|
Laxman Pai, Opalesque Asia: The multi-boutique asset management firm Pacific Current Group and Kudu Investment Management, a capital provider for asset and wealth management firms together invested in the real estate private equity firm Pennybacker Capital Management.
Terms of the deal were not disclosed.
Texas-based Pennybacker Capital Management 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.
Pennybacker, founded by Tim Berry, has assets under management exceed $1.9 billion. It 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.
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 Founder, President, and CEO, Tim Berry, said: "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 o...................... To view our full article Click here
|
RSS
