Pennybacker Capital Management Successfully Closes Infrastructure Fund Exceeding $700 Million

Pennybacker Capital Management Achieves Major Milestone

Pennybacker Capital Management, LLC, a prominent player in the real assets investment sector, has announced the successful closing of its inaugural infrastructure fund, known as Pennybacker Critical Infrastructure Partners I, LP. This milestone is significant as it marks the culmination of efforts that led to raising over $430 million in capital commitments, in addition to more than $285 million in co-investments. This brings total funding across Pennybacker's infrastructure platform to an impressive total of over $700 million.

The diverse investor base that contributed to this fund comprises global pensions, insurance companies, endowments, foundations, and family offices. This widespread participation highlights the robust institutional backing that Pennybacker enjoys in the investment community.

Tim Berry, the Founder and CEO of Pennybacker, expressed gratitude to their partners for their trust and belief in the company's vision. He acknowledged the strong demand observed for PCIP I, which highlights a growing appetite for infrastructure strategies that emphasize resilience and long-term growth. Berry mentioned that this fund represents a key component in Pennybacker's mission to become a leading provider in the middle-market real assets sector.

Sam Warfield, the Managing Director and Head of Infrastructure at Pennybacker, also shared his thoughts on the occasion. He emphasized that through PCIP I, they aim to leverage their unique blend of industry knowledge, backed by decades of experience, to identify and scale businesses that are involved in critical infrastructure. This strategic approach is underscored by their focus on data analytics, utilizing their proprietary platform, Pennybacker αlpha™, to uncover opportunities within the sector.

PCIP I is strategically designed to target lower-to-middle market equity investments primarily focused on critical infrastructure businesses with hard assets and established cash flows. This customer-centric and solution-oriented approach is intended to drive the growth of real-asset intensive operational businesses, ensuring mutually beneficial outcomes for all stakeholders involved.

To date, PCIP I has successfully completed three pivotal investments that align closely with its strategic vision:

1. Cambrian Innovation (August 2023): Pennybacker acquired Cambrian Innovation, known for its innovative wastewater treatment and energy recovery solutions. The company's modular and cost-effective system aids industrial clients in reducing operational costs while achieving sustainable practices, positioning it well in the market of resilient water infrastructure.

2. Sawgrass LNG Power (November 2024): This acquisition involved a leading supplier of liquefied natural gas (LNG) and comprehensive gas-to-power solutions, catering to various clientele in the Southeastern U.S. and the Caribbean. With a cutting-edge LNG facility in Miami, the company ensures a reliable energy supply, assisting customers in transitioning to cleaner alternatives from diesel-based options.

3. Baseline Energy Services (March 2025): Pennybacker added Baseline Energy Services to its portfolio, a firm that specializes in low-carbon, mobile distributed power generation solutions. Based in Fort Worth, Texas, Baseline addresses the power demands of diverse industries—including oil and gas, data centers, and utilities—amid heightened electricity consumption and grid reliability concerns brought on by increasing extreme weather.

Andrew Knox, Managing Director and Head of Capital Formation at Pennybacker, remarked that the success of this financial raise is a testament to the longstanding relationships and trust cultivated with investors over the years. This latest achievement not only welcomes new institutional backers to the fold but also strengthens existing partnerships, reiterating Pennybacker's stature in the investment landscape.

As Pennybacker looks ahead, the company remains committed to identifying further investment opportunities that align with its strategic intentions across the real assets sector. With a solid foundation and substantial backing, the future appears promising for Pennybacker and its infrastructure endeavors.

Pennybacker Capital Management operates out of Austin, Texas, and currently oversees approximately $4.8 billion in assets. The firm specializes in both real estate and infrastructure strategies through various investment vehicles, promoting innovation and sustainability across its portfolio. To learn more about Pennybacker, visit www.pennybackercap.com.