Asana Partners, set up in 2015 to invest exclusively in retail real estate in the US, has raised $800m (€681m) for its second fund.

IPE Real Assets revealed the fundraising target last year, and today the start-up fund manager announced that Asana Partners Fund II was over-subscribed, enabling it to reach its hard cap.

Commitments came from institutional investors, including public pension funds, corporate pension funds, insurance companies, endowments, foundations, sovereign wealth funds, and family offices.

As previously reported, Tennessee Consolidated Retirement System and New Mexico State Investment Council are among the investors.

Asana Partners has full discretion over investments and will target a range of retail real estate in what it terms “high-growth urban and infill neighbourhood locations”.

Despite general weakness in retail markets in the US, the company said it had closed $2bn of institutional equity commitments across a number of investment vehicles and strategies over the past three years.

Sam Judd, managing partner of Asana, said: “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.”