PGIM Real Estate’s sixth US senior housing fund has so far raised just over half of its $750m (€668m) fundraising target, according to an investor.

Ohio Bureau of Workers’ Compensation (Ohio BWC) said in a board meeting document that it had approved a $75m commitment to PGIM Senior Housing Partnership VI.

According to the institutional investor, PGIM has raised $356m and will co-invest $25m. The previous fund raised $629m in 2015.

The investment will form part of Ohio BWC’s value-add real estate portfolio.

The fund will target private-pay, independent-living and assisted-living facilities, targeting net returns between 9% and 13%, and using up to 65% of leverage.

As previously reported, Pennsylvania State Employees’ Retirement System also approved a $100m commitment to the fund.

PGIM declined a request for comment.

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