GPM US Single-Family Rentals

The US Single-Family Rentals Strategy (the ‘SFR Strategy’) makes direct investments in US residential real estate, acquiring properties via scattered site, BTR or Net Zero Energy BTR channels. The focus is on stable rental income and long-term capital appreciation.

  • The strategy is actively managed and not managed in reference to a benchmark
  • Established track record, investing since 2012 across more than 5,800 homes and lots1
  • Currently invested across 12 states, 18 markets
  • In our view, there are favourable long-term demand/supply dynamics, despite short-term market volatility
  • COVID-19 was the first, large-scale stress test of SFR since institutional ownership began in 2012 and the asset class has, in our view, proven its resiliency, delivering strong performance across SFR sector KPIs
  • We expect the positive tailwinds for the SFR sector to continue, with the opportunity for investors to diversify existing US real estate holdings

1. First investment made by Aalto Invest, which was acquired by Man Group in January 2017.


We target the top 50 metro areas that exhibit positive macro and demographic trends with a focus on the South region of the US. We continuously analyze markets across the country in order to build and evolve a diversified portfolio of rental homes in markets that we feel are poised to outperform in terms of overall cash flow yield and home price appreciation.

In addition to market selection, Man GPM focuses asset selection on high quality, newer homes with great access to schools, jobs, services and entertainment.

Man GPM’s dedicated SFR acquisition and development team has sourced properties through all major channels including (1) existing homes, (2) BTR homes, and (3) net zero energy communities.

Man GPM employs a third-party property management model with a focus on a small number of national SFR property managers with a total of 50k units under management. This model allows Man GPM to: (1) take advantage of our PMs infrastructure, economies of scale and broad market diversification, (2) test, enter and exit markets efficiently, and (3) employ a champion/challenger model in all of our markets to avoid single manager reliance in any individual market, ensuring competitive tension.

Oversight is provided by our dedicated asset management team located in our operational headquarters in Charlotte, NC. Our team drives PM performance through real-time analytics, via proprietary software that enables us to efficiently manage a geographically diverse portfolio from a central location.

Investment Solutions

Man offers a comprehensive suite of investment solutions and formats that can be tailored and optimised to meet specific client needs. Our investment solutions offer optionality including: liquidity, control, investment restrictions, investor customisations and transparency.

Alternative investment funds
Regional funds
Separate accounts
Advisory mandates
Managed accounts

Access to investment products and mandate solutions are subject applicable laws and regulations including selling restrictions and licensing requirements. Investment solutions listed above may not be compatible for all investment strategies and may be subject to minimum subscription requirements. Regional Funds: In additions to UCITS and AIFs registered across the EEA, a number of investment strategies are available in vehicles registered in Chile, Netherlands, Hong Kong, Japan, Singapore, South Korea and Switzerland.

Important Information

This material has been prepared by Man Global Private Markets (USA) Inc., (“Man GPM”) and is distributed by Man Investments Inc. (“Man Investments”), each of which is a member of Man Group. Man GPM is registered as an “investment adviser” with the U.S. Securities and Exchange Commission (the “SEC”). “Man Group” refers to the group of entities affiliated with Man Group plc. Man Investments is registered as a broker-dealer with the US Securities and Exchange Commission (“SEC”) and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). The registrations and memberships above in no way imply a certain level of skill or that the SEC, FINRA or SIPC have endorsed the entities, products or services discussed herein. In the U.S, Man Investments Inc. can be contacted at 1345 Avenue of the Americas, 21st Floor, New York, NY 10105, Tel: +1 (212) 649 6600.

The investments described herein may be private investment funds and/or managed accounts and utilize “Alternative Investment Strategies”. Alternative investment Strategies, depending upon their investment objectives may invest and trade in many different markets, strategies and instruments (including securities, non-securities and derivatives) and are NOT subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors. There are substantial risks in investing in an Alternative Investment. The Offering Documents contain important information concerning risk factors, including a more comprehensive description of the risks and other material aspects of the investment, and should be read carefully before any decision to invest is made. You should not rely in any way on this summary.

You should note that:

Alternative Investment Strategies are speculative investments and involves a high degree of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment in an alternative investment. An investor could lose all or a substantial portion of his/her/its investment.

An investment in an Alternative Investment should be discretionary capital set aside strictly for speculative purposes. The strategy is not suitable for all investors and is only intended for qualified and sophisticated investors.

The strategy invests in real property which is specialist sector that may be less liquid and produce more volatile performance than an investment in other investment sectors. The value of capital and income will fluctuate as property values and rental income rise and fall. The valuation of property is generally a matter of valuers’ opinion rather than fact. The amount raised when a property is sold may be less than the valuation. The value of an investment and any income derived from it can go down as well as up and investors may not get back their original amount invested. Alternative investments can involve significant additional risks.

An Alternative Investment’s offering documents may not have been reviewed or approved by federal or state regulators, and it may contain privately placed interests which are not federally or state registered.

Some Alternative Investments may be illiquid and there may be significant restrictions on transferring or redeeming interests in an Alternative Investment. There may be no secondary market for an investor’s investment in an Alternative Investment.

Certain portfolio assets may be illiquid and without a readily ascertainable market value. Since the value assigned to portfolio investments affects a manager’s or advisor’s compensation, the manager’s or advisor’s involvement in the valuation process creates a potential conflict of interest. The value assigned to such portfolio investments may differ from the value an Alternative Investment is able to realize.

An Alternative Investment may have little or no operating history or performance and may use performance which may not reflect actual trading of the Alternative Investment and should be reviewed carefully. Investors should not place undue reliance on hypothetical, pro forma or predecessor performance.
An Alternative Investment’s manager or advisor has total trading authority over an Alternative Investment. The death or disability of the manager or advisor, or their departure, may have a material adverse effect on an Alternative Investment.
An Alternative Investment may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk. An Alternative Investment’s performance may be volatile.
An Alternative Investment may involve a complex tax structure, which should be reviewed carefully, and may involve structures or strategies that may cause delays in important tax information being sent to investors.
An Alternative Investment’s fees and expenses which may be substantial regardless of any positive return may offset such Alternative Investment’s trading profits. If an Alternative Investment’s investments are not successful, these payments and expenses may, over a period of time, deplete the net asset value of an Alternative Investment.
An Alternative Investment and its managers/advisors may be subject to various conflicts of interest.
An alternative investment strategy or technique aimed to reduce the risk of loss which may not be successful.
Alternative investments may not be required to provide periodic pricing or valuation information to investors.
Limited liquidity – Your ability to redeem (liquidate) your Units or certain portfolio assets may be limited and subject to certain restrictions and conditions under the Fund or Investment Agreement. No secondary public market for the sale of certain assets may exist.
Concentration – The strategy may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk.

Man Global Private Markets (USA) Inc
452 Fifth Avenue, 27th Floor
New York, NY 10018 USA
Man Investments Inc., Member FINRA and SIPC

No securities commission or similar authority in Canada has reviewed or in any way passed upon this document or the merits of the securities described herein and any representation to the contrary is an offence.

This is not the final offering memorandum but rather a preliminary description of the investment opportunity which has been prepared solely for the benefit of accredited investors who are also permitted clients under applicable Canadian securities laws. If and when the final offering memorandum is prepared, only accredited investors (who are, where applicable, also permitted clients) entitled under applicable Canadian securities laws in the relevant Canadian offering jurisdictions will be entitled to participate in the offering.

Securities legislation in certain of the Canadian jurisdictions provides purchasers pursuant to an offering memorandum with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the offering memorandum and any amendment to it contains a “misrepresentation” . Where used herein, “misrepresentation” means an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make any statement not misleading in light of the circumstances in which it was made. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed by applicable securities legislation.

Section 130.1 of the Securities Act (Ontario) provides that every purchaser of securities pursuant to an offering memorandum shall have a statutory right of action for damages or rescission against the issuer in the event that the offering memorandum contains a misrepresentation. A purchaser who purchases securities offered by an offering memorandum during the period of distribution has, without regard to whether the purchaser relied upon the misrepresentation, a right of action for damages or, alternatively, while still the owner of the securities, for rescission against the issuer and the selling security holders, provided that:

(a) if the purchaser exercises its right of rescission, it shall cease to have a right of action for damages against the issuer;
(b) the issuer will not be liable if they prove that the purchaser purchased the securities with knowledge of the misrepresentation;
(c) the issuer will not be liable for all or any portion of damages that it proves do not represent the depreciation in value of the securities as a result of the misrepresentation relied upon; and
(d) in no case shall the amount recoverable exceed the price at which the securities were offered. Section 138 of the Securities Act (Ontario) provides that no action shall be commenced to enforce these rights more than:
(a) in the case of an action for rescission, 180 days from the day of the transaction that gave rise to the cause of action; or
(b) in the case of an action for damages, the earlier of:
(i) 180 days from the day that the purchaser first had knowledge of the facts giving rise to the cause of action; or
(ii) three years from the day of the transaction that gave rise to the cause of action.

The rights referred to in section 130.1 of the Securities Act (Ontario) do not apply in respect of an offering memorandum delivered to a prospective purchaser in connection with a distribution made in reliance on the exemption from the prospectus requirement in section 2.3 of National Instrument 45-106 Prospectus and Registration Exemptions (the “accredited investor” exemption) if the prospective purchaser is:

(a) a Canadian financial institution or a Schedule III bank,
(b) the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada), or
(c) a subsidiary of any person referred to in paragraphs (a) and (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary.

The foregoing summary is subject to the express provisions of the Securities Act (Ontario) and the regulations, rules and instruments thereunder, and reference is made to the complete text of such provisions contained therein. Such provisions may contain limitations and statutory defenses on which the issuer may rely. The enforceability of these rights may be limited.
Similar rights may be available to investors resident in other Canadian jurisdictions under local provincial securities laws.

The issuer and related entities, their affiliates, and their respective shareholders, members, partners, managers, directors, officers, principals, employees and agents, are not registered with or licensed by any securities regulatory authority in Canada and, accordingly, the protections available to clients of a registered adviser, dealer or investment fund manager will not be available to purchasers in Canada.

Man Investments, Inc. (“MII”) will be relying on the international dealer exemption pursuant to subsection 8.18(2) of NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations in Ontario. Please note that:

I. MII is not registered in Ontario to trade in securities;
II. MII’s head office or principal place of business is located in the State of New York, U.S.A.;
III. all or substantially all of MII’s assets may be situated outside of Canada;
IV. there may be difficulty enforcing legal rights against MII because of the above;
V. the name and address of MII’s agent for service of process in Ontario is 152928 Canada Inc., c/o Stikeman Elliott LLP, 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario M5L 1B9.

Please note that MII’s agent for service of process is solely for purposes of serving upon it notices, pleadings, subpoenas, summons or other processes in actions, investigations or administrative, criminal, quasi-criminal or other proceedings arising out of or relating to or concerning MII’s activities in Ontario.

1. First investment made by Aalto Invest, which was acquired by Man Group in January 2017.
2. As at June 2021.
3. Sources - US Population growth driving housing demand: US Census Bureau, Eurostat, World Bank and National Institute of Population and Social Security Research, as at December 2019. Millennial generation increasingly need more space: US Census Bureau - Population Estimates, July 2019. Pandemic has put focus on space and amenities: John Burns Real Estate Consulting, COVID Webinar, July 2020. SFRs have space for comfortable work/life environment: John Burns Real Estate Consulting, data - 2017, pub - Jun-20. Single-family home inventory at all time lows: National Association of Realtors, as at January 2021. Single-family permits have fallen dramatically: US Census Bureau, as at December 2020, John Burns Real Estate Consulting, as at January 2021.
4. SFR as an asset class refers to institutionally owned US SFR.


One should carefully consider the risks associated with investing, whether the strategy suits your investment requirements and whether you have sufficient resources to bear any losses which may result from an investment:

Market Risk - The Strategy is subject to normal market fluctuations and the risks associated with investing in international securities markets and therefore the value of your investment and the income from it may rise as well as fall and you may not get back the amount originally invested.

Counterparty Risk - The Strategy will be exposed to credit risk on counterparties with which it trades in relation to on-exchange traded instruments such as futures and options and where applicable, ‘over-the- counter’("OTC","non-exchange") transactions. OTC instruments may also be less liquid and are not afforded the same protections that may apply to participants trading instruments on an organised exchange.

Currency Risk - The value of investments designated in another currency may rise and fall due to exchange rate fluctuations. Adverse movements in currency exchange rates may result in a decrease in return and a loss of capital. It may not be possible or practicable to successfully hedge against the currency risk exposure in all circumstances.

Liquidity Risk - The Strategy may make investments or hold trading positions in markets that are volatile and which may become illiquid. Timely and cost efficient sale of trading positions can be impaired by decreased trading volume and/or increased price volatility..

Single Region/Country Risk - The Strategy is a specialist country-specific Strategy or focuses on a particular geographic region, the investment carries greater risk than a more internationally diversified portfolio.

Property Risk - The valuation of property is generally a matter of valuer's opinion rather than fact. The amount raised when a property is sold may be less than the valuation.

Tax Risk - The tax advantages this strategy seeks to take advantage of may not be available to all investors, consult with your tax professional prior to making investment decisions.

Political Risk - The Strategy may be subject to additional risks which include possible adverse political and economic developments, possible adoption of governmental restrictions which might adversely affect the payment of rent, principal, interest and other amounts to investors located outside the country where the property is located, whether from currency blockage or otherwise. In addition, political or social instability or diplomatic developments could affect investments in those countries. While the Firm will take these factors into consideration in making investment decisions for the Strategy, no assurance can be given that the Strategy will be able to avoid these risks.