Asana Partners has set a $1bn (€856.4m) fundraising target for its latest US retail real estate fund, according to an investor.

The New Mexico State Investment Council (SIC) said in a meeting document that it has approved a $75m commitment to Asana Partners Fund III.

The sovereign wealth fund’s capital is expected to be part of the fund’s first close which is expected to be at the end of next month. The amount of capital raised so far for the fund is currently unknown.

According to New Mexico SIC, Asana has set a $1.75bn hard cap target for the fund.

Asana Partners, set up in 2015 to invest exclusively in retail real estate in the US, has raised $800m in April 2019 for its second fund.

New Mexico SIC, which made a $75m commitment to Asana’s first fund, told IPE Real Assets that: “The first fund has produced returns in the teens and we are expecting to get our capital back to us by the end of 2022.”

Fund III will mainly acquire street retail properties that average at least 20 years old. It will also consider investing in some grocery-anchored assets.

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