Kayne Anderson closes fund with $1b

Kayne Anderson Real Estate Advisors has closed its fourth fund. Kayne Anderson Real Estate Partners IV, the firm’s largest to date, raised more than $1 billion, exceeding its target size within eight months.

“We are extremely pleased with the strong support from our new and existing partners, which allowed us to quickly reach our fundraising target,” said Al Rabil, managing partner and CEO of Kayne Anderson Real Estate Advisors, in a statement.

The fund will focus on real estate opportunities such as medical office buildings, senior housing and off-campus student housing. Recent investors in the fund have included the $16.9 billion Teachers’ Retirement System of Louisiana.

Kayne Anderson Real Estate Partners III had its final close in May 2013, havin