Simpson Thacher represented Pennybacker Capital Management, LLC (“Pennybacker”) in connection with the formation and fundraising of its first infrastructure fund, Pennybacker Critical Infrastructure Partners I (“PCIP I” or the “Fund”), which raised over $430 million. In addition, Pennybacker 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. 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.
Pennybacker is a real assets investment manager based in Austin, Texas. The firm pursues real estate and infrastructure strategies through both closed-end and open-ended vehicles across the capital structure.
The Simpson Thacher team included Parker Kelsey, Linda Tieh, Lauren Jenkins, Anita Brown, Ian Zatkin Osburn, Enzo Salamone, Ross Milvenan, Wade Landry, Cynthia Wang and Charles Ritger (Funds); Benjamin Rippeon, Jacqueline Clinton, Tova Pfeffer, Adam Hersch and Jiha Min (Tax); and Erica Rozow, Jeanne Annarumma and Alexander Kharash (ERISA).