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San Bernardino pension fund to invest $150M in RE through Kayne Anderson

San Bernardino County Employees' Retirement Association is aiming to invest $150 million in real estate, debt and infrastructure through an account with Kayne Anderson Capital Advisors LP, IPE Real Estate reported.

According to the report, the account is slated to run over a multiyear period and comes with an option to increase its size. One of its first investments could be a $15 million pledge to Kayne Anderson Real Estate Partners V.

Kayne Anderson is looking to raise $1.2 billion for the closed-ended fund, which invests in niche segments such as medical office buildings, senior housing and student housing.

The fund is targeting net returns of 18% and a 10% current yield, the report added.