MADISON, N.J. — Prudential Real Estate Investors (PREI) has completed the capital raise of Senior Housing Partners V (SHP) with a total of $629 million in capital commitments. SHP is the fifth in a series of dedicated, closed-end funds designed to invest in the seniors housing industry. PREI is the real estate investment and advisory business of Prudential Financial. (NYSE: PRU).
The capital raise, which exceeded PREI’s $500 million target, included $430.5 million from 10 existing investors and $198.5 million from four new investors, including U.S. public and corporate pension plans.
SHP will invest in the independent, assisted living and memory care segments of the seniors housing industry. The fund will target direct acquisitions, forward commitments, new developments, mezzanine loans and other opportunities.
“Powerful demographic trends continue to support the high demand for senior housing, while the supply remains constrained,” says Noah Levy, head of PREI’s seniors housing business. “As the overall economy improves, we expect that senior housing will continue to benefit.”