AEW Capital Management LP pulled in $495.5 million for its AEW Senior Housing Investors III fund, marking the largest amount raised by the asset manager in its senior housing series, IPE Real Estate reported.

AEW had aimed for a $500 million target for the U.S. senior housing fund.

Although an AEW representative said the fund is not closed, unnamed sources told the publication that the asset manager will not be accepting new investor commitments for the value-add fund, the publication noted.

IPE added that AEW is looking to invest 50% of the fund's capital in development properties and will use up to 65% of debt. The assets will be a combination of independent/assisted living and memory care operations, with a targeted holding period of five to eight years for each asset.