Pretium Raises $1.5 Billion with Sixth Single-Family Housing Fund, Exceeding Target

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Jul 22, 2024, 16:00 ET

Fund Invests in Build-to-Rent Homes and Communities, Creating New Housing Supply

NEW YORK, July 22, 2024 /PRNewswire/ -- Pretium, a specialized investment firm with over $50 billion in assets under management, today announced the successful close of its sixth single-family housing fund and related vehicles, above target with $1.5 billion in aggregate commitments to create more affordable housing in the U.S. The fund received strong support from a diversified group of existing and new investors, including insurance companies, U.S. pension plans, and U.S. wealth managers.

The fund invests in build-to-rent single-family homes and communities in suburban markets experiencing above average population and economic growth. The growth in these key markets is primarily driven by U.S. demographic trends fueling demand in regions that offer warmer weather and lower cost of living.

"We are pleased to close our sixth single-family housing fund above our target, which is a testament to the strength of our platform and provides us with more capital to keep builders building homes for families," said Don Mullen, Founder and CEO of Pretium. "This fund invests in growing the stock of quality single-family homes in key markets across the country, helping solve for the tremendous shortage of viable housing in the U.S. Pretium has developed an integrated real estate ecosystem with the scale and expertise to capitalize on shifts in the market and expand access to quality housing that is resonating with investors, residents, and our communities."

"As a pioneering investor in the single-family housing industry, Pretium has a strong track record of driving performance and value creation by delivering access, optionality, and value to renters," said Josh Pristaw, Pretium's Head of Real Estate. "We have seen a meaningful opportunity to put capital to work with our homebuilder partners over the last few years as regional banks have pulled back on financing and a high inflationary environment depresses supply. Investing in new housing supply and empowering builders to build more homes for families is a winning proposition in a market challenged by housing shortages."

Since 2020, Pretium has invested more than $2.62 billion toward new build-to-rent construction in the U.S., creating more than 7,800 new homes across 37 cities and 15 states.

About Pretium

Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium's platform has more than $50 billion of assets, comprising real estate investments across nearly 90 markets in the U.S., and employs approximately 7,000 people across 50 offices, including its New York headquarters, Miami, London, Seoul, and Sydney. Please visit www.pretium.com for additional information.

Contacts

Kate Thompson / Lyle Weston / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
[email protected]

SOURCE Pretium