Pennybacker Capital LLC is the new name for N3 Capital PartnersLLC, which will move from Fort Worth to Austin in October. The leadprincipal is Tim Berry, who co-founded N3 Development Ltd. and soldhis interests to Netherlands-based United Investment Co.in July2007. 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, acertified financial analyst formerly with CIT Corporate Finance;and Michael O'Malley, a CPA who most recently was COO and CFO ofVisionWeb Inc.

Berry tells GlobeSt.com that the $250-million investment plan isan "internal goal" that has been accomplished by picking upadditional 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 frominstitutional-quality family offices, mostly Texas with somecapital rolling in from the Northeast. The investment route runsfrom Phoenix to Florida, staying below the Mason-Dixon line.