Goldman Sachs backs Pennybacker Capital with strategic investment
AUSTIN, Texas: Pennybacker Capital Management, LLC, a prominent real assets investment firm based in Austin, has announced a strategic partnership with Goldman Sachs Asset Management’s Petershill program. The terms of the investment, which is described as passive and minority, have not been disclosed.
This new influx of capital is set to propel Pennybacker’s growth, enhancing its platform as a leading middle-market real assets investment manager.
Timothy Berry, the Founder, CEO, and Co-CIO of Pennybacker, expressed enthusiasm about the partnership, stating, “This transaction heralds a new chapter for Pennybacker’s expansion. With the support of additional capital and a collaborative partner, we are poised to build upon our proven track record and continue fostering the culture and team that have been instrumental to our achievements.”
Echoing this sentiment, Robert Hamilton Kelly, co-head of Goldman Sachs Asset Management’s Petershill program, remarked, “Our goal is to align with top-tier firms, and Pennybacker’s investment prowess and organizational strength have earned it such recognition. We are eager to embark on this partnership and assist Pennybacker in its journey towards sustained prosperity.”
Advisory services for the transaction were provided by Berkshire Global Advisors LP, with Kirkland & Ellis LLP acting as legal advisor to Pennybacker. Petershill received legal counsel from Fried, Frank, Harris, Shriver & Jacobson LLP.
Pennybacker Capital boasts approximately $4 billion in assets under management, specializing in real estate and infrastructure strategies across various investment vehicles. Goldman Sachs Asset Management’s Petershill program, established in 2007, partners with elite alternative asset managers to foster their strategic growth, offering capital to support value creation, employee retention, business development, and strategic planning while maintaining the firms’ independence and entrepreneurial ethos. Goldman Sachs, a global leader in alternative investments, manages over $450 billion in assets, with an overarching asset supervision exceeding $2.8 trillion as of the end of 2023.
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