Overview
A. Pennybacker Capital Management, LLC (the “Adviser”) is a real asset private equity firm
headquartered in Austin, Texas. The Adviser provides investment advisory services on a discretionary
basis to private investment limited partnerships that focus on generating favorable risk-adjusted returns
primarily by acquiring and managing middle-market multifamily, industrial, retail and office,
properties across the United States, private investment limited partnerships that invest in high-yield
debt and preferred equity interests backed by commercial real estate-related assets, and critical
infrastructure investments in operating platforms (each, a “Fund,” or “Client” and together, the “Funds”
or “Clients”).
The Adviser was formed in 2006 by Mr. Timothy P. Berry. The Adviser’s principal owners (each
having a greater than 25% ownership interest) are CAVU Holdings, Ltd. and Copper Funding, LLC.
Mr. Berry, Mr. Vince P. Reyna, and Mr. Thomas Beier are the Principals of the Adviser (the
“Principals”). The Principals have more than 59 years of combined real estate private equity investing
and operating experience and have developed and/or repositioned more than 80 projects as principals
as well as more than 250 real estate investment transactions on behalf of high net worth individuals and
institutional investors throughout the U.S.
B. Investment advisory services include establishing each Fund’s investment objective and selecting
portfolio investments according to each Fund’s specific investment
strategy, as described in the
applicable Fund’s confidential offering memorandum (if any) and governing documents (collectively,
the “Offering Documents”). The investment activity of the Adviser generally focuses on fee simple
acquisition, acquisition of debt, providing mezzanine debt and preferred equity middle-market real
estate financing and operating platform investments within critical infrastructure in markets throughout
the U.S. The Adviser seeks investment opportunities in which the Adviser can capitalize on its industry
relationships, acquisition and portfolio optimization platform, direct lending and real asset operating
experience; and will also seek opportunities in which it can capitalize on market inefficiencies in the
middle market, and the ongoing dislocation in the segments of U.S. infrastructure, real assets and capital
markets.
C. While each of its Funds will follow the general strategy stated above, the Adviser tailors the specific
advisory services with respect to each Fund based on the investment guidelines and restrictions stated
in each Fund’s respective Offering Documents and/or investment management agreements. The
Adviser does not tailor its investment advisory services to individual limited partners in any of the
Funds.
D. The Adviser does not participate in wrap fee programs.
E. As of December 31, 2023, the Adviser managed $3,672,917,316 in discretionary portfolios. The
Adviser does not currently manage assets on a non-discretionary basis.