9AT: PENNYBACKER CAPITAL MANAGEMENT, LLC

other names

PENNYBACKER CAPITAL MANAGEMENT, LLC

Adviser Profile

As of Date	03/28/2025
ADV Location	AUSTIN, TX, United States
Adviser Type - Large advisory firm
Number of Employees	61 15%
of those in investment advisory functions	45 15%
Registration	SEC, Approved, 03/30/2012

AUM^*	5,181,513,768 56%
of that, discretionary	4,003,054,800 20%
Private Fund GAV^*	6,048,054,799 65%
Avg Account Size	167,145,605 25%
SMA’s	No
Private Funds	35 10
Contact Info	512 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypePrivate Equity Fund	Count9	GAV$2,519,840,446
Fund TypeReal Estate Fund	Count25	GAV$3,528,214,353
Fund TypeOther Private Fund	Count1	GAV$

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser LUBERT-ADLER MANAGEMENT COMPANY, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund760.7m	Real Estate Fund3.0b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund12.0m	Total Private Fund GAV3.8b	AUM3.0b	#Funds44
Adviser BRISTOL GROUP INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund763.8m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV763.8m	AUM2.4b	#Funds4
Adviser LONGPOINT PARTNERS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund3.8b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.8b	AUM4.8b	#Funds9
Adviser CANYON PARTNERS REAL ESTATE LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund3.3b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.3b	AUM3.3b	#Funds56
Adviser BREAKTHROUGH PROPERTIES	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund1.7b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.7b	AUM2.6b	#Funds13
Adviser TGM ASSOCIATES L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund3.6b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.6b	AUM3.6b	#Funds7
Adviser 3650 REIT INVESTMENT MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund4.5b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund625.0k	Total Private Fund GAV4.5b	AUM2.8b	#Funds22
Adviser ACRES	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund1.3b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.3b	AUM3.2b	#Funds1
Adviser GCP INVESTMENT ADVISOR, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund3.3b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.3b	AUM3.3b	#Funds13
Adviser SAGE FINANCIAL GROUP INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund86.6m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV86.6m	AUM3.6b	#Funds5

Brochure Summary

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.

PENNYBACKER CAPITAL MANAGEMENT, LLC

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