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Alternative Assets  + Real Assets  |  May 14, 2024
GSAM’s Petershill Program Takes Stake in $4B Pennybacker
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 for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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