Don Mullen –Single-Family Rentals at Pretium (Capital Allocators, EP.324)

Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert

Investing, Capitalallocation, Business

4.8 • 806 Ratings

🗓️ 29 June 2023

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

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Summary

This Sponsored Insight features Don Mullen. Don is the Founder & CEO of Pretium Partners, a $51 billion specialized investment firm he started in 2012 to focus on the U.S. housing, residential, and corporate credit markets. In a little over a decade, Pretium has rapidly grown to become one of the largest owners of single-family rentals in the country. Prior to founding Pretium, Don spent thirty years on Wall Street, including long stints at First Boston, Bear Stearns, and Goldman Sachs and shorter ones at Salomon Brothers and Drexel Burnham Lambert.

Our conversation covers Don’s history on Wall Street, identification of the opportunity in single family rentals, and path to founding of Pretium to capitalize. We discuss the single-family rental market, sourcing and servicing properties, scaling through technology, critiques of single-family rental investments, growing into adjacencies, and aspirations for Pretium in the decade to come.

For full show notes, visit the episode webpage here.

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Transcript

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0:00.0	Hello, I'm Ted Sides, and this is Capital Allocators.
0:10.2	This show is an open exploration of the people and process behind capital allocation.
0:16.3	Through conversations with leaders in the money game, we learn how these holders of the keys to the
0:21.8	kingdom allocate their time and their capital. You can join our mailing list and access premium
0:27.8	content at capital allocators.com. All opinions expressed by TED and podcast guests are
0:35.0	solely their own opinions and do not reflect the opinion of capital
0:37.7	allocators or their firms. This podcast is for informational purposes only and should not be relied
0:42.2	upon as a basis for investment decisions. Clients of capital allocators or podcast guests may
0:47.2	maintain positions and securities discussed on this podcast.
0:51.4	My guest on today's sponsored insight is Don Mullen, the founder and CEO of Pretium Partners,
0:58.9	a $51 billion specialized investment firm he started in 2012 to focus on the U.S. housing, residential,
1:06.3	and corporate credit markets.
1:08.3	In a little over a decade, Prettium has rapidly grown to become one of
1:12.2	the largest owners of single-family rentals in the country. Prior to founding Prettium, Don spent
1:17.6	30 years on Wall Street, including long stints at first Boston, Bear Stearns and Goldman Sachs,
1:23.5	and Trotter ones at Salman Brothers and Drexel Burnham-Lembert. Our conversation covers Don's
1:29.0	history on Wall Street, identification of the opportunity in single-family rentals, and path
1:34.1	to founding Pretium to capitalize. We discussed the single-family rental market, sourcing
1:39.5	and servicing properties, scaling through technology, critiques of single-family rental investments,
1:45.6	rowing into adjacencies, and aspirations for predium in the decade to come.
1:51.3	Before we get going, we're hosting our fourth cohort of Capital Allocators University in New York
1:57.5	City on September 14th. Capital Allocators University, or CAU, is a chance to connect and learn with peers.
	...

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