Pennybacker Raises Over $700 Million for Inaugural Infrastructure Platform

AUSTIN, Texas, Sept. 17, 2025 /PRNewswire/ -- Pennybacker Capital Management, LLC ("Pennybacker"), a real assets investment manager, announced the final close of its first infrastructure fund, Pennybacker Critical Infrastructure Partners I, LP ("PCIP I" or the "Fund"). The Fund raised over $430 million of capital commitments. In addition, the Fund secured over $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.

"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. "The strong demand for PCIP I underscores the appetite for resilient infrastructure strategies and validates Pennybacker's ability to deliver differentiated opportunities across the real assets spectrum."

"We are humbled and appreciative of the trust and support from our investors," said Sam Warfield, Managing Director and Head of Infrastructure. "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, 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 and create win-for-all outcomes. PCIP's purpose-built investment team, with decades of experience in infrastructure investing, leverages Pennybacker's 19+ year track record as an owner, operator, developer, and lender of real estate assets, as well as the firm's proprietary data analytics technology platform, Pennybacker αlpha™.

To date, PCIP I has closed three investments which reflect the Fund's strategy of identifying and scaling resilient, contracted, hard-asset infrastructure businesses:

• In August 2023, Pennybacker acquired Cambrian Innovation, a leader in advanced wastewater treatment, water reuse, and energy recovery-as-a-service. Cambrian's modular, cost-efficient solutions enable industrial customers to lower operating costs while achieving sustainability goals, positioning the company to benefit from rising demand for resilient and circular water infrastructure.
• In November 2024, Pennybacker acquired Sawgrass LNG & Power, a leading provider of liquefied natural gas (LNG) supply and comprehensive gas-to-power solutions, serving a diverse range of customers in the Southeastern U.S. and the Caribbean. Headquartered in Miami, Florida, the company operates a state-of-the-art LNG facility with a production capacity of 100,000 gallons per day and 270,000 gallons of onsite storage, ensuring cost-effective and reliable energy supply to businesses and communities, helping them transition from diesel and heavy fuel oil to cleaner-burning LNG.
• In March 2025, Pennybacker acquired Baseline Energy Services, a leading national provider of low-carbon, mobile distributed power generation solutions to a diverse set of customers including oil and gas, data centers, industrial manufacturing and utilities. Headquartered in Fort Worth, Texas, Baseline provides cost-effective and reliable power solutions to support industries facing increasing power demand, grid reliability challenges, extreme weather events and electrification trends.

"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" said Andrew Knox, Managing Director and Head of Capital Formation at Pennybacker.

About Pennybacker Capital Management, LLC

Pennybacker is a real assets investment manager based in Austin, TX, with approximately $4.8 billion of assets under management. The firm pursues real estate and infrastructure strategies through both closed-end and open-ended vehicles across the capital structure. For more information, visit https://www.pennybackercap.com

SOURCE Pennybacker