AEW ​raises close to $500m for US senior housing fund

AEW Capital Management has raised just under $500m (€466m) for its third US senior housing fund. The manager has told new investors that it will not be accepting any new commitments for AEW Senior Housing Investors III fund, according to sources. A company representative of AEW said the value-add fund is not closed and declined to comment further. AEW targeted a total equity raise of $500m, according to a consultant of a pension fund planning to commit to the fund. The total amount in the fund now is $495.5m (€461.9m) – the biggest raise that AEW has had in its senior housing series.  The previous high was $371m for its AEW Senior Housing Investors II, a 2012 vintage fund. Teacher Retirement System of Texas is a lead investor in the latest fund, with a $150m commitment, over 30% of the capital raise. Teachers’ Retirement System of Louisiana has committed $50m.