Penzance enters the private equity business, targeting a portfolio size of $800 million to $1 billion for the fund. : Real estate owner, operator and developer Penzance has closed its first real estate private equity fund. The Penzance DC Real Estate Fund LP (“Fund I”), with total equity commitments of $255 million, was launched to target value-add investments in D.C.-area residential, commercial and mixed-use real estate. The discretionary fund’s investor base includes a diverse mix of institutional investors. They include endowments, foundations and family offices.