Fundraising - JANUARY 21, 2015

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Pennybacker Capital has $322m final close on third fund

by Reg Clodfelter

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.

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy