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Est. 2025 · New York · GIFT City
Select your jurisdiction.
Your selection determines the regulated entity, disclosures, and materials applicable to you.
Est. 2025 · New York · GIFT City
Pref Capital · New York City
American Real Estate
PREF Capital is a boutique real estate fund house, founded in 2025 with a longer intention: to serve families, family offices, and institutional allocators across generations, not quarters. Our first discipline is asset selection. In real estate, most of the outcome is decided on the day of purchase.
In New York we are operators first: twenty years of transactions in this city’s real assets, and a decade underwriting its credit inside its largest institutions. We take quiet pride in bringing patient capital from around the world into the most consequential real estate market there is.
The Indian allocator begins from a rupee balance sheet in a world that prices opportunity in dollars. Within India’s investment ecosystem, genuinely differentiated offerings remain scarce, and scarcer still are managers with real ground in the destination market. We were formed against both scarcities. The GIFT City corridor was built for exactly this journey, and our structure draws every advantage the route lawfully offers: in scale, in movement of capital, and in efficiencies we detail in private.
Most international capital reaches American real estate through channels that look alike and think alike. We stand at the American end of the corridor, close to the assets, with relationships serviced from GIFT City.
Two roles, one asset class. Residential New York City is the core: the steadiest major market in America, held for stability and income. Around it, selective commercial assets across the country carry the return. The core preserves, the satellites earn, and selection governs both.
We buy as principals with an underwriter’s eye: conservative basis, visible cash flow, patience measured in years. In this market, the asset you decline matters as much as the asset you own.
Indian families have trusted property longer than any other asset class, and the trust is deserved when the asset is. Our craft is the choosing: the right building, in the right market, at the right basis. Everything afterward follows from that.
Markets are efficient in the aggregate and inefficient asset by asset; the excess return in real estate hides in the second place. Our work is done there, one building at a time, at a basis we can defend without a forecast.
New York City permits little and attracts everyone. Zoning caps what can be built while the world’s capital and talent keep arriving, and the imbalance is structural rather than cyclical. It shows in the numbers.
$5,295
Record Manhattan median rent
Corcoran, June and July 2026
1.56%
Manhattan rental vacancy
Corcoran, July 2026
−22%
Active listings, year over year
Corcoran, July 2026
Manhattan median rent, 2026
Source: Corcoran Manhattan rental market reports, January to July 2026. Market data is shown for context; it is not an indication of any investment or its performance.
Acquisitions
Twenty years of New York real estate transaction experience, with a consistent record of attractive risk-adjusted returns. A licensed New York broker, he leads sourcing and execution for the firm.
mukul@pref.capitalUnderwriting & Structure
Over a decade of New York banking experience, previously at JPMorgan, spanning risk management, securitization, and institutional due diligence with a focus on commercial real estate credit. She brings a lender’s discipline to the firm’s underwriting and structure.
darshi@pref.capitalBe Preferred
PREF Asset Management IFSC LLP
Unit 234, First Floor, Pragya Accelerator II
Road No. 1C, GIFT City, Gandhinagar – 382050
Gujarat, India
PREF Asset Management IFSC LLP
Unit 234, First Floor, Pragya Accelerator II
Road No. 1C, GIFT City, Gandhinagar – 382050
Gujarat, India
Correspondence is welcome from qualified investors.