The $19.3bn (€17.2bn) Kansas Public Employees Retirement System (PERS) has become one of the first investors to back a new AEW Capital Management senior housing fund.

The pension fund said it had approved a $50m commitment to AEW Senior Housing Investors IV.

The fund’s capital raising target is currently unknown and AEW declined a request for comment.

The previous fund raised $500m in early 2017.

The funds typically invest in existing assets and development projects and favour those that include a combination of independent/assisted living and memory care.

AEW is targeting net returns of 12% to 13%.

Kansas PERS will be placing the investment into the non-core section of its real estate portfolio.

The pension fund has another $55m it could allocate to other non-core funds this year a per its 2019 pacing schedule.

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