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Kayne Anderson closes latest real estate fund at $1.8 billion

Kayne Anderson Capital Advisors closed Kayne Anderson Real Estate Partners V, an opportunistic fund, at its $1.8 billion hard cap, a news release said.

The fund seeks opportunities in sectors such as medical office buildings, and senior and student housing. It is the largest close yet for the firm.

The fund has deployed more than 20% of its capital to date. The previous fund, Kayne Anderson Real Estate Partners IV, closed at $1 billion in 2015.

Investors in the latest fund include the $34 billion Texas Permanent School Fund, Austin; $20 billion Louisiana Teachers' Retirement System, Baton Rouge; $16.3 billion Hawaii Employees' Retirement System, Honolulu; $16.1 billion Arkansas Teacher Retirement System, Little Rock; and the $229 million Manchester (N.H.) Employees' Contributory Retirement System.

Kayne Anderson spokeswoman Julie Oakes declined to comment beyond what was in the news release.