The Ohio Police & Fire Pension Fund has moved to increase its retail property exposure with a $50m (€44.5m) commitment to the Asana Partners Fund I.

The pension fund had been under-allocated for the property type prior to making the commitment.

It had previously invested 17% of its real estate portfolio in the property type, with the ODCE Index having retail properties at 20%.

Asana Partners, new to the fund business, was founded by Terry Brown, who played a major role in the growth of EDENS.

Three major institutional investors – NYSTRS, Blackstone and the JP Morgan Strategic Property Fund – backed the retail investor. 

Asana is hoping to raise $400m for its first fund, making a co-investment of as much as $5m.

It will be investing mostly in existing street retail assets and traditional neighbourhood centres.

The value-add investing would look to improve assets by making physical changes, transforming the merchandising tenant make-up and improving operating efficiencies.

The fund is aiming for an 11-13% net IRR over a full market cycle.

The planned amount of leverage is in the range of 60-65%.

Ohio Police & Fire could invest another $45m this year, investing capital solely in non-core fund strategies.

Its only other investment in 2016 was a $50m commitment to Greystar Equity Partners Fund IX.