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.
