DLA Piper advises Penwood on US$425 million real estate fund formation
DLA Piper served as counsel to Penwood Real Estate Investment Management in connection with the formation, through multiple closings, of Penwood Select Industrial Partners VII, L.P. (PSIP VII). Penwood, based in West Harford, Connecticut, pursues value-add investment strategies in the industrial real estate market.
PSIP VII raised US$425 million of capital commitments from a select group of institutional investors, with a primary focus on industrial properties in Southern California, New Jersey, New York, Pennsylvania and Nevada – key markets that provide logistics support to “global gateway” US seaports in Southern California and New York/New Jersey.
The DLA Piper team was led by John Reiss (New York) and included partners Emily Snyder (San Francisco); of counsel Kathleen Philippart LaKoma (Chicago); and associates John Wei (Boston) and Kentaro Murase (New York).
The firm’s global investment funds team provides a dynamic, integrated service to sponsors, fund managers and institutional investors, supported by the firm’s international tax and regulatory networks. The team advises clients on the full spectrum of private investment funds, all major investment strategies and all stages of a private investment fund's life cycle.