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Alternative Assets  + Real Assets  |  May 14, 2024
GSAM’s Petershill Program Takes Stake in $4B Pennybacker
Joe Palmisano
By: Joe Palmisano

Goldman’s Petershill Program Takes Stake in $4B Pennybacker 

Goldman Sachs Asset Management’s Petershill program has made a strategic investment in Pennybacker Capital Management, LLC., an Austin, TX-based real assets investment management firm. 

Financial terms of the transaction were not disclosed.  

Since its founding in 2006, Pennybacker has grown to manage approximately $4 billion in assets, most of it coming from public pensions such as the Teachers Retirement System of Texas and the Texas County & District Retirement System. 

The firm intends to use the new funds to advance its real estate and infrastructure strategies, which deploy capital through both closed-ended and open-ended vehicles.   

“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,” said Timothy Berry, founder, CEO and Co-CIO of Pennybacker. 

Petershill, Goldman Sachs’ GP stakes business founded in 2017, has funded firms such as Kennedy Lewis Investment Management, an opportunistic credit specialist, and Arlington Capital Partners, a middle market private equity firm.   

Don’t miss the Connect Money: Real Assets Capital Raise event on June 5 in Chicago at the W City Center. Meet real assets investing experts like Art Rendak, president, Inland Mortgage Capital, LLC. 

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Inside The Story

Goldman Sachs Asset Management's Petershill Pennybacker Capital Management, LLC.

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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