Pretium Secures $550M for Homebuilder Finance Fund
Pretium closed its debut homebuilder finance fund with $550 million in equity commitments. The fund aims to originate up to $5 billion in loans to homebuilders across the U.S., leveraging capital recycling throughout its lifecycle.
The fund will focus on residential transition loans for house renovations, vertical construction loans for single-family and build-to-rent communities and horizontal infrastructure loans for land developers.
Additionally, the fund will utilize Pretium’s operating companies, including Anchor Loans, to directly originate and service loans for private homebuilders and developers. To date, the fund has committed $650 million on a leveraged basis to various investment opportunities.
“By providing bespoke debt capital solutions, we’re supporting private homebuilders who are underserved by traditional financial institutions, and we are facilitating new housing supply,” said Josh Pristaw, Pretium’s head of real estate.
“This fund will support the construction of approximately 12,000 new homes in key markets, meaningfully increasing housing availability in regions experiencing the most acute shortages,” he added.
The fund’s launch comes after the investment firm, which manages more than $55 billion in assets, recently expanded its real estate debt investment team with Brendan Bosman and Karen Kulvin joining as managing directors in September 2024. Bosman is leading homebuilder finance investment activities. Kulvin oversees multifamily residential finance initiatives, following Pretium’s acquisition of BH Management Services in May 2024.
Since 2020, Pretium has invested over $2.5 billion in the ownership of new Build-to-Rent construction in the U.S., with a portfolio of more than 8,000 such homes across 37 cities in 15 states.
Kirkland & Ellis served as legal counsel for the fund.
