NEW YORK, Oct. 29, 2020 /PRNewswire/ -- Pretium today
announced it entered into an expanded strategic partnership with
American Equity Investment Life Insurance Company ("AEL").
The transaction builds upon AEL's prior investment commitments with
Pretium, increasing total commitments to $1
billion with pre-agreed terms for expansion to $2.25 billion. The investments will
initially be primarily deployed into attractive residential credit
assets sourced and managed by Pretium.
In addition to the increased investment commitments to Pretium's
asset management vehicles, AEL has also invested $100 million in the growth of Pretium's
management platform. Pretium intends to use the proceeds to
expand its growing franchise and further elevate its
leadership in real estate, residential credit and corporate &
structured credit.
Pretium distinguishes itself from other residential credit
managers by successfully utilizing operating companies alongside
its investment management strategies, enhancing both asset sourcing
and performance. In 2019, Pretium expanded its residential
ecosystem by acquiring Deephaven Mortgage, a leading non-qualified
mortgage originator, and Selene Finance, a leading mortgage
servicer of performing and non-performing mortgage loans.
Most recently, Pretium announced a partnership to add Front Yard
Residential (NYSE: RESI) to its portfolio.
"We are pleased to build on our relationship with AEL and bring
differentiated and return-enhancing strategies for the benefit of
AEL's investment portfolio," said Don
Mullen, Chairman and CEO at Pretium. "We believe the
U.S. residential housing market represents an attractive, immediate
investment opportunity. There is a compelling combination of strong
housing fundamentals amidst broader economic uncertainty at a time
when few capital providers possess the requisite infrastructure and
experience to capitalize on these opportunities. Thanks to
our integrated platform, we are well positioned to deliver
industry-leading returns for our investors while effectively
serving the needs of borrowers."
Anant Bhalla, Chief Executive
Officer of AEL, said: "This partnership is a continuation of our
AEL 2.0 strategy, leveraging our $56
billion investment portfolio to gain access to unique asset
sourcing and servicing capabilities and allowing AEL to participate
in the shareholder value creation of a high growth asset
manager. Pretium's deep credit expertise, insurance acumen,
differentiated platform and ability to deliver attractive, capital
efficient general account investments make Pretium an ideal partner
for AEL."
About Pretium
Pretium is a specialized alternative
investment management firm focused on residential real estate,
mortgage finance, 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, the residential
housing sector, and mortgage finance markets. Pretium has built an
integrated analytical and operational ecosystem within the U.S.
residential housing, mortgage, 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 more than $16
billion of assets under management as of October 1, 2020 and employs approximately 1,500
employees across 26 offices. Please visit www.pretium.com for
additional information.
About American Equity
American Equity Investment Life
Insurance Company is a full-service underwriter of fixed annuity
products, with a primary emphasis on the sale of fixed index
annuities. Headquartered in West Des
Moines, Iowa, American Equity Investment Life Insurance
Company is committed to providing products with integrity, as well
as superior service to the agents it partners with and their
policyholders. American Equity Investment Life Insurance Company is
a subsidiary of American Equity Investment Life Holding Company, a
New York Stock Exchange listed company (NYSE: AEL). For more
information, please visit www.american-equity.com.
For more information, please contact:
Pretium
Media Contacts
Prosek Partners
Mike Geller / Josh Clarkson
646-818-9018 / 646-818-9259
mgeller@prosek.com / jclarkson@prosek.com
American Equity
Media Contact
Sard Verbinnen & Co.
George Sard/Jared Levy/Jamie Tully
AEL-SVC@SARDVERB.com
Investors
Steven D.
Schwartz, Vice President - Investor Relations
515-273-3763
sschwartz@american-equity.com
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SOURCE Pretium Partners, LLC