{"id":1004715281,"date":"2024-05-29T02:39:21","date_gmt":"2024-05-29T10:39:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004715281"},"modified":"2024-06-09T20:28:10","modified_gmt":"2024-06-10T04:28:10","slug":"pennybacker-closes-over-subscribed-fund-at-1-6b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pennybacker-closes-over-subscribed-fund-at-1-6b\/","title":{"rendered":"Pennybacker Closes Oversubscribed Fund at $1.6B"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004715288\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pennybacker-closes-over-subscribed-fund-at-1-6b\/urban-district-35-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Urban-District-35.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Urban-District-35\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Urban-District-35.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Urban-District-35.jpg\" alt=\"Urban District 35\" class=\"wp-image-1004715288\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Urban-District-35.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Urban-District-35.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Urban-District-35.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">Pennybacker served as equity partner in the development of Urban District 35, an industrial campus in Denton, Texas.<em> Image courtesy of<\/em> <em>Urban Logistics Realty<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Pennybacker Capital Management has closed its sixth value opportunity fund with $1.6 billion in capital commitments. Initiated in 2021, Pennybacker VI LP exceeded its target and will seek investments in real estate assets across the U.S. <\/p>\n\n\n\n<p>The fund received strong support from its existing investor base and also attracted numerous first-time commitments from leading institutional investors such as the Teacher Retirement System of Texas. TRS committed $100 million in March 2023.<\/p>\n\n\n\n<p>The final closing of Fund VI comes two weeks after Goldman Sachs Asset Management\u2019s Petershill program made a strategic investment in Pennybacker. Terms of the transaction were not disclosed. <\/p>\n\n\n\n<p>Established in 2007, Petershill partners with leading alternative asset managers and helps accelerate their strategic development. Pennybacker will leverage the passive, minority investment to expand its middle-market platform. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-some-of-pennybacker-s-investments\">Some of Pennybacker&#8217;s investments<\/h2>\n\n\n\n<p>The Austin, Texas,-based Pennybacker has approximately $4 billion in assets under management and pursues <a href=\"https:\/\/www.commercialsearch.com\/news\/cre-infrastructure-need-each-other-more-than-ever\/\">real estate and infrastructure<\/a> investments through closed-end and open-ended vehicles across the capital structure.<\/p>\n\n\n\n<p>Earlier this month, Urban Logistics Realty sold Urban District 35, a 440,663-square-foot industrial park in the Dallas submarket of Denton, Texas, to High Street Logistics Properties<a href=\"https:\/\/www.commercialsearch.com\/news\/high-street-logistics-snaps-up-dallas-campus\/\">. Pennybacker was the equity partner<\/a> for this development project.<\/p>\n\n\n\n<p>In March 2023, an international aviation company <a href=\"https:\/\/www.commercialsearch.com\/news\/m2g-pennybacker-land-industrial-tenant-in-dallas\/\">signed a 23,040-square-foot lease at PROTO Park in Dallas<\/a>, a property Pennybacker had purchased in 2020 from Denley Investment and Management. The firm had partnered with MG2 Ventures in 2021 to redevelop the industrial asset and boost its occupancy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The capital raised for the vehicle will be deployed in assets across the U.S.<\/p>\n","protected":false},"author":1068,"featured_media":1004715288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,23891,21742],"tags":[51776,52414],"class_list":["post-1004715281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-national","category-latest","tag-goldman-sachs-asset-management","tag-pennybacker-capital-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pennybacker Closes Oversubscribed Fund at $1.6B - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Pennybacker Capital Management has closed Pennybacker VI LP, its sixth value opportunity fund targeting real estate assets across the U.S.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pennybacker-closes-over-subscribed-fund-at-1-6b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pennybacker Closes Oversubscribed Fund at $1.6B\" \/>\n<meta property=\"og:description\" content=\"Pennybacker Capital Management has closed Pennybacker VI LP, its sixth value opportunity fund targeting real estate assets across the U.S.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pennybacker-closes-over-subscribed-fund-at-1-6b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-29T10:39:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-10T04:28:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Urban-District-35.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pennybacker-closes-over-subscribed-fund-at-1-6b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pennybacker-closes-over-subscribed-fund-at-1-6b\/\",\"name\":\"Pennybacker Closes Oversubscribed Fund at $1.6B - 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