Kayne Anderson‘s real estate investment arm has hauled in $2.75bn for a target-busting final close of its latest fund.
The firm had been hoping to collect $2bn for Kayne Anderson Real Estate Partners VI, already above the $1.8bn it reached for the final close of Fund V in 2018.
Investors in the new fund included the New York State Common Retirement Fund, which AltAssets reported in March had made a $150m commitment.
The new fund is the biggest of any type raised by Kayne Anderson Capital Advisors.
Fund VI will aim to invest in high-quality medical office, seniors housing and student housing assets that it believes require and benefit from specialized operational knowledge and expertise.
It said the combination of an aging US population and accelerating enrollments indicated strong growth characteristics across each asset class.
Kayne Anderson Capital CEO Al Rabil said, “Our history of success investing in medical, seniors and student assets reflects the deep experience, talent and creativity of our investment team and the myriad of long-term relationships we have developed with the most sophisticated and innovative partners in the alternative real estate space.
“We are extremely pleased to have closed our largest opportunistic equity fund to date, and the tremendous support from new and existing investors alike is a testament to our long-term investment strategy, continued outperformance and commitment to the core alternative sectors where we have outsized knowledge and operational expertise.”
KA Real Estate had more than $13.2bn of real estate AUM at the start of October, while Kayne Anderson Capital manages more than $30bn.
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