Kayne Anderson raises $1.8bn

The Los Angeles-based firm's fifth opportunistic fund will invest in seniors housing, student housing and medical offices.

Kayne Anderson Capital Advisers held a final close of its fifth opportunistic real estate vehicle, Kayne Anderson Real Estate Partners V (KAREP V), at $1.8 billion.

The fund, which was oversubscribed and closed at its hard cap, will target seniors housing, medical office and student housing assets. According to the Los Angeles-based firm’s press release, 20 percent of the fund’s capital commitments have already been deployed.

LP commitments to KAREP V include $75 million each from the Teachers’ Retirement System of Louisiana and the Texas Permanent School Fund; $50 million from the Employees’ Retirement System of the State of Hawaii; and $25 million from Arkansas Teacher Retirement System (ATRS).

The predecessor vehicle in the series, KAREP IV, closed after reaching its target of $1 billion in April 2015.