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Pacific Current Group completes investment in Pennybacker Capital

Boutique asset manager Pacific Current Group Ltd. closed its investment in Texas-based real estate private equity firm Pennybacker Capital Management LLC

The Australian asset manager said it invested US$20 million for 16.5% of Pennybacker's net income and 2.5% of all carried interest from new funds/accounts. The company's economic participation is effective as of Dec. 13.