Kudu Investment Management, a capital provider for asset and wealth management firms, and Pacific Current Group Ltd., together made a minority investment in Pennybacker Capital Management, Kudu spokeswoman Sarah Lazarus confirmed in an email.
Terms of the deal, which closed Friday, were not disclosed.
Pennybacker is a private equity real estate firm with $1.9 billion in assets under management. Kudu's and PCG's investment in Pennybacker will not affect the firm's day-to-day operations or its investment and decision-making processes, Ms. Lazarus said.
Berkshire Global Advisors served as investment banking adviser to Pennybacker.