US real assets investment firm Pennybacker Capital Management has secured an investment from Goldman Sachs Asset Management’s Petershill programme.

The Austin, Texas-based investment manager said it will leverage “this passive, minority investment to accelerate the evolution of its platform as a leading middle-market real assets investment manager”.

Financial details were undisclosed.

The Petershill programme targets value-added, long-term, minority investments by providing strategic capital to mid-sized asset management firms.

Robert Hamilton Kelly, co-head of Goldman Sachs Asset Management’s Petershill programme, said: “Our aim is to partner with best-in-class firms and Pennybacker has developed the investment and organisational capability to be properly recognised as such.

”We’re looking forward to this partnership and helping Pennybacker realise continued success.”

Timothy Berry, founder, CEO and co-CIO of Pennybacker, said: “This transaction marks the next phase in Pennybacker’s growth. 

”With additional capital and a value-add partner, we look forward to extending our strong track record, while continuing to develop the culture and team that have contributed to our success.”

To read the latest IPE Real Assets magazine click here