Private equity firm Pennybacker Capital raised $510 million in the final close of its latest real estate fund, surpassing its $400 million target, PERE News reported.
Similar to the predecessor funds, Pennybacker IV will target middle-market real estate assets in the U.S. Sunbelt. Employees Retirement System of Texas and Texas Permanent School Fund were among the value-added fund's limited partners.
Park Madison Partners was the sole placement agent for the fund.
