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Penn Square targets $300m for second fund

The Pennsylvania-based fund of funds has raised more than $75m for the fund, Penn Square Global Real Estate Fund II, according to regulatory filings this week. The firm’s first fund closed last year on $231m.

Penn Square is targeting $300 million for its second real estate fund of funds, Penn Square Global Real Estate Fund II, and has closed on $75 million of commitments to date, according to an SEC regulatory filing.

The Radnor, Pennsylvania-based firm is believed to have launched the vehicle last autumn, after closing its first vehicle on $231 million of commitments. Penn Square Global Real Estate Fund I closed in May last year after originally targeting $100 million.

At the time, Penn Square co-founder Gui Costin told PERE investment decisions for the fund were made by Cleveland-based advisor, The Townsend Group, and had invested in 14 private equity real estate funds. The firm was looking to invest in funds in countries such as China, India, Brazil, Mexico, parts of Europe including Central and Eastern Europe, he said.

The second vehicle is expected to follow the same strategy. The placement agent is CitiGroup Global Markets.