MADISON, N.J. — PGIM Real Estate has completed its capital raise for Senior Housing Partners VI (SHP VI), with a total of $996 million in commitments, primarily from institutional investors.
PGIM Real Estate, based in Madison, is the real estate investment business of PGIM, the $1.3 trillion global investment management businesses of Prudential Financial Inc. (NYSE: PRU).
SHP VI is the latest in PGIM Real Estate’s series of dedicated, closed-end funds designed to capitalize on investment opportunities in the seniors housing sector.
The capital raise — the largest to date of the fund series — exceeded its $750 million target and included $570 million from existing institutional clients, in addition to $426 million from new institutional and high-net-worth investors. PGIM Real Estate partnered with affiliate PGIM Investments to offer SHP VI to high-net-worth investors.
“The strength of commitment to SHP VI is a testament to the market’s increasing recognition of the compelling demographic trends that are driving demand for seniors housing across the U.S.,” says Steve Blazejewski, senior portfolio manager for PGIM Real Estate’s SHP strategies.
PGIM Real Estate has been investing in the seniors housing sector through its SHP series since 1998. Consistent with prior funds, SHP VI will invest in the independent living, assisted living and memory care segments. The fund will employ a flexible investment strategy targeting direct acquisitions, developments, pre-sales and other opportunities.