M
ichigan’s Retirement System has committed $75 million (€63.9 million) to Asana Partners’ retail‑property fund, marking its first real‑estate investment of 2025. The $97 billion pension fund disclosed the allocation to Asana Partners Fund IV, which aims to raise $1.5 billion. This deal follows a reduction in the system’s retail‑real‑estate holdings—from $393 million (4 %) in 2024 to $239 million (2.5 %) in 2025—as it plans a smaller overall real‑estate and infrastructure allocation for the year. Asana’s new fund targets necessity‑ and neighbourhood‑retail assets nationwide, seeking an 11 %–14 % net IRR. Read the latest IPE Real Assets magazine here.