Pretium Expands Global Business Development Capabilities and Commitment to Asia and Australia with New Managing Directors

PRESS RELEASE

Pretium Expands Global Business Development Capabilities and Commitment to Asia and Australia with New Managing Directors

August 29, 2022

Jayme Han and Craig Matthew Join as Managing Directors; Bringing Decades of Collective Leadership, Investment, and Investor Relations Experience Across Europe, Asia, and Australia

Strengthens On-the-Ground Connection with Clients and Partners in Key Geographies

NEW YORK – August 29, 2022 – Pretium Partners, a specialized investment firm with approximately $50 billion in assets under management, today announced an expansion of its business development capabilities and commitment to Asia and Australia with two senior hires. Jayme Han, based in Seoul, Korea, and Craig Matthew, based in Sydney, Australia, join Pretium as Managing Directors for Asia and the Australia & New Zealand region, respectively. With these hires, Pretium is establishing its first offices in Asia and Australia to further the goal of becoming a partner of choice for investors worldwide.

This expansion demonstrates the firm’s ongoing commitment to ensuring clients and partners can benefit from an established presence and local perspective that allows Pretium to provide more personalized, on-the-ground support in dynamic markets. Ms. Han and Mr. Matthew bring unique market perspectives and decades of leadership and client relationship experience across London, New York, Seoul, Singapore, and Sydney, and will work closely with existing clients and consultants, new clients, and institutional and wealth management entities in their respective regions.

“As Pretium continues to expand our client base globally and deploy growing capital across our real estate and credit strategies, Asia and Australia represent important strategic markets and opportunities for growth,” said Don Mullen, Founder and CEO of Pretium. “Jayme and Craig bring deep expertise and local connection within the Asian and Australian markets to support our investors where they are. Following our recent expansion into the Middle East, we are pleased to continue to grow our team with such talented and respected individuals to work with clients internationally.”

Ms. Han has held several prominent leadership roles over the last 20 years within the global private capital industry in London, Seoul, and Singapore, in which she has been responsible for, among other things, fund distribution and execution of investments across the region. She most recently served as an Executive Director, Corporate Finance for Jones Lang Lasalle. Prior, she was the Head of Alternatives at Tongyang Life Insurance, Korea’s fifth largest life insurer, and, earlier in her career, Ms. Han was hired as one of the founding members of the alternatives business – and its first dedicated real assets specialist – for the National Pension Service. Ms. Han holds a Bachelor of Science in Design from the University of California at Davis.

“Pretium has an incredible team, and I am excited to join at a time of growth as we seek to expand our footprint internationally and throughout Asia,” said Ms. Han. “Having supported GPs and led teams across all aspects of capital raising, deployment, and asset management, I look forward to working with Pretium’s clients throughout Asia and around the world.”

Mr. Matthew brings nearly three decades of business development and investor relations experience, supporting and expanding client offerings for limited partners including high-net worth individuals and sophisticated institutional investors such as endowments, sovereign wealth funds, superannuation funds, and family offices. He joins Pretium from Asia Principal Capital and Morpheus Ventures, where he served as Director in the private market investor relations group. Before joining Asia Principal Capital, he was a Director of Institutional Relationships at Capital Group Companies, where he played an active role in establishing its first office in Sydney, Australia. Prior to that, he served in a variety of business development roles of increasing responsibility in New York and Sydney at global asset manager Alliance Bernstein. Mr. Matthew is an accredited superannuation trustee director and has spent the past decade as an active organizer of the Association of Superannuation Funds of Australia’s Annual Conference. He holds a Bachelor of Science in Business Administration from Bucknell University.

“Joining an innovative, forward-thinking global investment platform like Pretium is an incredible opportunity,” said Mr. Matthew. “With an existing network of leading investors and partners in Australia and New Zealand and an unmatched investment track record, I am confident that we are positioned to continue growing the firm’s client base and presence throughout the region.”

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 secular 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 approximately $50 billion of assets and employs more than 4,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.

Contacts:

Jon Keehner / Lyle Weston  / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

Pretium’s Housing Insights, August 2022

INSIGHTS

Pretium’s Housing Insights, August 2022

August 15, 2022

Summary

Housing’s slowdown is likely to be felt more acutely in the new home market vs. the resale market

Pandemic supply chain issues increase inventory risk in the new home market

The increase in mortgage rates by more than 200 bps during 2022 has begun to achieve the Federal Reserve’s desired goal of slowing home purchase demand. In recent weeks, pending sales of existing homes have fallen back to 2019 levels and sales volumes in the new home market as of June have fallen to pre-pandemic levels.1 While home price momentum has also slowed across both markets, it has been felt more acutely in the new home market than in the resale market. While data from mortgage rate locks indicates a still-above average pace of resale home price gains, builder surveys show there are already more builders cutting prices than raising them.2 While it is normal for the new home market to adjust more quickly than the resale market during periods of changing demand, Pretium believes the paths of the new home and resale markets could diverge to a greater extent this cycle due to differences in inventory risk.

At the start of the pandemic, factors such as cumulative underbuilding, aging-in-place3, and lengthening homeowner tenures contributed to historically low existing home listings, as shown in Exhibit 1. The pandemic housing demand surge further depleted existing home supply until it began to recover this year due to slowing demand. New home inventory sat at normal levels by historical standards in the beginning of 2020 before declining in the early months of the pandemic as demand grew. However, supply chain constraints limited builders’ ability to respond to this increasing demand. As construction cycles lengthened and labor/materials became more difficult to source, builder inventories of incomplete homes rose rapidly. The unusual divergence this cycle between inventory levels of existing homes and new home markets is best illustrated by looking at months’ supply, as shown in Exhibit 2, which highlights how the inventory paths of the resale and new home markets began to separate in 2015, and how the pandemic widened the gap meaningfully.

This divergence suggests that the risk to resale home prices should remain less than the risk to new home pricing. Pretium does not expect overall resale home price declines, even in a moderate recession scenario. In the new home market, completions are likely to increase over the next 6-12 months with increasing pressure on builders to sell into a slowing market. As a result, Pretium expects compelling opportunities to acquire in the build-to-rent sector.

Exhibit 1

New and Existing Home Inventories

EXHIBIT 2

New and Existing Home Inventory Month's Supply Source: National Association of Realtors, Existing Home Sales as of July 20th, 2022; US Census, New Residential Sales as of June 2022.

These materials do not constitute, or form part of, any offer to sell or issue interests in an investment vehicle or any other entity managed by Pretium Partners, LLC or its affiliates (collectively, “Pretium”). Any such offer or solicitation will be made solely by means of a definitive offering document, which will describe the actual terms of any securities offered and will contain material information regarding the securities. Certain information contained in this presentation has been obtained from published and non-published sources prepared by third parties, which, in certain cases, have not been updated through the date hereof. While such information is believed to be reliable, Pretium has not independently verified such information nor does it assume any responsibility for the accuracy or completeness of such information. Except as otherwise indicated herein, the information, opinions and estimates provided in this presentation are based on matters and information as they exist as of the date these materials have been prepared and not as of any future date, and will not be updated or otherwise revised to reflect information that is subsequently discovered or available, or for changes in circumstances occurring after the date hereof.


1. Redfin, Weekly Housing Data as of July 24th, 2022, US Census, New Residential Sales as of June 2022.
2. AEI Housing Center, Housing Finance Watch as of August 9th, 2022, John Burns Consulting, Home Builder Survey as of August 4th, 2022.
3. Pretium’s Housing Insights as of April 2022

Lauren Cipicchio Joins Pretium to Lead Central Quantitative Strategies

PRESS RELEASE

Lauren Cipicchio Joins Pretium to Lead Central Quantitative Strategies

August 8, 2022

Hiring Enhances Pretium’s Investment and Asset Management Capabilities

Through Transformation of Investment Data and Analytics Models

NEW YORK – August [8], 2022 – Pretium, a specialized investment firm with approximately $50 billion in assets under management, today announced the addition of Lauren Cipicchio as Senior Managing Director and Head of Central Quantitative Strategies, effective immediately. In this role, Ms. Cipicchio will lead the teams focused on designing, developing, and enhancing the analytics and models used to make investment and operating decisions to advance Pretium’s investment strategies. She will be a member of the firm’s Executive Committee.

Ms. Cipicchio brings more than a decade of experience in portfolio construction and investment analytics, enabling and enhancing alpha-generating ideas and strategic asset investments. She joins Pretium from CPP Investments, where she most recently served on The Global Leadership Team as Managing Director, Head of Data and Advanced Analytics. Before that, Ms. Cipicchio spent 10 years at Bridgewater Associates, where she was most recently Head of Investment Engineering.

“Lauren has a proven track record of driving efficiency for investment funds through massive analytical ecosystem shifts, and I am confident that she will make significant contributions to Pretium and our asset investment strategy,” said Don Mullen, Founder and CEO of Pretium. “In this new era of technological innovation, the addition of unique and advanced modeling platforms will serve as a competitive differentiator for Pretium and drive value across our ecosystem.”

“Joining the Pretium team and adding to its unparalleled level of expertise at a time of tremendous growth is an incredible opportunity,” said Ms. Cipicchio. “I look forward to contributing to the efforts already underway to expand and enhance the firm’s investment offerings.”

Ms. Cipicchio co-founded Bridgewater’s Women’s Network and served as a founding member of the firm’s Diversity Council. Ms. Cipicchio holds a Master’s from the Gallatin School of Individualized Study at New York University and a Bachelor of Science in Mathematics with Computer Science from the Massachusetts Institute of Technology.

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 secular 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 approximately $50 billion of assets and employs more than 4,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.

Contacts:

Jon Keehner / Kate Thompson / Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

Onyx+East and Pretium Start Construction of Second Build-to-Rent Community

PRESS RELEASE

Onyx+East and Pretium Start Construction of Second Build-to-Rent Community

August 3, 2022

Marea Will be a 144-Home Community in Noblesville, Indiana

Extension of Joint Venture's $600 Million Commitment to Broadening Access to Single-Family Lifestyle

INDIANAPOLIS and NEW YORK, Aug. 3, 2022 /PRNewswire/ — Onyx+East, an award-winning homebuilder headquartered in Indianapolis and known for its modern and functional home designs, and Pretium, a specialized investment firm with approximately $50 billion in assets, today announced the start of construction of Marea, the second build-to-rent (“BTR”) community under development through their previously announced joint venture. As part of the joint venture, Onyx+East and Pretium are committed to investing approximately $600 million to develop, build, and operate new single-family, BTR communities across key Midwestern markets and along Florida’s West Coast.

Marea will be a 144-home community in Noblesville, Indiana, a growing and prosperous city located northeast of Indianapolis. The community will include a mix of 3- and 4-bedroom homes with attached 2-car garages to provide residents the space and convenience of single-family living. Residents will be within a 10-minute drive of a variety of local service and retail businesses, including more than 20 restaurants and eateries and Hamilton Town Center by Simon Malls, located 1.6 miles southeast of the project.

“We are thrilled to build on our partnership with Pretium and Marea will bring ease, convenience, and comfort to hundreds of residents,” said Kelli Lawrence, CEO of Onyx+East. “Noblesville is an exciting, growing community with ample access to high-quality schools and amenities and Marea homes will benefit from our signature open-concept floorplans. I am confident our experience in creating modern, livable homes combined with Pretium’s resources and operational expertise will ensure residents have the opportunity to experience the benefits of the single-family lifestyle.”

“Demand for high-quality single-family housing continues to grow across the country, and Pretium’s partnership with Onyx+East is at the center of increasing supply of modern, quality homes for our residents,” said Matt Johnston, Managing Director and Head of Build-to-Rent at Pretium. “Alongside Onyx+East, we are committed to building, renting and operating communities in great locations and with outstanding amenities just like Marea. As we continue to invest in communities throughout the United States, we continue to bring private capital to bear to increase housing choice while playing our part to solve our nation’s housing shortage.”

First homes for Marea are expected to be available to rent in Q3 2023.

About Onyx+East

Onyx+East is a full-service homebuilder executing development, construction, marketing, design, and sales with four offices in the Midwest and Florida. Founded in 2015 to deliver homes in the most desirable locations with an exceptional customer experience, Onyx+East creates places designed for modern living that are connected within growing cities and suburbs. Through creativity, innovation, and sustainability, Onyx+East creates communities that are changing the way people live, work and “do life.” For more information, visit onyxandeast.com/build-to-rent/.

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 secular 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 approximately $50 billion of assets and employs approximately 4,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.

Contacts

Onyx+East

Eva Gribler
317-409-6572
Media@onyxandeast.com

Pretium

Jon Keehner / Kate Thompson / Lyle Weston
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Media-SFR@pretium.com

 

June 2022

Pretium’s State of ESG Report

Read here to learn more.