Pennybacker Capital Management has raised $1.6bn (€1.5bn) at the close of its sixth US value-add real estate fund.
The real assets investment manager said the Pennybacker V fund – which invests across equity and debt opportunities – received “strong support from its existing investor base” and has attracted numerous first-time commitments from institutional investors.
As previously reported, Texas Municipal Retirement System and the Teacher Retirement System of Texas approved $150m and $100m respectively to Fund VI.
The New York State Teachers Retirement System and Texas Permanent School Fund Corporation also issued a $50m commitment each to the fund.
Tim Berry, founder, CEO, and co-CIO of Pennybacker, said: “The continued growth of our value opportunity fund series is a testament to the partnerships we have forged and our track record as a real estate investor.
“We are excited to put Fund VI commitments to work, given the backdrop of dislocation across real estate capital markets and our deep experience finding and creating value during turbulent times. Our ability to execute across the capital spectrum, property sectors, and US regions presents what we believe to be a compelling risk-adjusted opportunity for our investors.”
Andrew Knox, managing director and head of capital formation of Pennybacker, said: “We are grateful for the continued support from our existing investors and welcome many new relationships to Pennybacker.
“The commitment to Fund VI in a challenging fundraising environment validates the trust we have built and performance we have delivered across cycles.”
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