Pacific Current Group (PAC) and Kudu Investment Management have on an equal basis purchased a minority stake in Pennybacker Capital Management. Pennybacker did not disclose terms.
PAC is a multi-boutique asset management firm with offices in the Pacific Northwest and Australia. PAC invests permanent capital in boutique asset management firms that seek long-term growth. Including Pennybacker, PAC has investments in 16 boutique asset managers globally. Kudu, headquartered in New York, provides permanent capital solutions to asset managers and wealth managers worldwide. Its investment partners collectively manage over $50 billion.
Pennybacker is an Austin-based technology-driven, alternative investment manager. The firm’s strategies focus on retail, office, and industrial assets, as well as affordable multifamily properties across the United States. Pennybacker’s assets under management exceed $1.9 billion.
Pennybacker plans to use the proceeds from the trans
