Pretium Partners buys mortgage servicer founded by Lewis Ranieri
Pretium Partners is buying Selene Finance, a residential mortgage servicer, from funds managed by Oaktree Capital Management and Ranieri Partners.
The deal for Selene also includes a title-services company and a third-party diligence and advisory-service firm. Pretium was founded in 2012 by former Goldman Sachs Group Inc. partner Donald Mullen, who oversaw Goldman's bet against the U.S. subprime market.
Since then, Pretium has raised more than $2 billion to buy single-family rental homes, building a portfolio that currently contains more than 26,000 rental houses. The company’s investments are spread across real estate, mortgage finance and corporate credit, and it has more than $10 billion in assets under management.
Its acquisition of Selene is expected to close in mid-2019, according to a statement Tuesday. Terms of the transaction weren't disclosed.
Selene was founded in 2007 by Lewis Ranieri, the former Salomon Brothers banker who was one of the pioneers of the mortgage security.