Seller Details:
Pennybacker Capital Management, LLC (“Pennybacker”) is a real assets investment management firm based in Austin, TX, with ~$4 billion of assets under management. The firm pursues real estate and infrastructure strategies through both closed-end and open-ended vehicles across the capital structure.
Buyer Details:
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023.
Established in 2007, Petershill partners with leading alternative asset managers and helps to accelerate their strategic development. Petershill’s minority investments seek to support the creation of long-term value by providing strategic capital to enhance employee retention, facilitate business development, buy out legacy equity holders and generate strategic options – while preserving the autonomy and entrepreneurial spirit of these organizations.
Transaction Summary:
Pennybacker, announced that Goldman Sachs Asset Management’s Petershill program has made a strategic investment in the firm. Terms of the transaction were not disclosed. Pennybacker will leverage this passive, minority investment to accelerate the evolution of its platform as a leading middle-market real assets investment manager.