Nepc Private Markets Investment Due Diligence Report
Penwood Select Industrial Partners VII
Non-Core Real Estate
FIRM DESCRIPTION
Firm Overview
Penwood Real Estate Investment Management was founded in 2003 by John Hurley, Richard Chase, and Karen Nista.
Penwood is owned and operated by six partners and has a total of 17 employees across the Firm. Penwood is
headquartered in West Hartford, Connecticut with an additional office in Morristown, New Jersey. The Firm has
approximately $599 million in assets under management and its sole business line is the management of its value-
add industrial fund offerings.
Team Overview
The Fund's investment team and strategy is led by Chief Investment Officer, John Hurley, who is supported by 16
investment professionals ranging from Managing Director to Analyst across acquisitions and asset management. The
team has grown modestly alongside the fund offerings since the Firm's inception. The Firm has also endured some
turnover over the past few years but has been backfilled by professionals with significant real estate experience. The
senior team at Penwood has remained intact since the Firm's inception and averages over 25 years in the sector.
The Firm has a six-member investment committee, which comprises the following individuals:
Name
John Hurley
Karen Nista
Zack Flynn
Christine Kubas
Joe Koziol
Rick Chase
NE
PC
Title
Chief Investment Officer
Chief Operating Officer
Head of Acquisitions
Head of Asset Management
Chief Financial Officer
Sr Managing Director
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