Pennybacker Capital has exceeded the fundraising target for its fourth value-added real estate fund by more than 21% at its final close.

According to sources that track fundraising, Pennybacker IV received commitments of around $510m (€413m), above its $400m target.

Pennybacker did not respond to a request for comment.

SEC filings reveal the fund was incorporated in October 2016.

In November IPE Real Assets reported that the Texas Permanent School Fund had approved a $75m commitment to the fund.  Louisiana School Employees’ Retirement System is also known to have committed $20m.

Texas Permanent said Pennybacker Capital will invest non-core assets in ‘sunbelt’ states, including workforce housing and age-restricted affordable housing.

New markets for the manager will include Phoenix, Charlotte, Atlanta and Denver.