Retail real estate investment management firm Asana Partners closed its debut fund with $500 million in equity commitments.
Asana Partners Fund I received commitments from state, municipal and corporate pension funds, as well as insurance companies and endowments, Asana Partners said in a release.
The fund, which targets a range of retail real estate opportunities in high growth and infill neighborhoods in the U.S., achieved its hard cap of $500 million within nine months of launch.
The company said 25% of the fund's equity commitments have already been invested in or committed to neighborhood retail markets in Charlotte, N.C.; Washington, D.C.; Atlanta; and Austin, Texas.
The Charlotte Business Journal reported that the Charlotte-based fund is investing heavily in the city. In late 2016, it bought the Design Center of the Carolinas in the South End neighborhood for $42.7 million, according to the report.