Nepc Private Markets Investment Due Diligence Report
Penwood Select Industrial Partners VII
Non-Core Real Estate
Investment Period
Fund Term
Sponsor's Investment
Assets Under Management
Investment Focus
Geographic Focus
Projected # of Investments
Deal Size
Leverage
Annual Management Fee
Other Fees
Organizational Costs
Carried Interest
Preferred Return
Distribution Waterfall
ERISA Fiduciary
Fund Auditor
Fund Legal Counsel
Website
NE
PC
Three years after the Final Closing Date
10 years
1.5% of capital commitments
$599.8 million as of 12/31/2022
Value-Add Industrial Real Estate
United States
20-30
$25 million in equity
55%
N/A
8%
I.
Capped at $550k
15%
II.
ā
III.
ā
1.50% on committed capital during the investment period
1.50% on invested capital following the investment period
Discounts may be possible based on size or other factors
First, 100% to the Partners on a pari passu basis in proportion to the
amounts of their respective Preferred Returns (as defined below), until
the Partners have received a monthly compounded 8.0% annual internal
rate of return ("IRR") on their total unreturned capital (such 8% amount,
the "Preferred Return");
Next, 100% to the Partners on a pari passu basis in proportion to their
capital contributions, until the Partners have received a return of their
total capital contributed;
Thereafter, 85% to the Partners on a pari passu basis in proportion to
their capital contributions and 15% to the General Partner (such 15%
amount, the "Incentive Allocation"); provided, however, that any
Incentive Allocation accruing and distributable to the General Partner
during the investment period will not be distributed to the General
Partner until the termination of the investment period.
ERISA investors are currently less than 25% of the Fund, though if that changes
the Fund expects to qualify as a VCOC. In either case, the Fund welcomes
investments by ERISA investors and does not expect its assets to constitute
"plan assets" for purposes of ERISA.
PwC
DLA Piper
https://penwoodre.com/
CONFIDENTIAL INFORMATION - FOR NEPC CLIENT USE ONLY 5View entire presentation