Penwood Real Estate Investment Management’s latest US value-add industrial fund has closed with $425m (€403m) in capital commitments, according to the manager.

The Penwood Select Industrial Partners VII fund was structured as a club deal, allowing a select group of limited partners (LP) to invest.

John Hurley, principal and chief executive officer for Penwood, told IPE Real Assets: “Our marketing process is very strategic. We set a hard cap to signal our focus on the LP investors, compiling a symbiotic group of ‘club’ investors.

“We continue to discuss Penwood’s platform with a few major prospective LPs to determine if there is a proper fit for our next offering.”

Partners VII’s backers include the Connecticut Retirement Plans and Trust Funds which made a $100m commitment to the fund. The Virginia Retirement System and the State of Wisconsin Investment Board also committed $125m and $100m respectively to Partners VII. 

Partners VII will invest in existing industrial assets with value-add opportunities or new development projects in Southern California and the Port of New York/New Jersey.

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