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Pennybacker surpasses $700m for inaugural infrastructure platform
Fundraising - SEPTEMBER 17, 2025

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Pennybacker surpasses $700m for inaugural infrastructure platform

by Kali Persall

Pennybacker Capital Management has closed its first infrastructure fund, Pennybacker Critical Infrastructure Partners I (PCIP I). The fund raised more than $430 million of capital commitments and secured more than $285 million of co-investment capital, bringing total commitments across Pennybacker’s infrastructure platform to more than $700 million.

The fund’s investor base spans global pensions, insurance companies, endowments, foundations and family offices, underscoring broad institutional support.

PCIP I is a lower-to-middle market, value-add equity strategy focused on investing in infrastructure businesses across the critical infrastructure landscape that have hard assets and contracted cash flows. The fund applies a customer-centric and solutions-oriented approach to grow real asset–intensive operating businesses.

To date, PCIP I has closed three investments, which reflect the fund’s strategy of identifying and scaling resilient, contracted hard-as

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