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PSP Investments and Pretium Announce Joint Venture to Invest in Single-Family Rentals

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NEW YORK, Jan. 28, 2021 /PRNewswire/ — The Public Sector Pension Investment Board (PSP Investments), one of Canada's largest pension investment managers, and Pretium, a specialized alternative investment management firm, today announced the launch of a joint venture that will initially invest $700M into single-family rentals (SFR) across major markets in the southeastern and southwestern United States. 

The venture represents the first partnership between the two firms, in a sector that has presented highly attractive opportunities for large operators with significant existing exposure such as Pretium, which is currently the second-largest owner and operator of SFR properties in the United States.

“We are pleased to have the opportunity to establish this joint venture with PSP Investments, which demonstrates the increasing level of interest in SFR from leading institutions as the asset class has delivered strong performance and is poised to benefit from meaningful secular tailwinds,” said Donald Mullen, Founder and Chief Executive Officer of Pretium. “It is a privilege to partner with PSP Investments, a globally recognized leader in pension investment management, and we look forward to creating value on behalf of all constituents by leveraging our platform and expertise as a pioneer in this asset class.”

“Pretium has a proven track record of generating robust, uncorrelated returns by applying its specialized, resident-centric and scalable approach to its large and growing portfolio of homes,” said Carole Guérin, Managing Director, Real Estate, PSP Investments. “We can think of no better partner to expand our presence in this increasingly attractive asset class and look forward to working with Pretium to deliver compelling results for our beneficiaries.”

About PSP Investments

PSP Investments is one of Canada's largest pension investment managers with approximately $169.8 billion of net assets as of March 31, 2020. It manages a diversified global portfolio of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montreal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow PSP Investments on Twitter and LinkedIn.

About Pretium

Pretium is a specialized alternative investment management 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 more than $20 billion of assets under management as of January 26, 2021 and employs approximately 1,600 people across 29 offices. Please visit www.pretium.com for additional information.

For more information, please contact:

Pretium Media Contacts

Prosek Partners
Mike Geller / Josh Clarkson
646-818-9018 / 646-818-9259
[email protected] / [email protected]

PSP Media Contact

Verena Garofalo
+1 844-525-3795
[email protected]

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SOURCE Pretium Partners, LLC

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Tomorrow Health Partners with Geisinger Health Plan to Improve Healthcare at Home

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NEW YORK, March 2, 2021 /PRNewswire/ — Tomorrow Health, the leading patient-first platform for home-based care, today announced a partnership with Geisinger Health Plan (GHP) to provide more than half a million patients with access to curated home durable medical equipment (DME) and supplies.

Tomorrow Health was founded to solve the complex challenge that patients and their families face in coordinating and delivering care at home – from finding the right equipment to communicating between physicians and insurance. The company streamlines the home-based care experience by matching patients with best-in-class medical equipment suppliers, simplifying the ordering, product selection and delivery processes, and offering high-touch support at every step.

By bringing first-of-its-kind technology and data-driven intelligence to the DME industry, Tomorrow Health's platform offers increased reliability and value to payors, provides tools for growth and operational efficiency for DME suppliers, and saves physicians and their staff time spent on coordination so they can focus on patient care.

“We are excited to partner with Geisinger and to connect GHP members and their families with vital equipment and support to enable them to stay healthy at home,” said Vijay Kedar, co-founder and Chief Executive Officer of Tomorrow Health. “The COVID-19 pandemic has accelerated the need to support vulnerable patients with critical home-based care resources. We are committed to getting patients the equipment and supplies they need as quickly and efficiently as possible, and are grateful to partner with innovative leading organizations like Geisinger to enhance their members' care.”

As of January 1, 2021, all home medical equipment and supplies orders for GHP members are being coordinated by Tomorrow Health. By aggregating data on reliability, operational efficiency and patient satisfaction, Tomorrow Health matches GHP members with high-quality DME suppliers in GHP's provider network. Members also have access to Tomorrow Health's dedicated team of Care Advocates for guidance and support throughout the process, from product selection to delivery.

“As a single point of contact for our patients' home medical equipment needs, Tomorrow Health will improve the support and quality of care that GHP members receive, during what is typically a very challenging time for members and their caregivers,” said Kurt J. Wrobel, President of Geisinger Health Plan and Executive Vice President of Geisinger Insurance Operations. “We're pleased to drive the future of home-based care with Tomorrow Health as our partner.”

Geisinger Health Plan serves more than 540,000 members across Pennsylvania and has a provider network of more than 29,000 doctors and 100 hospitals. It provides coverage for businesses of all sizes, individuals and families, Medicare beneficiaries, Children's Health Insurance Program and Medical Assistance recipients.

“The challenges of coordinating care at home can often lead to adverse patient outcomes, from delays in care to hospital readmissions,” said John Bulger, DO, MBA, Chief Medical Officer at GHP. “In partnership with our network of best-in-class home medical equipment suppliers, Tomorrow Health will help us ensure that GHP members receive the highest quality of care at home. We're delighted to be able to offer exceptional patient support and transparency between patient, provider and supplier.”

To learn more about Tomorrow Health, visit www.tomorrowhealth.com. For inquiries from health insurers, providers or DME suppliers, contact [email protected].

About Geisinger

Geisinger is committed to making better health easier for the more than 1 million people it serves. Founded more than 100 years ago by Abigail Geisinger, the system now includes nine hospital campuses, a 540,000-member health plan, two research centers and the Geisinger Commonwealth School of Medicine. With nearly 24,000 employees and more than 1,600 employed physicians, Geisinger boosts its hometown economies in Pennsylvania by billions of dollars annually. Learn more at www.geisinger.org, or connect with us on Facebook, Instagram, LinkedIn and Twitter.

About Tomorrow Health

Tomorrow Health enables exceptional healthcare for patients and their families in the place they want to be most – home. By partnering with payors, referring providers and durable medical equipment (DME) suppliers, Tomorrow Health streamlines the home-based care process to elevate the patient experience. Its data-driven platform matches patients and their families with high-quality DME suppliers, simplifies ordering and insurance processes, and offers high-touch support at every step. Partnering with more than 125 leading health plans and hospital systems across 29 states, Tomorrow Health is America's trusted partner for high-quality home-based care. Investors include Andreessen Horowitz, Obvious Ventures, BoxGroup and Rainfall Ventures, and current and former C-level executives from Humana, Tenet Healthcare, Flatiron Health, Quartet, PillPack, Stripe, Massachusetts Medicaid and the World Bank. For more information, visit www.tomorrowhealth.com or contact [email protected].

Contact:
[email protected]

 

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SOURCE Tomorrow Health

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Americans rethink 'How close is too close when it comes to living near family?' in new Ally Home survey

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CHARLOTTE, N.C., March 2, 2021 /PRNewswire/ — Most U.S. adults say they are reconsidering the benefits of living closer to family in light of COVID-19, according to a recent survey from Ally Home, the direct-to-consumer mortgage arm of Ally Bank.

The results of a January 2021 survey of 2,000+ U.S. adults aged 18 and over show 67% of Americans wish they lived closer to family – a significant shift from the original survey conducted in April 2019, when only 27% of respondents said they wanted to live within a 45-minute drive to family.

Pandemic protocols have made dropping by to visit a family member more challenging. While video chat services have helped people stay in touch, 61% of Americans say it is still very difficult being unable to see their family members in person. Most respondents believe the pandemic would be more bearable if they lived closer to family. In particular, 71% of millennials and 64% of Generation X say they are struggling with only seeing family virtually.

But while most respondents say it would be nice to be closer to family, many also still desire their personal space – particularly now that the lines between work, school and home are blurred due to the pandemic. Forty-three percent of respondents say family members should not live close enough to just “pop in and say hi,” up from 37% who felt this way according to the April 2019 survey.

“The pandemic has changed our lives in so many ways, particularly in keeping families apart for extended periods of time,” says Glenn Brunker, president of Ally Home. “Priorities have shifted for many Americans who now desire to live closer to their families, and finding their next home may be challenging in today's real estate environment. It's important for consumers to do their homework upfront before starting their home search to understand the process and requirements.”

While today's low mortgage rates make homeownership more affordable, they also make it more competitive with low inventory and rising home prices in many popular U.S. housing markets. In this seller's market, buyers can prepare themselves for success with three simple strategies:

  1. Understanding in advance how much home they can afford using free online calculators offered on many lender's websites.
  2. Educating themselves on the home buying process, including what criteria lenders will evaluate, including credit scores, employment history and income.
  3. Working with a digital-first lender that executes much of the mortgage process online so buyers can act quickly once they find the home of their dreams.

“The homebuying process can feel like a huge undertaking,” Brunker says. “Preparation and a trusted lending partner that provides counsel in the borrower's best interest can help consumers secure the right loan for their financial situation and make the process smoother.”

Other survey findings include:

I Want You Close…

  • Two-thirds of Americans (67%) say as the pandemic continues, they wish they lived closer to family.
  • Not surprisingly, with work and school now largely taking place at home, survey data shows parents with children wish to be closer to extended family than those without (76%).
  • Three in 10 Americans have thought about moving closer to family since the start of the pandemic.

…But Not Too Close

  • More than half of Americans (55%) agree while they miss their family, they don't think they could live with them, or live too close.
  • Generation Z (43%), millennials (49%) and Gen Xers (48%) are more likely than baby boomers (33%) to say family should not live close enough for them to just pop-in and say hi.
  • Men (66%) are more likely than women (56%) to say there should be some driving distance between them and their parents/in-laws.

Fewer Frequent Flyers

  • Since the pandemic began, 61% of Americans have canceled trips to see family.
  • Those in the Northeast (68%) are more likely than those in the South (60%), Midwest (61%), and West (59%) to say they have canceled trips.

Face-to-Face Time Beats Video Chat Every Time

  • Three in five Americans (61%) say that while video chat has helped, not seeing their close family in person has been very hard.
  • Out of those, millennials (71%) and Gen Xers (64%) report struggling the most with only being able to see family virtually.

This online survey was conducted by Regina Corso Consulting on behalf of Ally Financial between Jan.13 and 17, 2021, among 2,054 U.S. adults, aged 18 and older. Figures for age, gender, education, income, employment and region were weighted to bring them into line with their actual proportions in the population. Because the sample is based on those who agreed to participate, no estimates of sampling error can be calculated.

About Ally Financial Inc.

Ally Financial Inc. (NYSE: ALLY) is a leading digital financial-services company with $182.2 billion in assets as of December 31, 2020. As a customer-centric company with passionate customer service and innovative financial solutions, we are relentlessly focused on “Doing it Right” and being a trusted financial-services provider to our consumer, commercial, and corporate customers. We are one of the largest full-service automotive-finance operations in the country and offer a wide range of financial services and insurance products to automotive dealerships and consumers. Our award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage lending, personal lending, and a variety of deposit and other banking products, including savings, money-market, and checking accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). Additionally, we offer securities-brokerage and investment-advisory services through Ally Invest. Our robust corporate finance business offers capital for equity sponsors and middle-market companies.

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

Contact:

Marisa Bazemore
Ally Public Relations
[email protected] 

 

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SOURCE Ally Financial

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CED Issues Plan to Ensure Reliable, High-Speed Internet Access for All Americans

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WASHINGTON, March 2, 2021 /PRNewswire/ — As America's business and public policy leaders work towards a post-pandemic economic recovery, they must address the affordability and access barriers to reliable, high-speed internet services that leave too many Americans and their families behind, says a new Solutions Brief report from the Committee for Economic Development of The Conference Board (CED). COVID-19 has driven even more of everyday commerce, work, health care, and education online, underscoring the critical role that internet access plays in American life and in the nation's ability to prosper and compete globally.  

CED_Torch__Logo

As Broadband Access: Connecting America explains, adequate access to high-speed internet connectivity had become essential for families to pursue economic, educational, and quality of life improvements even before the pandemic. Past improvements in internet quality and access have greatly expanded economic opportunities for families while strengthening the pool of talented labor available to employers.

But as the report points out, more progress remains to be made. In fact, millions of Americans – some current estimates run to over 40 million – remain underserved when it comes to affordable access to high-speed internet, with the problem stretching across both urban and rural areas. While a greater share of rural households lack high-speed internet, roughly three times as many non-users reside in urban areas as rural ones.

“Information technology innovation and competition have been essential to delivering a higher quality of life and modern commerce,” said Lori Esposito Murray, President of CED. “Policymakers must leverage the dynamism and innovation of the private market, increase competition, and invest wisely in order to close the enduring gaps to access and reliability.”

The new CED report offers six specific policy proposals that policymakers and business leaders should implement. Recommendations include:

  • Improve market competition for high-speed internet provision. Robust competition is the surest way to both cost savings and innovation, but the high fixed costs and sole ownership of costly-to-duplicate network infrastructure often increases high-speed market concentration in many areas. Policymakers must take steps to reduce burdens and expand eligibility for potential participants and providers that could help expand broadband access. Efforts to increase competition should also include preempting laws in the 20+ states that ban or restrict municipalities from offering high-speed internet services.
  • Update the Federal Communications Commission's definition for high-speed internet service to a more ambitious and forward-looking standard, reflecting the needs of households engaging in remote work, training, and education opportunities. The FCC's current standard of 25Mbps download and 3 Mbps upload, unchanged since 2015, should be modernized to upload and download speeds of at least 100 Mbps (“100/100”). An improved standard will better reflect the state of US connectivity and avoid directing federal investment to networks that are either substandard or will soon be outdated.
  • Leverage public assets to advance private market provision. In many areas, publicly-subsidized or publicly-owned high-speed internet connections have reached schools and other “anchor institutions” but access or provider competition is limited in the surrounding communities. Private providers should be permitted to expand networks from those existing community nodes, provided it will not degrade services at those institutions. In addition, high-speed internet providers should be allowed to coordinate their network expansions or upgrades with new and ongoing publicly-funded infrastructure projects, allowing them to take advantage of planned construction to advance connectivity. Finally, policymakers should evaluate including empty conduits or funding open-access networks which could ease subsequent expansion of private high-speed internet service.
  • Improve affordability by reforming existing federal support programs. The FCC's Lifeline program is ill-suited to modern needs. Lifeline, which was originally created with telephone service in mind, typically provides less than $10 per month to high-need households, suffers from low participation, and typically subsidizes internet access indirectly. Lifeline service eligibility should be expanded to fixed internet providers, increasing competition and quality. And with high-speed internet access so central to job-searching, lawmakers should also expand eligibility for support to some recently unemployed workers on a time-limited basis.
  • Federally fund a one-time investment to build out upgradable high-speed internet networks to jump-start coverage for areas currently without broadband access. 
  • Bolster internet market transparency for policymakers and consumers alike. Congress should fund up-to-date detailed Census Bureau surveys of individuals and businesses on why they use the internet, which devices they use, and what their options and costs are for service. In addition, the FCC should more aggressively promote its “Broadband Facts” consumer label standard to help customers demand better service and spur competition among providers on clearer grounds.

“Widespread, high-speed internet adoption feeds the economic competitiveness and strength of the whole nation”, added Lori Esposito Murray. “Studies have shown that wider access to broadband is associated with faster growth both nationally and regionally. Importantly, that also means that if the US fails to stay competitive in terms of broadband access, it runs the risk of becoming less attractive for international investment.”

The new report – the latest in a series of Solutions Briefs – can be accessed here.

About CED
The Committee for Economic Development of The Conference Board (CED) is the nonprofit, nonpartisan, business-led public policy center that delivers well-researched analysis and reasoned solutions in the nation's interest. CED Trustees are chief executive officers and key executives of leading US companies who bring their unique experience to address today's pressing policy issues. Collectively they represent 30+ industries, over a trillion dollars in revenue, and over 4 million employees. www.ced.org 

About The Conference Board
The Conference Board is the member-driven think tank that delivers trusted insights for what's ahead. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org

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SOURCE Committee for Economic Development of The Conference Board (CED)

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