Nearly $1.62 billion could soon make its way into the U.S. Senior Housing market with the help of a new fund from Kayne Anderson Capital Advisors.

The Los Angeles-based alternative investment firm has not yet closed its latest real estate fund, though it is in the process of doing so, a person familiar with the fund told Senior Housing News.

The firm has met its target of $1.2 billion, but the hard cap is $1.8 billion and it’s working toward that goal, the source said.

Once the fund has officially closed, 90% of the capital will be put toward U.S. senior housing and medical office buildings. Kayne Anderson concentrates primarily on independent and assisted living communities, though it does have some memory care units at its assisted living properties.

The fund is not expected to focus on a specific geographic region, and the closing of the fund is expected within the next couple of weeks.

Among Kayne Anderson’s recent projects is its partnership with Watermark Retirement Communities to transform a historic 16-story building in Brooklyn Heights, New York, into senior living.

Written by Mary Kate Nelson

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