DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
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SEC-registered adviser
P••••••••• C•••••• M••••••••• L••
Latest filing Mar 30, 2026
First filing on the tape Feb 13, 2012 · 33 filings
SEC status approved since Mar 30, 2012
RAUM
$4.9B
reported, Item 5.F
Discretionary
88%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
63
43 advisory (5.B.1)
Offices
4
beyond the principal office
Private funds
28
reported on Schedule D
History
33 filings and snapshots on the tape
RAUM$4.9B as of Mar 30, 2026
Mar 14, 2013$128M then
HNW client RAUM$0 as of Mar 30, 2026
Mar 29, 2018$0 then
State-registered IARs (5.B.3)0 as of Mar 30, 2026
Mar 14, 20130 then
Employees (5.A)63 as of Mar 30, 2026
Mar 14, 201310 then
Private funds28 as of Mar 30, 2026
Mar 14, 20134 then
RAUM -6.2% over the last fiscal year+17% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Mar 30, 2026; every figure names its basis
- RAUM per advisor
- unknownderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- unknownderivedHNW RAUM over HNW clients
- Average account
- $147MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 88%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- unknownderivedItem 5.A over advisors
- Advisors per office
- unknownderived5 offices incl. principal (1.F.5)
- RAUM growth, one year
- -6.2%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, performance-based, otherreportedItem 5.E
- Advisory activities
- portfolio management for pooled vehiclesreportedItem 5.G
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- has discretionary authority over which securities are bought or sold (8.C.1)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$4.9B100%
- Individual clients
- 0reported
- HNW clients
- 0reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 33reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Left, latest
none on the tape
Joined, latest
none on the tape
Private funds
33 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| P••••••••• V•• L• | R••• E••••• Fund | $1.4B | 208 | Mar 31, 2023 |
| P••••••••• V• L• | R••• E••••• Fund | $858M | 65 | Mar 30, 2020 |
| P••••••••• E•••••••• P•••••••• L• | R••• E••••• Fund | $271M | 18 | Mar 29, 2022 |
| P••••••••• E••• L• | R••• E••••• Fund | $260M | 38 | Mar 30, 2020 |
| P••••••••• I•• L• | R••• E••••• Fund | $225M | 98 | Mar 27, 2017 |
| P••••••••• C••••••• I••••••••• P••••••• I• L• | Private Equity Fund | $200M | 6 | Mar 28, 2024 |
| P••••••••• R••• E••••• C••••• I•• L• | R••• E••••• Fund | $137M | 31 | Mar 30, 2020 |
| P••••••••• I••• L• | R••• E••••• Fund | $57.7M | 88 | Mar 27, 2014 |
| P••••••••• C••••• I• L• | R••• E••••• Fund | $52.6M | 5 | Mar 27, 2019 |
| P••••••••• C••••• I•••• L•no longer reported | R••• E••••• Fund | $25.5M | 2 | Mar 29, 2022 |
| P•• A••••••••• L• | R••• E••••• Fund | $24.8M | 2 | Mar 30, 2020 |
| D•• A••••••••• M••••••••• H•••••••• L• | R••• E••••• Fund | $20.8M | 47 | Mar 27, 2019 |
| P•• D••••• 2••• E••••• I• L• | R••• E••••• Fund | $19.8M | 2 | Mar 31, 2023 |
| P•• A••••• 2••• E••••• I• L• | R••• E••••• Fund | $19.8M | 2 | Mar 29, 2022 |
| P•• 1••• W• 6••• L• | R••• E••••• Fund | $16.3M | 31 | Mar 29, 2022 |
| 7••• G•••• N•••••••• L• | R••• E••••• Fund | $15.6M | 26 | Mar 27, 2019 |
| P••••••••• C••••••• I••••••••• P••••••• I• B• L• | Private Equity Fund | $15.0M | 2 | Mar 28, 2024 |
| P•• 3••• S••••••• S••••• R•••• L• | R••• E••••• Fund | $10.7M | 39 | Mar 29, 2022 |
| N• O••••••••• F••• I• L• | R••• E••••• Fund | $9.5M | 38 | Feb 13, 2012 |
| P•• 4••• P•••••• D••••• L• | R••• E••••• Fund | $6.5M | 35 | Mar 30, 2020 |
| P••••••••• R••• E••••• C••••• I• P••••••• L•• | R••• E••••• Fund | $3.8M | 1 | Mar 31, 2023 |
| M• U••••• O•••••• L••no longer reported | R••• E••••• Fund | $2.9M | 2 | Feb 13, 2012 |
| 1••• C•••• C••••• H•••••••• L• | R••• E••••• Fund | $2.5M | 4 | 2•••-03-23 |
| M•••••• S•••••• H•••••••• L• | R••• E••••• Fund | $1.3M | 4 | Mar 31, 2023 |
| 5••• B••••• R••• H•••••••• L• | R••• E••••• Fund | $1.2M | 3 | Mar 29, 2022 |
| 3••• W•••• B••••• P•••••• H•••••••• L• | R••• E••••• Fund | $874,325 | 3 | Mar 29, 2022 |
| 2••• 1•••• S••••• H•••••••• L• | R••• E••••• Fund | $807,896 | 3 | Mar 29, 2022 |
| 2••• W••• M••••••• D•••• H•••••••• L• | R••• E••••• Fund | $764,760 | 3 | Mar 29, 2022 |
| 7•• R•••• R•• H•••••••• L• | R••• E••••• Fund | $514,179 | 3 | Mar 29, 2022 |
| 5•• M•••• H•••••••• L•no longer reported | R••• E••••• Fund | $438,562 | 3 | 2•••-03-23 |
| P•• M•••••• P••• H••••••• L•no longer reported | R••• E••••• Fund | $29,000 | 35 | Mar 3, 2015 |
| P••••••••• I•• L•no longer reported | R••• E••••• Fund | $12,625 | 78 | Feb 13, 2012 |
| P•• N•••••• C•••••••• L•no longer reported | R••• E••••• Fund | $0 | 0 | Feb 13, 2012 |
Owners and control persons
Schedule A and B, latest filing
- B••••• T•••••• H•••• · Presidentcontrolsince 01/2023 · owns less than 5%
- B••••• T••••••• P••••• · Manager; Chief Executive Officercontrolsince 04/2006 · owns less than 5%
- J••••• L••••••• A•••• · Chief Compliance Officer/Chief Financial Officercontrolsince 03/2020 · owns less than 5%
- R••••• V••••••• P•••••• · Member And Chief Investment Officercontrolsince 01/2009 · owns less than 5%
- B••••• A•••••• M••••••• · Limited Partnercontrolsince 12/2005 · owns 25% to 50% of C••• H•••••••• L•••
- B••••• T••••••• P••••• · Limited Partnercontrolsince 12/2005 · owns 25% to 50% of C••• H•••••••• L•••
Entity owners
- P•• M••••••••• H•••••• L• · Shareholderdirect · owns 50% to 75%
- C••• H•••••••• L••• · Shareholderindirect · owns 25% to 50% of P•• M••••••••• F•••••• L•
- P•• F••••• G•• L•• · General Partnerindirect · owns F of P•• M••••••••• F•••••• L•
- P•• F••••• G•• L•• · General Partnerindirect · owns F of P•• M••••••••• H•••••• L•
- P•• M••••••••• F•••••• L• · Limited Partnerindirect · owns 75% or more of P•• M••••••••• H•••••• L•
Related persons
Schedule D 7.A
- 1•••• I••••• R••• H••••••• G•• L••pooled vehicle sponsory
- 1••• C•••• C••••• H••••••• G•• L••pooled vehicle sponsory
- 3••• I••••• H••••••• G•• L••pooled vehicle sponsory
- 4••• P•••••• D•••• G•• L••pooled vehicle sponsory
- 5••• B••••• R••• H••••••• G•• L••pooled vehicle sponsory
- 7••• G•••• N••••••• G•• L••pooled vehicle sponsory
- 8••• A••••••••• R•• H••••••• G•• L••pooled vehicle sponsory
- D•• A••••••••• M••••••••• H••••••• G•• L••pooled vehicle sponsory
- M•••••• S•••••• H••••••• G•• L••pooled vehicle sponsory
- N•••• D••••• C••••••••• P•••••••• G•• L••pooled vehicle sponsory
- P•• 1••• W• 6•• G•• L••pooled vehicle sponsory
- P•• 3••• S••••••• S••••• R••• G•• L••pooled vehicle sponsory
- P•• A•••••••• G•• L••pooled vehicle sponsory
- P•• A••••• 2••• E••••• I• G•• L••pooled vehicle sponsory
- P•• D••••• 2••• E••••• I• G•• L••pooled vehicle sponsory
- P••••••••• C••••• I• G•• L••pooled vehicle sponsory
- P••••••••• C••••• I• G•• L••pooled vehicle sponsory
- P••••••••• C••••••• I••••••••• P••••••• I• G•• L••pooled vehicle sponsory
- P••••••••• E•• G•• L••pooled vehicle sponsory
- P••••••••• E•••••••• P••••••• G•• L••pooled vehicle sponsory
- P••••••••• I•• G•• L••pooled vehicle sponsory
- P••••••••• I• G•• L••pooled vehicle sponsory
- P••••••••• R••••• A•••••••• L•pooled vehicle sponsory
- P••••••••• V• G•• L••pooled vehicle sponsory
- P••••••••• V• G•• L••pooled vehicle sponsory
Offices
Schedule D 1.F, the 25 largest
- D•••••, CO7 employees
- New York, NY4 employees
- Charlotte, NC2 employees
What changed
consecutive filings, newest first
- Accounts · 31 to 33Mar 28, 2025 to Mar 30, 2026
- Advisory employees · 45 to 43Mar 28, 2025 to Mar 30, 2026
- Pooled vehicle clients · 31 to 33Mar 28, 2025 to Mar 30, 2026
- Employees · 61 to 63Mar 28, 2025 to Mar 30, 2026
- Private funds · 26 to 28Mar 28, 2025 to Mar 30, 2026
- Discretionary RAUM · $4.0B to $4.3BMar 28, 2025 to Mar 30, 2026
- Non-discretionary RAUM · $1.2B to $604MMar 28, 2025 to Mar 30, 2026
- Pooled vehicle RAUM · $5.2B to $4.9BMar 28, 2025 to Mar 30, 2026
- RAUM · $5.2B to $4.9BMar 28, 2025 to Mar 30, 2026
- Accounts · 23 to 31Jul 12, 2024 to Mar 28, 2025
- Advisory employees · 39 to 45Jul 12, 2024 to Mar 28, 2025
- Pooled vehicle clients · 23 to 31Jul 12, 2024 to Mar 28, 2025
- Employees · 54 to 61Jul 12, 2024 to Mar 28, 2025
- Financial planning clients · unset to Jul 12, 2024 to Mar 28, 2025
- Other offices · 3 to 4Jul 12, 2024 to Mar 28, 2025
- Private funds · 23 to 26Jul 12, 2024 to Mar 28, 2025
- Discretionary RAUM · $3.7B to $4.0BJul 12, 2024 to Mar 28, 2025
- Non-discretionary RAUM · $0 to $1.2BJul 12, 2024 to Mar 28, 2025
- Pooled vehicle RAUM · $3.7B to $5.2BJul 12, 2024 to Mar 28, 2025
- RAUM · $3.7B to $5.2BJul 12, 2024 to Mar 28, 2025
- Accounts · 25 to 23Dec 13, 2023 to Mar 28, 2024
- Pooled vehicle clients · 25 to 23Dec 13, 2023 to Mar 28, 2024
- Employees · 53 to 54Dec 13, 2023 to Mar 28, 2024
- Private funds · 25 to 23Dec 13, 2023 to Mar 28, 2024
- Discretionary RAUM · $3.3B to $3.7BDec 13, 2023 to Mar 28, 2024
- Pooled vehicle RAUM · $3.3B to $3.7BDec 13, 2023 to Mar 28, 2024
- RAUM · $3.3B to $3.7BDec 13, 2023 to Mar 28, 2024
- Discretionary RAUM · $3.0B to $3.3BMay 31, 2023 to Dec 13, 2023
- Pooled vehicle RAUM · $3.0B to $3.3BMay 31, 2023 to Dec 13, 2023
- RAUM · $3.0B to $3.3BMay 31, 2023 to Dec 13, 2023
- Accounts · 23 to 25Apr 20, 2022 to Mar 31, 2023
- Advisory employees · 29 to 39Apr 20, 2022 to Mar 31, 2023
- Pooled vehicle clients · 23 to 25Apr 20, 2022 to Mar 31, 2023
- Employees · 39 to 53Apr 20, 2022 to Mar 31, 2023
- Private funds · 23 to 25Apr 20, 2022 to Mar 31, 2023
- Discretionary RAUM · $2.3B to $3.0BApr 20, 2022 to Mar 31, 2023
- Pooled vehicle RAUM · $2.3B to $3.0BApr 20, 2022 to Mar 31, 2023
- RAUM · $2.3B to $3.0BApr 20, 2022 to Mar 31, 2023
- Accounts · 13 to 232•••-11-02 to Mar 29, 2022
- Advisory employees · 28 to 292•••-11-02 to Mar 29, 2022
Signals
20 dated events
- P••••••••• C•••••• M••••••••• L•• reported RAUM $5.2B, up 41% from $3.7B (2024-07-12 to 2025-03-28)Mar 28, 2025 · RAUM change · derived
- M•••••• G••••• R••••••• (Director) no longer on Schedule A of P••••••••• C•••••• M••••••••• L•• (listed 2024-03-28, absent 2024-06-13)Jun 13, 2024 · Control person left · inference
- C••••• W••••• B••• (Director) no longer on Schedule A of P••••••••• C•••••• M••••••••• L•• (listed 2024-03-28, absent 2024-06-13)Jun 13, 2024 · Control person left · inference
- A••• J••••••• C••••• (Director) no longer on Schedule A of P••••••••• C•••••• M••••••••• L•• (listed 2024-03-28, absent 2024-06-13)Jun 13, 2024 · Control person left · inference
- S•••• R••••• J•••••• (Director / Member / Co-Ceo / Executive Chairman) no longer on Schedule A of P••••••••• C•••••• M••••••••• L•• (listed 2024-03-28, absent 2024-06-13)Jun 13, 2024 · Control person left · inference
- A•••••• C•••••• R••••• (Director / Member / Co-Ceo / Executive Chairman) no longer on Schedule A of P••••••••• C•••••• M••••••••• L•• (listed 2024-03-28, absent 2024-06-13)Jun 13, 2024 · Control person left · inference
- R••• J•••• D••• (Chief Operating Officer) no longer on Schedule A of P••••••••• C•••••• M••••••••• L•• (listed 2023-12-13, absent 2024-03-28)Mar 28, 2024 · Control person left · inference
- M••••••• A••••• B•••• (Limited Partner) appeared on Schedule A of P••••••••• C•••••• M••••••••• L••May 31, 2023 · Control person joined · fact
- C••••••••• M•••••• O••••••• (Chief Financial Officer) no longer on Schedule A of P••••••••• C•••••• M••••••••• L•• (listed 2022-04-20, absent 2023-03-31)Mar 31, 2023 · Control person left · inference
- R••• J•••• D••• (Chief Operating Officer) appeared on Schedule A of P••••••••• C•••••• M••••••••• L••Mar 31, 2023 · Control person joined · fact
- P••••••••• C•••••• M••••••••• L•• reported RAUM $3.0B, up 32% from $2.3B (2022-04-20 to 2023-03-31)Mar 31, 2023 · RAUM change · derived
- H••••• P••••• H••••• (Chief Accounting Officer) no longer on Schedule A of P••••••••• C•••••• M••••••••• L•• (listed 2•••-11-02, absent 2022-03-29)Mar 29, 2022 · Control person left · inference
- T••••• B•••• (Chief Operating Officer) appeared on Schedule A of P••••••••• C•••••• M••••••••• L••Mar 29, 2022 · Control person joined · fact
- P••••••••• C•••••• M••••••••• L•• reported RAUM $2.0B, up 122% from $887.8M (2020-01-14 to 2020-03-30)Mar 30, 2020 · RAUM change · derived
- A•••• L•••••• J•••• (Chief Compliance Officer) appeared on Schedule A of P••••••••• C•••••• M••••••••• L••Mar 30, 2020 · Control person joined · fact
- S•••• R••••• J•••••• (Director / Member / Co-Ceo / Executive Chairman) appeared on Schedule A of P••••••••• C•••••• M••••••••• L••Jan 14, 2020 · Control person joined · fact
- A•••••• C•••••• R••••• (Director / Member / Co-Ceo / Executive Chairman) appeared on Schedule A of P••••••••• C•••••• M••••••••• L••Jan 14, 2020 · Control person joined · fact
- M•••••• G••••• R••••••• (Director) appeared on Schedule A of P••••••••• C•••••• M••••••••• L••Jan 14, 2020 · Control person joined · fact
- A••• J••••••• C••••• (Director) appeared on Schedule A of P••••••••• C•••••• M••••••••• L••Jan 14, 2020 · Control person joined · fact
- C••••• W••••• B••• (Director) appeared on Schedule A of P••••••••• C•••••• M••••••••• L••Jan 14, 2020 · Control person joined · fact
Across DFX
shared identifiers only, never a name match
- P••••••••• C•••••• M••••••••• L•• · Independent Sponsorsshared crd · capital_provider
- P••••••••• C•••••• M••••••••• L•• · Private Equityshared crd · organization
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/pennybacker-capital-llcreportedpublic record, Form ADV, Sep 18, 2026
- Website
- H•••••••••reportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 512-610-2910reportedpublic record, Form ADV, Mar 30, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
- RAUM per advisor
- n/aderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026
Across the graphs
P••••••••• C•••••• M••••••••• L•• is the same institution as 1 record in Real Estate Funds.
Real Estate Funds1
Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.
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