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Sign in Sign up for a FREE subscriptionPennybacker Capital has $322m final close on third fund
Austin-based Pennybacker Capital has raised $322 million for Pennybacker III, exceeding the fund’s $300 million fundraising goal, according to IREI’s FundTracker Database.
The value-add fund, which had a first close in January 2014, is seeking 13–15 percent net returns by investing in multifamily, office, retail and industrial properties throughout the southern United States, with an emphasis on Texas.
Generally, Pennybacker Capital invests in and operates middle-market assets in sustainable U.S. growth markets, targeting mismanaged, miscapitalized or other situationally distressed properties and debt instruments that are complex, off-market and/or undervalued, according to the firm’s website.