Pennybacker Announces Strategic Investment from Petershill at Goldman Sachs Asset Management

Rhea-AI Summary

Pennybacker Capital Management, an Austin-based real assets investment firm, received a strategic investment from Goldman Sachs Asset Management's Petershill program, aiming to accelerate growth. The terms of the transaction were not disclosed. The investment will help Pennybacker enhance its platform as a middle-market real assets investment manager.

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• Goldman Sachs Asset Management's strategic investment will provide additional capital for Pennybacker's growth and development as a leading middle-market real assets investment manager.

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• None.

AUSTIN, Texas, May 13, 2024 /PRNewswire/ -- Pennybacker Capital Management, LLC (Pennybacker), an Austin, Texas-based real assets investment management firm, is pleased to announce that Goldman Sachs Asset Management's Petershill program has made a strategic investment in the firm. Terms of the transaction were not disclosed.

Pennybacker will leverage this passive, minority investment to accelerate the evolution of its platform as a leading middle-market real assets investment manager.

Timothy Berry – Founder, Chief Executive Officer, and Co-Chief Investment Officer of Pennybacker – said, "This transaction marks the next phase in Pennybacker's growth. 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."

Robert Hamilton Kelly – co-head of Goldman Sachs Asset Management's Petershill program – said, "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. 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.

About Pennybacker:

Pennybacker is a real assets investment management firm based in Austin, Texas, with approximately $4 billion of assets under management. The firm pursues real estate and infrastructure strategies through both closed-end and open-ended vehicles across the capital structure. 

About Goldman Sachs Asset Management's (GSAM) Petershill Program:

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023.

Established in 2007, Petershill partners with leading alternative asset managers and helps to accelerate their strategic development. Petershill's minority investments seek to support the creation of long-term value by providing strategic capital to enhance employee retention, facilitate business development, buy out legacy equity holders and generate strategic options – while preserving the autonomy and entrepreneurial spirit of these organizations.

This material shall not constitute an offer to sell or the solicitation to buy securities. The opinions expressed herein represent the current, good faith views of Pennybacker Capital Management, LLC ("Pennybacker") at the time of publication and are provided for limited purposes, are not definitive investment advice, and should not be relied on as such. Predictions, opinions and other information contained in this article are subject to change continually and without notice of any kind and may no longer be true after the date indicated. Any forward-looking statements speak only as of the date they are made, and Pennybacker assumes no duty to and does not undertake to update forward-looking statements. Certain information contained herein constitutes "forward-looking statements" which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "target," "intend," "continue," or "believe," or the negatives thereof or other variations thereon or comparable terminology. All forward-looking statements contained in this document speak only as at the date of this document.

Pennybacker is not soliciting any action based on this material. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. An investment is speculative due to a variety of risks and considerations as detailed in a confidential offering document, limited liability company agreement, partnership agreement or other similar materials and this document is qualified in its entirety by the more complete information contained therein and in the related subscription materials. The information provided herein is confidential and should not be disclosed further.

CONTACT: InvestorRelations@pennybackercap.com

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SOURCE Pennybacker Capital Management, LLC

FAQ

What is the strategic investment about?

Pennybacker Capital Management received a strategic investment from Goldman Sachs Asset Management's Petershill program to accelerate its growth as a real assets investment manager.

Who is the founder of Pennybacker Capital Management?

Timothy Berry is the Founder, CEO, and Co-Chief Investment Officer of Pennybacker Capital Management.

Which firms served as advisors for the transaction?

Berkshire Global Advisors LP served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Pennybacker, while Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Petershill.