Kudu and Pacific Current Acquire Minority Stake in Pennybacker Capital

December 23, 2019

On December 16, 2019, Pennybacker Capital Management, LLC announced that it had sold a minority interest to Seward & Kissel client, Kudu Investment Management, LLC and its co-investor Pacific Current Group Limited.

Pursuant to the terms of the transaction, Kudu Investment Management, LLC (“Kudu”) and Pacific Current Group Limited (“PCG”) have acquired a minority stake, on an equal basis, in Pennybacker Capital Management, LLC (“Pennybacker”). Pennybacker will continue to be managed by its Founder, President and CEO, Timothy P. Berry. Further terms of the deal were not disclosed. A Seward & Kissel team led by partners, Meir Grossman and Jon Brose, counsel, Julia Spivack and Michael O’Brien, and associates, Danielle Lemberg, Jaime Ma, Maryanne Liu, Brett Cotler, Jay Baroody, Michael Stachiw, Sean Flynn and Katherine Porter represented Kudu and PCG in connection with the transaction.

Pennybacker is an Austin-based alternative investment manager with offices in Austin, Denver, New York and Nashville (opening in 2020) that focuses on real estate private equity investments through value, credit, and income & growth strategies. Pennybacker has over $1.9 billion in assets under management. Berkshire Global Advisors served as exclusive financial advisor to Pennybacker on the transaction.

PCG (ASX:PAC) is an Australia-based multi-boutique asset management firm with offices in the Pacific Northwest and Australia that focuses on investing in boutique asset managers globally through its strategic resources.

Kudu is a New York-based registered investment advisor that provides permanent capital solutions and specializes in minority equity investments in asset management firms, wealth management firms and pooled investment vehicles in the United States, United Kingdom, and Canada.

To read the press release: please click here.


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Investment Manager Private Equity, Investment Manager Strategic Investments, Private Equity Private Equity, Private Equity Strategic Investments, Transactions