Pennybacker Capital raises $390m for real estate fund
Pennybacker Capital, an Austin-based real estate private equity firm, has raised $390.6 million for its Pennybacker IV real estate fund, according to a filing with the SEC. The firm did not comment on its fundraising efforts.
Pennybacker IV opened in October 2016. It is a value-added fund that will invest in in and operate middle-market multifamily, retail, office and industrial assets in sustainable U.S. growth markets. It plans to raise $450 million in equity commitments, according to IREI’s FundTracker database.
The fund previously received a $25 million investment from the Employees Retirement System of Texas and a $20 million investment from the Louisiana School Employees’ Retirement System.
The fund’s predecessor, Pennybacker III,