Sacramento County Employees’ Retirement System (SCERS) is committing $40m (€35.3m) to Asana Partners latest retail-focused real estate fund.

According to a SEC filing, Asana has raised $750m for Asana Partners Fund III, three quarters of the way to its $1bn target.

SCERS invested in Asana’s previous fund and, according to its board meeting report, it outperformed all of its other commingled fund investments during the third quarter of 2021, returning 17.1%.

The pension fund also approved a $100m commitment to Brookfield Super-Core Infrastructure Partners, a fund that also attracted investment from Iowa Public Employees Retirement System.