residential

The advisory’s parent company Black Bear Asset Management also made a preferred equity investment.

The firm’s multifamily debt funds topped $3bn this year.

The debt fund manager has originated about $2.5bn of new loans so far this year.

The firm made an $89m preferred equity investment in a $534m portfolio.

More than half of the capital for the California firm’s latest vehicle came from the region, much of it from first-time investors.

New York-based Pretium’s $1.5bn deal is one of the largest GP-led secondaries transactions recorded, as such deals account for a growing share of the market.

Following positive return performances in 2018, family office allocations to the strategy increased by 2.1 percentage points – more than any other asset class.

In the late stages of a long economic cycle, investors are becoming increasingly appreciative of the sector's recession-resistant qualities.