Pennybacker Capital

Founder Tim Berry serves as CEO and Co-Chief Investment Officer alongside Vince Reyna, sharing authority on the firm’s Investment Committee. Thomas Beier, President and Head of Real Estate, also sits on the Investment Committee across all platforms. The infrastructure vertical operates under Sam Warfield, who leads Pennybacker Critical Infrastructure Partners and drives direct infrastructure investment decisions.

Pennybacker is an institutional real assets investment manager, not a family office. Tim Berry founded the firm in 2006 and built it as a third-party capital manager raising discretionary commingled funds and separately managed accounts from institutional limited partners. The firm’s $4 billion-plus in AUM reflects pooled investor commitments rather than a single-family balance sheet.

Pennybacker combines boots-on-the-ground relationship networks with its proprietary Pennybacker αlpha analytics platform to identify and underwrite opportunities. The real estate team covers growth markets including the Southeast, Texas, and the Rocky Mountain and Western regions, targeting value-add properties across asset classes. The infrastructure team sources directly in underserved lower- and middle-market sectors, partnering with management teams to grow contracted, asset-intensive operating businesses.

Pennybacker invests directly in real estate properties and infrastructure operating companies, not through fund-of-fund commitments. The firm runs commingled closed-end value funds as well as the open-end Pennybacker Evergreen Partners vehicle for growth-market real estate. All deployment is direct, spanning equity, credit, and structured capital positions across the capital stack.

Pennybacker targets value-add and opportunistic real estate across multifamily, industrial, office, retail, senior housing, and affordable housing. The infrastructure platform focuses on lower- to middle-market operating businesses in contracted, real-asset-intensive sectors. Investments span the full capital stack — equity, structured credit, and special situations — and the firm deploys across property acquisition, ground-up development, and portfolio optimization strategies.

In 2024, Pennybacker formalized its infrastructure strategy as a standalone vertical — Pennybacker Critical Infrastructure Partners — led by Sam Warfield, who joined from middle-market infrastructure investor Arroyo Investors. The infrastructure team operates alongside the real estate platform under shared leadership and the αlpha analytics layer, but pursues a distinct investment mandate focused on operating businesses rather than properties.

There is no public disclosure of a separate philanthropic foundation or family-wealth entity tied to Pennybacker. The firm operates as a single institutional investment manager. Tim Berry is involved in civic and charitable endeavors personally, but these are not structured through the firm — Pennybacker’s activities are limited to its real estate and infrastructure investment platforms.