Virginia Retirement System backs value-add industrial fund

The Virginia Retirement System (VRS) has unveiled a $125 million commitment to Penwood Select Industrial Partners VII, a closed-end fund managed by Penwood Real Estate Investment Management.

Penwood’s value-added investment strategy focuses on rehabilitation, repositioning, redevelopment and development of low-risk industrial properties. The firm targets supply-restricted markets with diverse demand generators, according to its website.

Penwood is primarily focused on industrial assets located in Southern California, New Jersey, Pennsylvania, port-centric New York City and Las Vegas. The firm has a secondary focus on port-related logistics markets across the nation

Penwood Select Industrial Partners VII will invest in industrial real estate in the United States.