Pennybacker Capital has held a $510 million final close for Pennybacker IV, exceeding its $400 million target.
The fund is a continuation of Pennybacker Capital’s investment approach in using a thematic, data-driven process to pursue under-valued middle-market real estate assets in the U.S. Sun Belt.
The fund’s investor base comprises public and private pension funds, endowments, foundations, asset managers, family offices, and high-net-worth individuals.
The fund’s predecessor, Pennybacker III, closed with $322 million in total equity commitments.
