Pennybacker Raises $700M for Debut Infra Platform
Pennybacker Capital Management, LLC announced the final close of its inaugural infrastructure vehicle, Pennybacker Critical Infrastructure Partners I, LP (PCIP I), with more than $430 million in capital commitments. The fund also secured over $285 million of co-investment capital, bringing total commitments across Pennybacker’s infrastructure platform to more than $700 million. Investors include a global base of pensions, insurers, endowments, foundations, and family offices.
PCIP I pursues a lower-to-middle market, value-add equity strategy, targeting infrastructure businesses with hard assets and contracted cash flows across the critical infrastructure landscape. “The strong demand for PCIP I underscores the appetite for resilient infrastructure strategies and validates Pennybacker’s ability to deliver differentiated opportunities across the real assets spectrum,” said Tim Berry, founder, CEO, and co-CIO of Pennybacker.
The fund has already completed three platform investments: Cambrian Innovation (August 2023): Provider of advanced wastewater treatment, water reuse, and energy recovery-as-a-service. Sawgrass LNG & Power (November 2024): Supplier of liquefied natural gas and integrated gas-to-power solutions. Baseline Energy Services (March 2025): National provider of low-carbon, mobile distributed power generation for oil and gas, data centers, industrial manufacturers, and utilities.
Headquartered in Austin, TX, Pennybacker manages approximately $4.8 billion in assets across real estate and infrastructure strategies, spanning closed- and open-end vehicles throughout the capital structure.