Simpson Thacher advised Pretium, a specialized investment firm with over $50 billion in assets under management, in the successful formation and 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 United States. The fund invests in build-to-rent single-family homes and communities in suburban markets experiencing above average population and economic growth.
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. 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.
The Simpson Thacher team included Glenn Sarno, Steven Homan and Blake Purdy (Funds); Jonathan Goldstein and Paul Jansch (Tax); and Erica Rozow (ERISA).