Penzance
Private equityWashington
Investment thesis
Penzance targets underutilized development sites and undermanaged, poorly capitalized buildings, applying a value-creation approach to reposition and develop premier properties. Its portfolio spans multifamily communities, office towers, industrial/logistics warehouses, industrial outdoor storage, data center sites, and mixed-use developments concentrated in the Washington, D.C. metro area and extending into Virginia, Maryland, North Carolina, and South Carolina. The firm seeks superior risk-adjusted returns by infusing capital to reposition or ground-up develop assets, often pursuing entitlements to convert office buildings into residential, or industrial flex into data center and warehouse uses, capitalizing on regional demand drivers such as e-commerce logistics and Northern Virginia's data center market.
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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