Tricon Residential, an owner and operator of a growing portfolio of over 31,000 single-family rental homes and multi-family rental apartments, Teacher Retirement System of Texas, a firm that administers a defined benefit retirement plan, and Pacific Life Insurance to form SFR JV-2 in a $5bn deal. SFR JV-2 is expected to acquire more than 18,000 single-family rental homes primarily from resale channels complementing Tricon's other investment vehicles targeting new single-family rental homes. Tricon will serve as the asset manager and property manager of the joint venture. "We are very excited to partner with three leading investors to launch SFR JV-2, which represents the largest joint venture in Tricon's history and is a significant milestone for institutional investment in the single-family rental asset class. Tricon has now raised $2bn of third-party equity commitments year-to-date and has the capital in place to grow our single-family rental portfolio to nearly 50k homes over the next three years. We anticipate growing our portfolio by over 6k homes in the coming year, and are already well on track with more than 1,500 homes acquired in Q2," Gary Berman, Tricon President and CEO.