Pennybacker Capital Management, LLC, an Austin-based real assets investment manager, has closed its inaugural infrastructure fund, Pennybacker Critical Infrastructure Partners I, LP (PCIP I). The fund raised more than $430 million in capital commitments and secured over $285 million in co-investment capital, bringing total commitments across Pennybacker’s infrastructure platform to above $700 million.
The investor base for PCIP I includes pensions, insurance firms, endowments, foundations, and family offices, reflecting wide institutional participation.
“The close of Pennybacker Critical Infrastructure Partners I marks a pivotal milestone for our firm and our investors. We are grateful for the confidence our partners have placed in us as we continue building one of the leading middle-market real assets platforms,” said Tim Berry, Founder, CEO, and Co-Chief Investment Officer of Pennybacker.
Sam Warfield, Managing Director and Head of Infrastructure, added, “Through PCIP I, we are demonstrating how Pennybacker's unique blend of our middle-market real assets platform combined with data-driven insights enables us to identify and scale compelling contracted, hard asset critical infrastructure businesses.”
PCIP I is a lower-to-middle market equity strategy that targets infrastructure businesses with contracted cash flows and asset-heavy models. The approach combines customer-focused growth with data-backed insights to scale operating businesses. The investment team draws on Pennybacker’s 19 years of experience across real estate ownership, operations, and lending, supported by its proprietary analytics platform, Pennybacker αlpha™.
The fund has completed three investments to date, aligning with its strategy of backing resilient infrastructure businesses:
Cambrian Innovation (August 2023): A company specializing in advanced wastewater treatment, water reuse, and energy recovery-as-a-service. Its modular systems help industrial clients reduce costs while meeting sustainability goals.
Sawgrass LNG & Power (November 2024): A Miami-based liquefied natural gas supplier and gas-to-power solutions provider, serving customers in the Southeastern U.S. and the Caribbean. The firm operates a modern LNG facility with daily production capacity of 100,000 gallons.
Baseline Energy Services (March 2025): A Fort Worth-based provider of low-carbon, mobile distributed power generation solutions. Its offerings support sectors such as oil and gas, utilities, and data centers that face rising demand and grid reliability issues.
Andrew Knox, Managing Director and Head of Capital Formation, noted, “The success of this raise reflects the trust and partnership we've built with our investors over many years. We are deeply grateful for the continued support of our existing partners and proud to welcome a number of new, leading institutional investors to the Pennybacker platform.”
Pennybacker Capital Management oversees approximately $4.8 billion in assets. Its portfolio spans real estate and infrastructure strategies through closed-end and open-ended vehicles across the capital structure.
—----------------------
If you are a proptech company and want to promote your products for free, go to proptechbuzz.com and submit your products. For investors or proptech buyers, sign up on our platform to stay informed about exciting updates and trends in the Proptech Ecosystem.
Explore more Proptech news at proptechbuzz.com/news, for news tips and promotions, reach out to marketing@proptechbuzz.com.
By Proptechbuzz
By Ravi Kumar