Pennybacker Closes $1.6B Real Estate Fund 

Pennybacker Capital Management, LLC, an Austin, TX-based real assets manager that recently received an undisclosed strategic investment from Goldman Sachs Asset Management’s Petershill program, announced the final closing of its sixth value opportunity series fund, Pennybacker VI, LP, exceeding its $1.6 billion target. 

The latest vintage in the series will invest in U.S. real estate assets across equity and debt opportunities. The fund received support from its existing investor base and has attracted numerous first-time commitments from institutional investors, the firm said. 

“We are excited to put Fund VI commitments to work given the backdrop of dislocation across real estate capital markets and our deep experience finding and creating value during turbulent times,” said Tim Berry, founder, CEO, and co-CIO of Pennybacker.  

“Our ability to execute across the capital spectrum, property sectors, and U.S. regions presents what we believe to be a compelling risk-adjusted opportunity for our investors.” 

Pennybacker manages about $4 billion in assets across real estate and infrastructure strategies through closed-end and open-ended vehicles across the capital structure. 

Hear from leaders in real estate capital raising, including ExchangeRight president of strategic relations Geoff Flahardy at the Connect Money: Real Assets Capital Raise event on June 5 in Chicago at the W City Center.