Kirkland & Ellis advised Pennybacker Capital Management, LLC, an Austin, Texas-based real assets investment management firm with approximately $4 billion of assets under management, in a strategic minority investment in its business by Goldman Sachs Asset Management’s Petershill program. Terms of the transaction were not disclosed. Pennybacker will leverage this passive, minority investment to accelerate the evolution of its platform as a leading middle-market real assets investment manager. Read the transaction press release The Kirkland team was led by corporate partners Michael Reeves and April Larkin and included corporate associates Todd Melchior and Brian Ferrell; tax partners Stephen Butler and Adam Nguyen and associate Nicole Martin; and debt finance partner Stewart Ross.