Penwood Real Estate Investment Management, LLC

Penwood Real Estate Investment Management, LLC is a registered investment adviser founded in 2003 and registered with the SEC since 2005. The firm specializes in providing discretionary real estate investment advisory services to pooled investment vehicles, focusing on value-added real estate investments in specific geographic areas. Penwood manages six closed-end discretionary limited partnerships and one non-discretionary separate account, with approximately $1.557 billion in regulatory assets under management as of March 27, 2025. For the closed-end partnerships, Penwood charges a base advisory fee based on investor equity commitments and a performance-based fee tied to realized returns. The firm also outlines various fees and expenses that investors may incur, such as taxes, commissions, and operational costs. Penwood emphasizes its disciplined investment process, rigorous due diligence, and risk of loss associated with real estate investments. Clients of Penwood typically invest a minimum of $25 million in limited partnerships, with potential waivers in special circumstances but not below $5 million. The firm exercises investment discretion within defined parameters, with oversight from investment committees. Penwood does not engage in principal transactions, cross transactions, or receive compensation for client referrals. The firm maintains custody of client assets through qualified custodians and provides regular reports and financial statements to investors. Penwood's investment philosophy and strategies are detailed in private placement memoranda, emphasizing the illiquid nature and risks associated with real estate investments.