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Global Atlantic Acquires Majority Stake in eRESI Mortgage

David Krechevsky
Oct 13, 2021
eRESI

eRESI Mortgage LLC, a mortgage funding platform offering private capital to the residential mortgage market, has announced that subsidiaries of The Global Atlantic Financial Group have made a commitment to become its majority owner.

KEY TAKEAWAYS
  • eRESI is rapidly expanding its capabilities and capturing market shares in the Non-QM mortgage sector.

Terms of the investment were not disclosed.

Global Atlantic is Hartford, Conn.-based life and annuity insurance company. eRESI Mortgage said it will continue to operate under a newly formed entity, eRESI Capital LLC, led by Gregory Tsang as CEO and Tim Wang as president.

Founded in 2019, eRESI provides a wide range of customized products and liquidity solutions to its national network of mortgage banking partners, and is rapidly expanding its capabilities and capturing market shares in the Non-QM mortgage sector. The new strategic transaction announced today will enable eRESI to further offer and scale a wide spectrum of credit products and services to financial institutions.

“We are excited to have Global Atlantic as a long-term partner who shares the same vision and goals,” Tsang said. “This strategic transaction will accelerate our growth and broaden our capabilities of providing capital to the residential mortgage market, which ultimately will benefit individual homeowners.”

Anup Agarwal, chief investment officer for Global Atlantic, added his firm is pleased to join forces with eRESI, “The non-agency loan business is an important part of Global Atlantic’s portfolio,” he said. “We have been very impressed with the eRESI team and look forward to growing together.”

eRESI said it continues to expand its non-agency market share through enhanced transparency and  innovative processes. Based in Charlotte, N.C., and Pasadena, Calif., eRESI has completed billions in non-agency transactions serving a national network of clients.

Global Atlantic Financial Group is a U.S. life insurance and annuity company, serving the needs of individuals and institutions. It is a majority-owned subsidiary of KKR, a global investment firm that offers alternative asset management across multiple strategies and capital markets solutions. KKR’s parent company is KKR & Co. Inc.

 

Published
Oct 13, 2021
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