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