# Pennybacker Capital Management, LLC

> Pennybacker Capital Management, LLC is an SEC-registered investment advisory firm in Austin, TX, registered since 2012, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 160056
- Filed as: PENNYBACKER CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Austin, TX
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/160056
- AdvisorCensus page: https://advisorcensus.com/firm/pennybacker-capital-management-llc-austin-tx-160056

## Quick answers

**How is Pennybacker Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Pennybacker Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**Where is Pennybacker Capital Management, LLC located?**
Pennybacker Capital Management, LLC's principal office is in Austin, TX, according to its Form ADV; the April 2026 filing also lists 4 other offices (Schedule D, Section 1.F).

**Is Pennybacker Capital Management, LLC registered with the SEC or a state?**
Pennybacker Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 160056.

**How much does Pennybacker Capital Management, LLC manage?**
Pennybacker Capital Management, LLC reports $4,861,965,170 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (88% discretionary).

**How have Pennybacker Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Pennybacker Capital Management, LLC: Regulatory assets under management: $2,121,916,115 in the October 2021 data and $4,861,965,170 in the October 2026 data, up 129%. Total employees: 36 in October 2021 and 63 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Pennybacker Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (33).

**Does Pennybacker Capital Management, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/160056

**Does Pennybacker Capital Management, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 30, 2026 says: "Generally, limited partner interests in the private funds require a minimal capital commitment of $1,000,000, although the General Partner is able to accept commitments of lesser amounts."

**What changed in Pennybacker Capital Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 45 to 43.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Account minimum: $1,000,000

> Generally, limited partner interests in the private funds require a minimal capital commitment of $1,000,000, although the General Partner is able to accept commitments of lesser amounts.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $4,861,965,170
- Discretionary: $4,258,438,727
- Non-discretionary: $603,526,443

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 33 | $4,861,965,170 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 63 total, 43 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO, NC, NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Charlotte, NC
- Dallas, TX
- Denver, CO
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- pennybackercap.com
- LinkedIn @pennybacker-capital-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,121,916,115 | 36 | March 23, 2021 |
| October 2022 | $2,284,489,930 | 39 | April 20, 2022 |
| October 2023 | $3,025,698,224 | 53 | May 31, 2023 |
| October 2024 | $3,672,917,316 | 54 | July 12, 2024 |
| October 2025 | $5,181,513,768 | 61 | March 28, 2025 |
| October 2026 | $4,861,965,170 | 63 | March 30, 2026 |

Regulatory assets under management: $2,121,916,115 in the October 2021 data and $4,861,965,170 in the October 2026 data, up 129%.
Total employees: 36 in October 2021 and 63 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 45 to 43.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Pennybacker Capital Management, LLC (CRD 160056): Form ADV filing data as of October 2026.