Why retail RE fundraising is not dead

Asana Partners’ oversubscribed $800m fund reflects market changes that are now making the sector more attractive to investors.

Despite negative sentiment in the retail sector, Asana Partners’ $800 million fund close indicates that some investors still see an opportunity in the property type.

The Charlotte, North Carolina-based real estate firm launched its second value-add retail fund, Asana Partners Fund II, in August 2018 and held a final close in April 2019, according to PERE data. Asana Partners received commitments from institutional investors, which included the Los Angeles City Employees’ Retirement System, New Mexico State Investment Council and the South Carolina Retirement System, among others. The fund was oversubscribed, hitting its hard-cap of $800 million within 9 months.

Global real estate advisory firm Hodes Weill & Associates acted as the placement agent for Asana Partners Fund II. Hodes Weill also helped raise predecessor fund Asana Partners Fund I, which launched in August 2016 and closed on $500 million in January 2017, according to PERE data.

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