Pretium Partners, an alternative asset management firm focused on residential real estate, mortgage finance and corporate credit, has closed its second residential real estate fund at over $1 billion. The fund’s limited partners included insurance companies, pension funds and high-net worth individuals.
New York – July 9, 2018 — Pretium Partners, LLC (“Pretium”), a $10-billion specialized alternative asset management firm focused on residential real estate, mortgage finance and corporate credit, today announced that it has closed Pretium Residential Real Estate Fund II (“SFR Fund II”). Total equity capital committed during the fundraising period exceeded $1 billion, including SFR Fund II and targeted commitments from separately managed accounts pursuing SFR strategies. Pretium Residential Real Estate Fund I closed in 2013 and raised $1.18 billion in equity commitments. Pretium is the largest private owner of single-family rental homes in the United States, with more than 26,000 homes owned and under management across 15 markets.
SFR Fund II’s strategy is to seek to provide investors with access to a diverse pool of single-family homes across attractive major markets in the U.S. that are experiencing above-average employment and population growth. SFR Fund II received strong backing from a diverse group of investors from across the globe, including insurance companies, pension funds, and high-net worth individuals. SFR Fund II will leverage Pretium’s self-managed real estate platform, Progress Residential (www.rentprogress.com), to acquire, renovate and manage its high-quality single-family homes. More than 5,000 homes have already been purchased by Progress for SFR Fund II.
Donald Mullen, Founder and Chief Executive Officer of Pretium said, “We are pleased with the support Pretium Residential Real Estate Fund II has received from a high-quality base of both new and existing investors. We are confident that our leading real estate platform, deep sector expertise, and operational advantage will enable Pretium to continue to acquire, renovate, and manage single-family rentals, while seeking to provide our investors with the risk-adjusted returns to which they are accustomed.”
Dana Hamilton, Head of Real Estate at Pretium said, “A growing demographic of financially stable young adults, coupled with high barriers for homeownership and limited supply of entry-level housing, has created significant demand for quality single-family rental homes. Progress Residential’s highly experienced team of investment professionals is able to efficiently build portfolios of rental homes that enable individuals and families to live in great homes and neighborhoods at a price point they can afford. Our operating teams and investment in technology make the experience such that renters want to stay.”
ABOUT PRETIUM PARTNERS
Founded in 2012, Pretium Partners, is a leading alternative asset management firm focused on residential real estate, mortgage finance and corporate credit. The firm seeks to capitalize on investment and lending opportunities arising as a result of structural changes within the economy, the U.S. housing sector and the mortgage finance market. For more information, please visit http://pretiumpartnersllc.com/.