Pennybacker Capital raises $700m for fifth real estate fund

Pennybacker Capital has raised additional capital for its fifth commercial real estate fund, an SEC Form D filed on July 15 revealed.

Pennybacker V has nearly reached its target amount of $775 million, with $700 million raised to date.

Launched in January, the value-add fund initially targeted $600 million to invest in a diversified commercial real estate portfolio utilizing the same strategy employed in the first four fundraises.

Pennybacker V looks to invest in middle-market real estate in cities across the United States that have a high positive growth outlook, seeking to create value through rehabilitating assets and repositioning them in accordance with the firm’s proprietary data analytics.

The fund has already received capital from 56 investors.