# Pennybacker Capital

Pennybacker Capital is an Asset Manager based in Austin, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Austin, United States
- **Region:** North America
- **Address:** Austin, TX, United States
- **Founded:** 2006
- **Assets under management:** over $4 billion (per the firm, 2026)
- **Website:** pennybackercap.com
- **LinkedIn:** https://www.linkedin.com/company/pennybacker-capital

## Regulatory record

- **CRD number:** 160056
- **SEC file number:** 801-73385
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/160056

## About

Pennybacker Capital is an SEC-registered investment adviser in Austin, TX, registered since 2012. The firm manages $4.9 billion in assets, with $4.3 billion on a discretionary basis. It has 63 employees and 43 investment advisers.

## Sectors

- Real Estate
- Infrastructure

## People

- Tim Berry — Founder, Chief Executive Officer and Co-Chief Investment Officer
- Vince Reyna — Co-Chief Investment Officer
- Thomas Beier — Principal, President, and Head of Real Estate

## Questions

### Who runs investment decisions at 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.

### How does Pennybacker source real estate and infrastructure deals?

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.

### Does Pennybacker invest in fund commitments or only direct deals?

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.

### What investment stages and asset classes does Pennybacker target?

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.

### How is Pennybacker’s infrastructure strategy organized relative to its real estate practice?

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.

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- [Crédit Mutuel Capital Privé](https://altss.com/profile/credit-mutuel-capital-prive)
- [Kendall Capital](https://altss.com/profile/kendall-investments)

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Last updated: 2026-06-03T20:00:00.000Z

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