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Penwood Real Estate Investment Management

Private equity

West Hartford · 22 people tracked

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Investment thesis

Penwood focuses on value-added real estate investing for institutional investors, aiming to deliver above-market returns while minimizing risk. It structures value-creation strategies in individual or commingled fund formats. To source deals, the firm works with local operating partners in off-market situations rather than open-market broker-directed bidding, acquiring properties at cost or below replacement cost to establish a value-added margin. Penwood applies deal structuring and risk management expertise to manage incremental risk: minimizing pre-development risk by investing only in appropriately zoned land, limiting construction risk through value-engineering and development partner guarantees, and managing market risk by maximizing income and assessing effects on capitalization rates and property values.

Invests inPropTechUnited StatesWest Hartford

Source: firm website, verified Aug 25, 2026.

HQ
West Hartford, US
Instruments
Equity
Founded
2003
AUM
$1.5B

Team · 22 people

from the firm's website & curated

Fund performance · per public LP disclosures · 3

as of Dec 2024
FundVintageCommittedNet IRRTVPIDPI
Penwood Select Industrial Partners VII, LPLPs: Connecticut Retirement Plans and Trust Funds20230.68x0.00x
Penwood PSIP II, L.P.LPs: North Carolina Retirement Systems200724.3%2.10x2.10x
Penwood CSIP I, L.P.LPs: North Carolina Retirement Systems20050.8%

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

What sectors does Penwood Real Estate Investment Management focus on?
Penwood Real Estate Investment Management focuses on PropTech.
Where is Penwood Real Estate Investment Management located?
Penwood Real Estate Investment Management is headquartered in West Hartford, US.

Images

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