Pennybacker raises $102m for third fund

Pennybacker Capital has raised $102.1 million for its third fund, Pennybacker III, according to a filing with the SEC. The fund has a $300 million fundraising goal, and the focus will be multifamily, retail, office and industrial properties.

It follows the firm’s second fund, Pennybacker II, which closed in 2012 with $106 million in equity commitments. Pennybacker II invested in real estate and real estate–related ventures, mostly in Texas.

Founded in 2007, Pennybacker Capital evolved from a commercial real estate investor and developer to a fund sponsor serving institutional investors, family offices, high-net-worth individuals and wealth management advisers. Pennybacker invests in and operates middle-market multifamily, retail, office and industrial assets in sustainable growth markets with a primary focus