Kern County (Calif.) Employees Retirement Association (KCERA) has committed $30 million to Kayne Anderson Real Estate Partners VII.
The closed-end, value-added fund, which invests in senior housing, medical office and student housing, held a final close with $5.12 billion, surpassing its initial target of $3 billion. Kayne Anderson Real Estate Partners VI, the fund’s predecessor, raised $2.8 billion in total equity.
KCERA, a public pension fund, had $7.1 billion in total assets under management, as of March 31. As of Dec. 31, 2025, KCERA had a 10 percent real estate allocation target with $650 million in total real estate assets.
