Pacific Current Group and Kudu Investment Back Pennybacker Capital Management
Posted on 12/17/2019
In equal investment amounts, Australia-based Pacific Current Group Limited and New York-based Kudu Investment Management, LLC acquired a minority equity stake in Austin, Texas-based Pennybacker Capital Management, LLC is a real estate private equity firm. Pennybacker Capital focuses on retail, office, and industrial assets, as well as affordable multifamily properties across the United States. The company name comes from the arched Pennybacker Bridge, a local landmark in Austin, Texas.
Pennybacker Capital was co-founded by Tim Berry and has assets under management of around US$ 1.9 billion. George Prescott Bush, the Land Commissioner of Texas and son of former Florida Governor Jeb Bush, is also a founder of Pennybacker Capital when it was known as N3 Capital. Bush exited Pennybacker in 2012.
Advisors
Berkshire Global Advisors served as the exclusive investment banking advisor to Pennybacker on this transaction.