Pennybacker boosts Pacific Current FUM

Pacific Current Group (PAC) saw funds under management (FUM) lift in the first quarter of 2025 thanks to affiliate Pennybacker Capital reporting a 17% jump in total assets.

Pacific Current turned in $31 billion in total FUM at the end of March, up from $30 billion reported in December 2024.

It was affiliate Pennybacker Capital, a real asset investment manager, that boosted the group's total FUM driven largely by inflows.

Pennybacker's assets grew to US$4.7 billion ($7.3bn) in the March quarter from US$4 billion ($6.3bn) in the last quarter of 2024.

Pacific Current executive director and acting chief executive Michael Clarke said that "fundraising efforts gained momentum in the second half of the financial year, with Pennybacker Capital contributing significantly to the overall inflows during the March 2025 quarter."

Roc Partners, which specialises in private markets, also made a solid contribution, reporting $9.4 billion in total FUM, which was up 4% quarter on quarter.

Other affiliates' FUM such as Aether Investment Partners with US$1.5 billion ($2.3bn) and Victory Park with US$5.1 billion (US$8bn) were steady during the quarter.

In March, Pacific Current completed the restructure of its investment in Aether, exchanging its equity ownership for an ongoing contractual revenue share and liquidation preference arrangement.

Last December, the multi-boutique made two divestments. It offloaded all its investment in Banner Oak Capital Partners, having originally committed US$35 million ($54.7m) in 2022. The redemption totalled US$19.1 million ($29.8m) together with US$15.9 million ($24.8m) in historical distributions, representing a full return of capital.

Pacific Current also divested all holdings from Nereus Capital Investments.