Key facts
- PGIM will purchase approximately $3 billion of loans from GreenSky.
- The agreement is a three-year forward flow agreement.
- PGIM manages $1.5 trillion in assets.
- Oliver Nisenson, head of private asset-based finance at PGIM, cited strong demand in home improvement lending.
- Goldman Sachs previously sold GreenSky and its loans to Sixth Street Partners in 2024.
PGIM, the asset management division of Prudential Financial, has entered into an agreement to acquire approximately $3 billion in loans from GreenSky, a lender specializing in home improvement financing. This three-year deal is part of PGIM's strategy to expand its asset-backed financing platform, particularly in areas where traditional banks have reduced their involvement.
The transaction is structured as a forward flow agreement, meaning PGIM commits to purchasing loans before they are originated by GreenSky. Oliver Nisenson, head of private asset-based finance at PGIM, highlighted the attractiveness of the home improvement lending segment, citing increased demand driven by the aging housing stock and the need for critical home infrastructure and improvements.
This move follows PGIM's recent commitment of $4 billion for land banking projects with Domain Real Estate Partners. GreenSky, based in Atlanta, Georgia, was previously sold by Goldman Sachs in 2024 to a consortium led by investment firm Sixth Street Partners.