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Pennybacker hits hard cap for 5th value-add real estate fund

Pennybacker Capital LLC attracted $775 million for its fifth value-add real estate fund, Pennybacker V, surpassing its $600 million target and hitting its hard cap, PERE News reported, citing founder and CEO Tim Berry.

The Austin, Texas-based private equity firm had also collected $250 million for an extended investment vehicle tied to the main fund, as of September, the report added.

Pennybacker expects to complete capital raising for the vehicle and hold a close later in 2019 or in early 2020.

The fund attracted commitments primarily from the U.S. state and corporate pensions, with much of the commitments coming from existing clients in addition to some first-time limited partners.