New York State Common Retirement Fund (NYSCRF) has hired Asana Partners to manage its first-ever retail-focused real estate separate account.
NYSCRF said it has committed $300m (鈧�268m) to Asana Partners Select Retail Fund, which will make core and core-plus investments exclusively for the pension fund.
The $213bn pension fund told 91传媒在线 that the 鈥淎sana strategy identified very specific demographic trends that capitalise on the ongoing transformation of the retail industry, spurred on by the growth of e-commerce, into more of an experiential and destination-based dynamic鈥�.
NYSCRF added that Asana鈥檚 targets would include 鈥渨alkable neighbourhood centre and street retail assets鈥�, as opposed to large regional shopping centres that are 鈥渂ecoming obsolete and less amenable鈥� to the e-commerce dynamic.
Asana has full investment discretion, but NYSCRF will be involved in developing the pipline of acquisitions.
NYSCRF expects to generate a gross internal rate of return of 7% to 10, applying leverage of between 45% and 50%.
Asana Partners, which declined a request for comment, was set up in 2015 to invest exclusively in retail real estate in the US.
The company raised $800m for its second fund in April this year.
