Preservation Equity Fund Advisors, LLC (PEF Advisors)

Preservation Equity Fund Advisors, LLC, commonly known as PEF Advisors, is a real estate private equity fund manager headquartered in Irvine, California. The firm's core business revolves around acquiring and preserving existing affordable housing in high-cost markets across the United States through private equity funding. Its mission is dedicated to the preservation of affordable housing through investment strategies that enhance properties and support communities, while simultaneously generating returns for its investment partners.

PEF Advisors manages private equity funds, such as Preservation Equity Fund 3, L.P., which invest in various types of affordable rental properties, including LIHTC apartments, Project-based Section 8 apartments, and stand-alone properties. These investments aim to provide housing for low- to moderate-income residents, including working families, seniors, and veterans. The company employs a strategy that involves identifying, acquiring, and managing affordable housing, focusing on improving operational efficiencies and addressing deferred maintenance. PEF Advisors leverages proprietary data analytics to identify favorable markets and opportunities.

In recent news, PEF Advisors announced the formation of an Advisory Board in May 2026, bringing together leaders from institutional real estate investment and affordable housing sectors. The firm successfully closed its third fund, Preservation Equity Fund 3, L.P., in September 2025 with $156 million in committed capital. Additionally, in April 2026, PEF Advisors completed the full realization of its inaugural Fund I. The company also formed a joint venture with Freestone Capital in May 2026 to recapitalize and preserve affordable housing assets. Ann Caruana serves as President and Chief Investment Officer, overseeing the firm's operations and investment decisions.