn) for its latest value-add real estate fund focused on repositioning mixed-use assets in the US.

The US real estate investment manager said Asana Partners Fund III hit its hard cap and was oversubscribed within six months of marketing.

Asana Partners, founded seven years ago by three retail specialists, has been expanding at a time when many real estate investors have shunned the retail sector.

In 2016, IPE Real Assets reported that Asana Partners was targeting $400m for its debut fund and last year it was said to seeking $1bn for its latest fund.

Asana Partners said the latest limited partners included a “diverse group of institutional investors” from North America, Europe, and Asia-Pacific..

Maryland State Retirement and Pension System was one of the most recent investors to join the fund, committing $100m.

Terry Brown, managing partner and co-founder of Asana Partners, said: “We are grateful for the confidence and support of our existing investors and are excited to formalise partnerships with a number of new investors.”

Richard Lowe is editor of IPE Real Assets, overseeing all editorial content and direction of the publication. He took on the role in 2011 and has since then expanded the focus of the magazine from real estate markets to include other real assets such as infrastructure, agriculture and forestry.View full Profile

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