Penzance
Private equityWashington
Investment thesis
Penzance targets undervalued real estate assets in complex situations and select development opportunities in the Mid-Atlantic, aiming to create value for investors, partners, and communities. Its strategy rests on three principles: sourcing deals through established local relationships and market knowledge; an entrepreneurial, risk-mitigation-focused approach to leasing, financing, and structuring transactions; and a fully-integrated platform with proactive management. The firm invests via closed-end discretionary funds and institutional joint ventures, focusing on value-add acquisition and development of multifamily, industrial, data center, mixed-use, and other commercial properties. It emphasizes rigorous due diligence and only pursues assets with multiple paths to value creation.
Source: firm website, verified Aug 6, 2026.
Fund performance · per public LP disclosures
as of Dec 2024| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Penzance Real Estate Fund III LPLPs: Connecticut Retirement Plans and Trust Funds | 2024 | — | — | 0.26x | 0.00x |
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 Penzance focus on?
- Penzance focuses on PropTech.
- Where is Penzance located?
- Penzance is headquartered in Washington, US.
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