Pretium to Launch Third Residential Credit Fund Following $1.7B Fund II

Specialized real estate investment firm Pretium filed with the SEC for the launch of its third residential credit fund, Pretium Residential Credit Fund III.

Goldman Sachs & Co. will help the firm with the marketing of the fund in the US. The minimum investment amount was set at $10M and the sale is not planned to last more than a year, according to the January 8 filing.

The fund's predecessor, Pretium Residential Credit Fund II, closed in 2022 with total commitments of $1.7B from a diverse group of investors and institutional consultants, including insurance companies, pension plans, and wealth managers. Among US public pensions, the Louisiana School Employees' Retirement System invested $40M in the sophomore fund, according to Dakota data.

Through its residential credit strategy, Pretium invests in US residential mortgage loans outside of the traditional mortgage system and less serviced by traditional banks. The alternative investment manager claimed $57B in AUM as of the end of the third quarter of 2024.