Partners V has no assets yet, plans off-market deals to reduce competing bids. : Penwood Real Estate Investment Management’s fifth industrial fund has reached its $325m (€270m) fundraising target at final close. John Hurley, the co-founder and principal of Penwood, said: “We feel good about concluding the capital raise and look forward to investing the capital into the marketplace.” The $325m raised for Penwood Select Industrial Partners V, with leverage, will give the fund a total capitalisation of $650m. Partners V currently has no assets.