New Mexico State Investment Council has committed $75 million to the fund, reports IPE Real Assets.

Charlotte, N.C.–based Asana focuses exclusively on retail property, mainly in thriving urban areas. Typically, the firm targets multitenant retail buildings and mixed-use properties.

Defending its investment in a retail real estate fund, NMSIC reports that its initial returns from Asana’s first fund had been in the top quartile on a vintage-year comparison, according to IPE Real Assets.

“Having worked together on hundreds of successful retail properties across economic cycles and changing consumer environments, we understand retail,” Asana says on its website. “We know that successful retail must have differentiated retailers and offer meaningful and authentic consumer experiences. This means investing in the most dynamic markets in the United States and targeting high-quality properties that will benefit from our hands-on approach.”