PGIM Real Estate closed its latest senior housing real estate fund, Senior Housing Partners VI, at $996 million, exceeding its $750 million fundraising target, a news release said.
PGIM's Senior Housing Partners VI is 58% larger than its predecessor, Senior Housing Partners V, which closed in 2015 with about $629 million.
Total capital commitments in the new fund included $570 million from existing institutional investor clients, and a combined $426 million from new institutional and high-net-worth investors.
Investors in the fund include the $27 billion Pennsylvania State Employees' Retirement System, Harrisburg, and the $16.7 billion Hawaii Employees' Retirement System, Honolulu.
