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N3 rebrands as Pennybacker Capital

The Texas private equity real estate firm formerly known as N3 Capital Partners has renamed itself after a landmark bridge in Austin, where it is relocating its headquarters. The firm, which closed its debut fund on $250m last year, is targeting commercial and residential real estate as well as land assets.

N3 Capital Partners has rebranded itself as Pennybacker Capital after moving its headquarters to Austin, Texas.

Pennybacker founder Tim Berry had named the firm after the development company he started almost six years ago, N3 Development.

Berry sold his interest in the building company in July last year, before forming private equity real estate firm, N3 Capital Partners, and raising a $250 million (€170 million) opportunistic fund. The nephew of US President George W Bush, George P Bush, is one of the principals.

In a statement, Berry said the firm – rebranded after Austin’s landmark bridge, the Pennybacker –  was targeting mispriced assets including commercial, mixed-use and residential real estate, as well as land primarily through joint ventures with developers. The firm will make equity investments of up to $20 million over the next four years focusing on states such as Florida, Texas and Phoenix.

Pennybacker, Berry went on to say, was “in the right place at the right time,” to take advantage of the credit market dislocation and the lack of credit and equity. Pennybacker would also target non-performing and performing real estate loans, he added.

As part of the rebranding exercise, Pennybacker is moving its headquarters to Austin from Fort Worth. As well as Berry and Bush, other principals include financial analyst Vince Reyna and accountant Michael O’ Malley. All four reportedly went to graduate school at the University of Texas. 

According to Pennybacker's website, the firm has already invested in a JV with real estate services firm, the Retail Connection, to develop a 413,000 square foot power center.