AUSTIN, Texas, Dec. 16, 2019 /PRNewswire/ -- Pennybacker
Capital Management, LLC ("Pennybacker"), a real estate private
equity firm, has announced that Pacific Current Group Limited
(ASX:PAC, "PAC"), and Kudu Investment Management, LLC ("Kudu") have
on an equal basis purchased a minority stake in Pennybacker.
Pennybacker did not disclose terms.
PAC is a multi-boutique asset management firm with offices in
the Pacific Northwest and Australia. PAC invests permanent capital in
boutique asset management firms that seek long-term growth.
Including Pennybacker, PAC has investments in 16 boutique asset
managers globally. Kudu, headquartered in New York, provides permanent capital solutions
to asset managers and wealth managers worldwide. Its investment
partners collectively manage over $50
billion.
Pennybacker is an Austin-based
technology-driven, alternative investment manager. The firm's
strategies focus on retail, office, and industrial assets, as well
as affordable multifamily properties across the United States. Pennybacker's assets under
management exceed $1.9 billion.
Pennybacker plans to use the proceeds from the transaction to
further strengthen the management company balance sheet and fund
various technology, investment, staffing, and growth initiatives.
The firm will continue to be overseen by its founder and principals
and there will be no changes to its strategies or day-to-day
operations.
Pennybacker Founder, President and CEO, Tim Berry, noted that, "We are thrilled to be
partnering with PAC and Kudu. PAC and Kudu's deep experience and
successful track record of partnering with investment managers in a
broad range of asset classes across the globe will greatly benefit
Pennybacker's long-term strategic plans and future growth. We
are excited about the opportunities our relationship with PAC and
Kudu will create for our platform."
PAC CEO & CIO, Paul Greenwood
stated that, "Pennybacker is a truly unique investment firm.
It is distinguished by its culture, the application of advanced
technology to private real estate investing, and the consistently
strong results it has produced for its clients." He added,
"This investment in Pennybacker expands our efforts to partner with
best-in-class boutique alternative investment firms that have
carved out unique niches within their respective industries."
Rob Jakacki, Kudu CEO, said,
"Kudu is excited to be partnering with Pennybacker, an outstanding
alternative asset manager with a cutting-edge approach to real
estate investing. We look forward to supporting Tim and his team as
they grow their franchise."
Berkshire Global Advisors served as the exclusive investment
banking advisor to Pennybacker on this transaction.
ABOUT PENNYBACKER CAPITAL MANAGEMENT
Pennybacker
Capital Management is an alternative investment manager focused on
real estate private equity investments. Pennybacker has
offices in Austin, Denver, New York, and Nashville (opening in 2020).
The firm pursues value, credit, and income & growth
strategies across all real estate asset classes.
Pennybacker has a proven 12+ year track record of investing in
and/or operating over 170 commercial and multifamily real estate
properties throughout the United
States. To date, the firm has sponsored six discretionary
value-add real estate private equity funds, two real estate credit
funds, and four income and growth separate accounts.
ABOUT PACIFIC CURRENT GROUP
Pacific Current Group
Limited is a multi-boutique asset management firm dedicated to
providing exceptional value to shareholders, investors and
partners. Pacific Current applies their strategic resources,
including capital, institutional distribution capabilities and
operational expertise to help their partners excel. Including
Pennybacker, Pacific Current Group has investments in 16 boutique
asset managers globally.
ABOUT KUDU INVESTMENT MANAGEMENT
Kudu provides
permanent capital solutions to asset and wealth managers and is
backed by partner White Mountains Insurance Group, Ltd. (NYSE:
WTM). Kudu has made investments in 11 partner firms in the U.S. and
Europe managing over $50 billion in combined assets for investors
worldwide. www.kuduinvestment.com
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SOURCE Kudu Investment Management, LLC