Teacher Retirement System of Texas (TRS) is looking to increase its exposure to retail property by investing with Asana Partners for the first time.
The pension fund has disclosed a $125m (€107m) commitment to the Asana Partners Fund IV, which focuses on high-street retail and neighbourhood shopping centres in the US.
Asana Partners is seeking to raise $1.5bn from the fund, and has attracted investment from Florida State Board of Administration and State of Michigan Retirement System.
The fund manager is targeting a net internal rate of return of 11-14%, according to Texas TRS, and the investment will be placed into the pension fund’s value-add real estate portfolio.
