A real assets investment manager headquartered in Austin, Texas, has secured the backing of one of Wall Street’s titans.
Pennybacker Capital Management, LLC, is receiving a strategic investment from the Petershill program at Goldman Sachs Asset Management which has been providing investment for leading alternative asset managers since it was founded in 2007.
Terms of the transaction were not disclosed by GSAM will be a minority, passive partner in Pennybacker, which has around $4 billion in assets under management and pursues real estate and infrastructure strategies through both closed-end and open-ended vehicles across the capital structure.
"This transaction marks the next phase in Pennybacker's growth,” said Timothy Berry, founder, chief executive officer and co-chief investment officer of Pennybacker. “With additional capital and a value-add partner, we look forward to extending our strong track record, while continuing to develop the culture and team that have contributed to our success."
Petershill makes minority investments in firms to provide capital to improve employee retention, facilitate business development, buy out legacy equity holders, and generate strategic options. The firms it back retain their autonomy.
“Our aim is to partner with best-in-class firms and Pennybacker has developed the investment and organizational capability to be properly recognized as such,” said Robert Hamilton Kelly, co-head of the program. “We're looking forward to this partnership and helping Pennybacker realize continued success."
Berkshire Global Advisors LP served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Pennybacker. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Petershill.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
