Managers

Kayne Anderson holds $120m first close

The Armonk, New York-based fund manager is eyeing a $350m final close for its second vehicle, which primarily targets US student housing.

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Kayne Anderson Real Estate Advisors has held a $120 million first close on its second property fund, with expectations it could raise $350 million.

The Armonk, New York-based firm held a first close on $119 million for its Kayne Anderson Real Estate Partners (KAREP) II vehicle at the end of December, according to people familiar with the matter. Kayne Anderson declined to comment to PERE, but sources said the first closing came just a few months after marketing for the vehicle was launched in September.

Sources added that a further $100 million in LP commitments has been “soft circled” for KAREP II, although no documents have been signed yet. The vehicle – targeted toward US LPs, including institutional investors, high-net-worth individuals, family offices and endowments – is expected to hold a final close of around $350 million, although a hard cap of $500 million has been set.

For more information, read the February issue of PERE magazine – out now.