Pennybacker Capital LLC is the new name for N3 Capital Partners LLC, which will move from Fort Worth to Austin in October. The lead principal is Tim Berry, who co-founded N3 Development Ltd. and sold his interests to Netherlands-based United Investment Co. in July 2007. Pennybacker's other principals are George P. Bush, nephew of President George Bush and a former attorney for Akins, Gump, Strauss, Hauer & Feld LLP in Dallas; Vince Reyna, a certified financial analyst formerly with CIT Corporate Finance; and Michael O'Malley, a CPA who most recently was COO and CFO of VisionWeb Inc.

Berry tells GlobeSt.com that the $250-million investment plan is an "internal goal" that has been accomplished by picking up additional equity to expand the $30-million N3 Opportunity Fund I, which will be fully invested by year's end.

Berry says Pennybacker is backed with funds from institutional-quality family offices, mostly Texas with some capital rolling in from the Northeast. The investment route runs from Phoenix to Florida, staying below the Mason-Dixon line.