SAN FRANCISCO: Prudential Real Estate Investors (PREI) has raised $629m for a senior housing fund.
Four new investors, including US public and corporate pension plans, backed the investment manager’s Senior Housing Partners V fund, committing $199m.
PREI said it exceeded its initial target of $500m for the closed-ended fund. Ten existing investors backed the fund with $431m.
Noah Levy, head of PREI’s senior housing business, said the sector is now a “viable property type” for many pension funds around the world…