What sectors does Pennybacker focus on?

Pennybacker focuses on PropTech.

Where is Pennybacker located?

Pennybacker is headquartered in Austin, US.

Pennybacker

Private equity

Austin · 20 people tracked

Also known as Pennybacker Capital Management, Llc

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Find your way into Pennybacker

1,413 people in our graph share verified history with the Pennybacker team — schools, employers, funds. One of them is your warm intro.

Dan Bartusunlockedknows Jamie Pacala · together at Bank of America Merrill Lynch (overlapped)

×5knows the team · via Bank of America Merrill Lynch

knows the team · via United States Air Force

knows the team · via Rockwood Capital

knows the team · via University of Virginia

×2knows the team · via UNC Kenan-Flagler Business School

✨ Fox Verdict

Investment thesis

Pennybacker invests in real estate and infrastructure enhancement opportunities across the United States, aiming to produce strong returns by applying operational experience, near real-time insights, and predictive analytics to optimize property values and portfolio performance. The firm partners with management teams in underserved and lower-to-middle markets to grow contracted, real-asset intensive operating businesses and to capitalize on converging market tailwinds. It combines boots-on-the-ground experience with proprietary technology that predicts trends and optimizes portfolios, cultivating diverse perspectives and deep experience to spot opportunity, mitigate risk, and adapt across market cycles.

Invests inPropTech Austin United States

Source: firm website, verified Sep 15, 2026.

Austin, TX, US

Instruments

Equity · Debt

Founded

2006

AUM

$4.9B

Tracked investments

Team · 20 people

from the firm's website

Tim Berry· Founder, CEO & Co-Chief Investment Officer· Austin, TXin

Founder and CEO of Pennybacker Capital, leading firm strategy and heading the Investment Committee since the firm's 2006 inception. Previously worked at KPMG, Qualcomm's Strategic Investments Group, and Deloitte.

Jason Dean· Principal, Real Estate· Austin, Texas, United Statesin

Leads Real Estate and Technology & Data Analytics teams and helps evolve corporate strategy and the Pennybacker Alpha platform. Has over 15 years of commercial real estate experience; previously at Grosvenor and AIMCO.

Lindsey Jacot· Principal, Chief Financial Officer & Chief Compliance Officer· Austin, Texas, United Statesin

CFO and Chief Compliance Officer responsible for fiscal planning, forecasting, finance, reporting, and compliance. Previously EVP of Finance and CCO at Titan Fund Management.

Richard Long· Principal, Portfolio Manager, Evergreen· Austin, Texas, United Statesin

Leads strategy and performance of Pennybacker Evergreen Partners, focusing on sourcing and executing investments across U.S. growth markets. Joined in 2014 and has been involved in more than 108 transactions; previously at Invesco Real Estate, Vornado, and Walker & Dunlop.

Thomas Beier· Principal, President, Head of Real Estate· Denver, COin

President and Head of Real Estate, leading senior leadership across investment themes and firmwide processes and serving on the Investment Committee. Joined at inception; previously worked at N3 Development and Ernst & Young, and is a CPA.

Vince Reyna· Senior Principal, Co-Chief Investment Officer· Austin, Texas, United Statesin

Oversees strategy, sourcing, underwriting, and deal structuring, and sits on the firm's Investment Committee. Previously a VP and senior underwriter at CIT Corporate Finance and worked at Prudential Capital Group and JPMorgan; holds the CFA designation.

Andrew Knox· Managing Director, Head of Capital Formation· Austin, Texas, United Statesin

Leads capital formation efforts, building relationships with existing and prospective limited partners. Has over 15 years of real estate experience; previously spent over 10 years at Stockbridge Capital Group.

Austin Covert· Senior Analyst, Real Estate· Austin, TXin

Senior Analyst in Real Estate responsible for investment management, research, and underwriting across all asset classes. Joined in 2024; earned a finance degree from UT Austin's McCombs School of Business.

Edvin Beasley· Managing Director, Portfolio Manager, Value Funds· Austin, TXin

Responsible for the performance of Pennybacker's value platform, focusing on investment identification and business plan execution. Previously spent nine years at Stream Realty Partners and worked at Trammell Crow Company and Deloitte.

Gabriela Carryl· Senior Analyst, Finance· Austin, TXin

Senior Analyst in Finance producing financial and real estate data analyses on asset and fund level performance. Joined in 2022; a CFA Charterholder previously working as a Performance Analyst at an investment consulting firm.

Heather Armstrong· Senior Analyst, Corporate Accounting· Austin, TXin

Senior Analyst in Corporate Accounting assisting with GP accounting. Joined Pennybacker in 2019; previously worked in accounting at Pluckers Wing Bar.

Jackie Mulvihill· Managing Director, Head of Corporate Strategy· Austin, Texas, United Statesin

Leads corporate strategy initiatives and oversees corporate operations. Previously an investor at Stone Point Capital and an investment banking analyst at Bank of America.

Jamie Pacala· Managing Director, Real Estate· New York, New York, United Statesin

Focuses on sourcing and executing equity and credit investments across Pennybacker's value and evergreen platforms. Has over 15 years of experience; previously spent nine years at Rockwood Capital and worked at Bank of America Merrill Lynch.

Madi Carpenter· Associate, Fund Accounting· Austin, TXin

Associate in Fund Accounting handling daily fund accounting, reporting, and fund operations. Joined in 2023; previously a Fund Administrator at Standish Management.

Megan Billingsley· Vice President, Fund Accounting· Austin, TXin

Vice President of Fund Accounting overseeing fund financial reporting and accounting across investment platforms and funds. Joined in 2020; previously a Senior Associate at PwC and a licensed CPA in Texas.

Patrick Conner· Associate, Real Estate· Austin, TXin

Associate in Real Estate leading portfolio management for Pennybacker Evergreen Partners and evaluating investment opportunities across U.S. growth markets. Joined in 2025; previously an Associate at Banner Oak Capital Partners and a CPA.

Sam Warfield· Managing Director, Head of Infrastructure· Austin, Texas, United Statesin

Leads Pennybacker Critical Infrastructure Partners with direct infrastructure investing experience. Previously Managing Director and Head of U.S. Investments at Arroyo Investors and a corporate associate at Simpson Thacher & Bartlett.

Tom Costigan· Senior Associate, Real Estate· Denver, COin

Senior Associate in Real Estate sourcing and evaluating investments across asset classes in the Rocky Mountain and Western U.S. Joined in 2025; previously a Senior Associate at Blackstone and an Associate at Citigroup.

Trinity Cole· Analyst, Capital Formation· New York, NYin

Analyst in Capital Formation developing marketing materials and managing investor communications. Joined in 2025; previously a PR Account Executive at The Berman Group.

William Braffman· Analyst, Real Estate· New York, NYin

Real Estate Analyst responsible for investment management and researching and underwriting potential opportunities. Joined Pennybacker in 2026; earned a finance degree from the University of Texas at Austin.

What they invest in

from 1 of 1 portfolio companies

Cleantech ×1

HQs:United States×1

Investments · 1 tracked

founders shown can be your intro path

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Cambrian Innovation

Portfolio news

latest coverage across their companies

Pennybacker Raises Over $700 Million for Inaugural Infrastructure Platform

Cambrian Innovation · prnewswire.com · Sep 17, 2025

Fund performance · per public LP disclosures · 3

as of Dec 2025

Fund	Vintage	Committed	Net IRR	TVPI	DPI
PENNYBACKER EIVLPs: Texas Municipal Retirement System, University of Texas Investment Management Company	—	—	-0.7%	0.98x	—
PENNYBACKER V LPLPs: Texas Municipal Retirement System, University of Texas Investment Management Company	—	—	1.9%	1.07x	0.16x
PENNYBACKER VI LPLPs: Texas Municipal Retirement System, Kern Family Foundation, University of Texas Investment Management Company	—	—	5.5%	1.07x	0.00x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

What sectors does Pennybacker focus on?: Pennybacker focuses on PropTech.
Where is Pennybacker located?: Pennybacker is headquartered in Austin, US.

Images

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