Indiana invests $100m in newly launched Kayne Anderson fund

The Indiana Public Retirement System (INPRS) has committed $100 million to Kayne Anderson Real Estate Opportunistic Debt Fund II (KAROD II), an opportunistic fund managed by Kayne Anderson Capital Advisors.

Launched in July, the closed-end fund invests in real estate debt in the United States.

Kayne Anderson Real Estate invests in alternative commercial real estate sectors that are characterized by lack of capital, operational intensity, fragmented ownership and recession-resistance, according to the firm’s website. Kayne Anderson invests in medical office, senior housing, student housing and self-storage across three types of funds: opportunistic equity, real estate debt and open-end core equity.

The fund’s predecessor, KAROD, closed fundraising in June with $1.325 billion in capital commitments. A fundraising target was not disclosed for KAROD II.

INPRS could not be reached to comment on the investment at the time of publication.