Penwood Real Estate Investment Management’s fifth industrial fund has reached its $325m (€270m) fundraising target at final close.

John Hurley, the co-founder and principal of Penwood, said: “We feel good about concluding the capital raise and look forward to investing the capital into the marketplace.”

The $325m raised for Penwood Select Industrial Partners V, with leverage, will give the fund a total capitalisation of $650m. Partners V currently has no assets.

IPE Real Assets reported earlier this month that State of Wisconsin Investment Board (SWIB) committed $100m to the fund.

Hurley declined to name any of the other investors in Partners V.

In 2015, Penwood’s fourth industrial real estate fund also attracted SWIB and other public pension funds, including New York State Teachers Retirement System and the Virginia Retirement System.

The $250m raised for Partners IV in 2015 has all been committed to transactions.

The latest fund will invest in existing assets and developments and will target mostly off-market transactions, to help avoid competing bids, Hurley said.

Partners V will be investing in the industrial markets that support the ports of Los Angeles and Long Beach in Southern California and the ports of New York and New Jersey.

The fund, which has a three-year investment period, targets a mid-teens net internal rate of return.