The University of Houston System has disclosed a $5 million commitment to Penzance DC Real Estate Fund II, a value-add fund managed by Washington, D.C., firm Penzance.
Penzance DC Real Estate Fund II is a discretionary fund targeting investments in residential and commercial properties and mixed-use developments throughout the Washington, D.C., metropolitan region.
Opened in February 2020, the fund has already raised $265.5 million in capital commitments against its target of $400 million.
A spokesperson for the endowment fund noted that the investment was a follow-on commitment. The University of Houston System previously invested $7.5 million in Fund I.
The System currently does not have a dedicated target allocation to real estate, the spokesp
