Penwood Real Estate Investment Management, LLC

Penwood Real Estate Investment Management advises pooled investment vehicles, principally closed-end discretionary limited partnerships, and provides acquisitions, portfolio and asset management, valuation and investor reporting focused exclusively on real estate. The firm manages multiple funds (approximately $1.47 billion in discretionary regulatory assets as of March 27, 2026) and generally accepts limited partners with sizable commitments (standard minimum $25 million, subject to limited waivers).

Penwood pursues a value‑add industrial strategy—including re‑leasing, rehabilitation, development and disposition—with geographic emphasis on Southern California, Las Vegas and targeted Northeast markets, and applies a disciplined underwriting and due‑diligence process with quarterly fair‑value reporting and periodic independent appraisals. The firm uses leverage and subscription lines as part of capital structures and limits sourcing to a single active fund at a time, with rotating allocation rules for co‑invest opportunities to reduce sourcing conflicts.

Compared with many investment managers, Penwood does not charge a traditional percentage‑of‑AUM base fee; instead its base advisory fees are calculated off investor equity commitments and are supplemented by a carried‑interest performance allocation earned after specified IRR hurdles, with provisions for repayment if thresholds are subsequently not met. The firm also operates under limited‑partner governance features—advisory committees, fund‑level controls and high investor minimums—and emphasizes fund‑specific allocation and valuation procedures to mitigate conflicts among its funds.