Pennybacker Capital Management, Llc
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 160056
· SEC file 801-73385
· Austin, TX
· WWW.PENNYBACKERCAP.COM
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ADV data as of Mar 30, 2026
- Regulatory AUM
- $4.9B
- Discretionary
- $4.3B
- Clients
- 33
- Avg AUM / client
- $147M
- Accounts
- 33
- Employees
- 63
AUM over time
$113M
$5.2B
Dec 2011
Dec 2025
Annual snapshots from Form ADV filings · as of Mar 30, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 33 | $4.9B | 100.0% |
Private funds (23)
View all →Reported in Form ADV Section 7.B.(1), filing of Jul 2024 · $3.7B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Pennybacker Vi, Lp master | Real Estate Fund | Delaware | $1.4B | 208 |
| Pennybacker V, Lp | Real Estate Fund | Delaware | $858M | 65 |
| Pennybacker Evergreen Partners, Lp | Real Estate Fund | Delaware | $271M | 18 |
| Pennybacker Eiv, Lp | Real Estate Fund | Delaware | $260M | 38 |
| Pennybacker Iv, Lp master | Real Estate Fund | Delaware | $225M | 98 |
| Pennybacker Critical Infrastructure Partners I, Lp | Private Equity Fund | Delaware | $200M | 6 |
| Pennybacker Real Estate Credit Ii, Lp | Real Estate Fund | Delaware | $137M | 31 |
| Pennybacker Iii, Lp master | Real Estate Fund | Delaware | $57.7M | 88 |
| Pennybacker Credit I, Lp | Real Estate Fund | Delaware | $52.6M | 5 |
| Pbc Allandale, Lp | Real Estate Fund | Delaware | $24.8M | 2 |
| Dfw Affordable Multifamily Holdings, Lp | Real Estate Fund | Delaware | $20.8M | 47 |
| Pbc Denver 2021 Equity I, Lp | Real Estate Fund | Delaware | $19.8M | 2 |
| Pbc Austin 2021 Equity I, Lp | Real Estate Fund | Delaware | $19.8M | 2 |
| Pbc 1111 W 6 Th, Lp | Real Estate Fund | Delaware | $16.3M | 31 |
| 7938 Great Northern, Lp | Real Estate Fund | Delaware | $15.6M | 26 |
People (5)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Berry, Timothy, Parker | Manager; Chief Executive Officer | Dec 2005 (21y) | ≈ 2.34% – 18.75% via Cavu Holdings, Ltd. | |
| Berry, Angela, Michelle | Limited Partner | Dec 2005 (21y) | ≈ 2.34% – 18.75% via Cavu Holdings, Ltd. | |
| Reyna, Vincent, Patrick | Member And Chief Investment Officer | Jan 2009 (18y) | Less than 5% | |
| Jacot, Lindsey, Amber | Chief Compliance Officer/Chief Financial Officer | Mar 2020 (6y) | Less than 5% | |
| Beier, Thomas, Henry | President | Jan 2023 (4y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Pcm Management Holdco, Lp | Shareholder | May 2024 | A | 50% – 75% |
| Pcm Management Feeder, Lp | Limited Partner | May 2024 | B | ≈ 37.5% – 75% via Pcm Management Holdco, Lp |
| Cavu Holdings, Ltd. | Shareholder | Jun 2019 | B | ≈ 9.38% – 37.5% via Pcm Management Feeder, Lp |
| Pcm Feeder Gp, Llc | General Partner | May 2024 | B | GP / trustee / elected manager of Pcm Management Holdco, Lp (indirect) |
Undisclosed: 5% – 50% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Berry, Timothy, Parker: 25% – 50% of Cavu Holdings, Ltd. × 25% – 50% of Pcm Management Feeder, Lp × 75% – 100% of Pcm Management Holdco, Lp × 50% – 75% direct ≈ 2.34% – 18.75% of the firm
- Berry, Angela, Michelle: 25% – 50% of Cavu Holdings, Ltd. × 25% – 50% of Pcm Management Feeder, Lp × 75% – 100% of Pcm Management Holdco, Lp × 50% – 75% direct ≈ 2.34% – 18.75% of the firm
- Pcm Management Feeder, Lp: 75% – 100% of Pcm Management Holdco, Lp × 50% – 75% direct ≈ 37.5% – 75% of the firm
- Cavu Holdings, Ltd.: 25% – 50% of Pcm Management Feeder, Lp × 75% – 100% of Pcm Management Holdco, Lp × 50% – 75% direct ≈ 9.38% – 37.5% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (23, $3.7B gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Pennybacker Vi, Lp | Real Estate Fund | $1.4B | $25.0K | 208 |
| Pennybacker V, Lp | Real Estate Fund | $858M | $250K | 65 |
| Pennybacker Evergreen Partners, Lp | Real Estate Fund | $271M | $75.0K | 18 |
| Pennybacker Eiv, Lp | Real Estate Fund | $260M | $100K | 38 |
| Pennybacker Iv, Lp | Real Estate Fund | $225M | $100K | 98 |
| Pennybacker Critical Infrastructure Partners I, Lp | Private Equity Fund | $200M | $1.5M | 6 |
| Pennybacker Real Estate Credit Ii, Lp | Real Estate Fund | $137M | $50.0K | 31 |
| Pennybacker Iii, Lp | Real Estate Fund | $57.7M | $100K | 88 |
| Pennybacker Credit I, Lp | Real Estate Fund | $52.6M | $500K | 5 |
| Pbc Allandale, Lp | Real Estate Fund | $24.8M | $25.4M | 2 |
| Dfw Affordable Multifamily Holdings, Lp | Real Estate Fund | $20.8M | $10.0K | 47 |
| Pbc Denver 2021 Equity I, Lp | Real Estate Fund | $19.8M | $20.0M | 2 |
| Pbc Austin 2021 Equity I, Lp | Real Estate Fund | $19.8M | $20.0M | 2 |
| Pbc 1111 W 6 Th, Lp | Real Estate Fund | $16.3M | $25.0K | 31 |
| 7938 Great Northern, Lp | Real Estate Fund | $15.6M | $15.0K | 26 |
| Pennybacker Critical Infrastructure Partners I B, Lp | Private Equity Fund | $15.0M | $5.0M | 2 |
| Pbc 3801 Sycamore School Road, Lp | Real Estate Fund | $10.7M | $15.0K | 39 |
| N3 Opportunity Fund I, Lp | Real Estate Fund | $9.5M | $25.0K | 38 |
| Pbc 4901 Pacific Drive, Lp | Real Estate Fund | $6.5M | $50.0K | 35 |
| Pennybacker Real Estate Credit Ii Pacific, Llc | Real Estate Fund | $3.8M | $8.2M | 1 |
| 1515 Cesar Chavez Holdings, Lp | Real Estate Fund | $2.5M | $2.0M | 4 |
| Mckalla Station Holdings, Lp | Real Estate Fund | $1.3M | $1.0M | 4 |
| 5209 Burnet Road Holdings, Lp | Real Estate Fund | $1.2M | $1.0M | 3 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/30/2026 | 6.98 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
- • Other fees
- • CONSTRUCTION MANAGEMENT AND PROPERTY MANAGEMENT FEES
Services
- • Portfolio management for pooled investment vehicles
Custody
Firm reports it does not have custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 30, 2026.
View current Form ADV (SEC/IAPD) ↗