Asana Partners draws big LPs to debut fund

  • Firm: Asana Partners
  • Fund: Asana Partners Fund I
  • Target: $500 mln
  • Amount Raised: $280.8 mln
  • Placement Agent: Hodes Weill Securities

Asana Partners drew in $280.8 million toward a target of $500 million for its debut private equity fund targeting retail properties in urban areas, with support from Ohio Police & Fire Pension Fund and Los Angeles City Employees’ Retirement System, according to filings.

The milestone comes about a year after Terry Brown, Jason Tompkins and Sam Judd launched Asana Partners.

They had worked together for about 10 years at Edens, an operator, owner and redeveloper of open-air retail stores in the U.S. Brown was CEO, Tompkins was chief financial officer and Judd led the Northeast region. Judd most recently was vice president of real estate for Sears Holdings, the retailer backed by hedge-fund manager Eddie Lampert.

Asana, Charlotte, North Carolina, lists 18 investors, a minimum investment of $1.35 million and a date of first sale on Fund I of Aug. 31.

Ohio P&F approved a $50 million commitment to the fund at its Sept. 28 meeting, minutes from the LP show.

LACERS OK’d a $25 million commitment to Asana Partners I at its Aug. 9 meeting, an agenda from the pension system said.

Asana’s website says it invests in the most dynamic U.S. urban markets. The firm targets high-quality properties that will benefit from the firm’s expertise in retail strategy, acquisition and sales, asset management, merchandising, redevelopment and balance-sheet management, and risk identification.

Among recent developments, in April it hired Robin Hilliard as a managing director in charge of merchandising and leasing. With 34 years in the retail real estate sector, she most recently worked at Pure Barre, a fitness company backed by Catterton.

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People queue outside HMV’s Oxford Circus store prior to the launch of The Beatles: Rock Band game, in London on Sept. 9, 2009. Photo courtesy Reuters/Kieran Doherty