Spotlight On: Steve Meyer, CEO, PPR Capital Management

October 2025 — In an interview with Invest:, Steve Meyer, CEO of PPR Capital Management, discussed strategic growth and the company’s commitment to community impact and innovation. “The foundation, the strategy, the people, and our trusted investors all contribute to what I believe is a compelling growth story with real purpose behind it”, he said.

What did you see as the greatest opportunities when you stepped into your role at PPR?

When I joined in 2022, PPR already had a strong foundation and a team of excellent, driven people. The team is collaborative and focused on our core mission of helping to build wealth and prosperity to our shareholders and investors, while making a positive impact on the communities in which we live, work and invest..

Coming from a much larger diversified financial services company at which I had worked for several decades, the partners and I knew I brought a fresh perspective. At the same time, we all knew there was a clear path ahead to build on PPR’s core strengths. Not knowing the intricate nuances of the real estate space was initially a challenge, but it also meant no idea was off limits. Some ideas might have seemed unconventional, but several turned out to be exactly what we needed. It quickly became clear we had to accelerate growth, double down on what we do well, build where we hadn’t yet invested and focus heavily on the customer experience. That became the foundation for our multi-year strategy, PPR Next.

A key reason that strategy has gained traction is alignment. Everyone at PPR, from the leadership team to frontline staff, understands how their work ties into our broader goals. That kind of shared clarity is a real driver of momentum.

We’re also uniquely positioned. While currently focused on real estate, PPR is an alternative private equity manager serving retail investors, and for 18 years we’ve raised capital from accredited individuals rather than institutions. Serving the mass affluent is where the industry is heading, and we’ve already built the infrastructure to support it.

At the same time, there’s a generational wealth shift underway, with close to $150 trillion in motion, and much of it is flowing into the retail space. PPR is positioned right in the center of that transition. This year alone, we expect to raise 50% more capital than in 2024.

The foundation, the strategy, the people, and the investors all contribute to what I believe is a compelling growth story with real purpose behind it.

What major trends are you seeing in private equity real estate, nationally and in your target markets?

One of the biggest drivers right now is the growing push to bring private equity to the retail market. That expansion is fueling growth for us and for others leaning into this space.

In real estate specifically, we’ve seen a correction after years of overheated investment in the multifamily space, often at the top of the market. Many asset management firms are now facing distress. We avoided that multifamily trend by sticking to our roots in nonperforming loans and adhering to our tight risk management process.

As the landscape evolves, multifamily and related assets are becoming attractive again in certain markets. We’re re-engaging where we see opportunity and where we can add value.

There’s also a continued shortfall in affordable and workforce housing, with the U.S. lacking about 5.7 million units. The issue is especially urgent in the Sun Belt and mid-Belt, where corporate relocations to cities like Dallas and Austin Texas have outpaced housing supply. That gap is a big part of our investment focus.

One solution and investment opportunity we’ve leaned into is Build-to-Rent. It’s well suited to both workforce housing and emerging demographics. For example, I have twin 27-year-olds who are ready to leave apartment living but can’t afford to buy. Build-to-Rent creates single-family homes built specifically for long-term rental, offering an affordable option for young professionals, families, and older adults seeking more space without homeownership.

It’s become a strong contributor to our growth, and we see continued opportunity ahead.

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How do current macroeconomic conditions affect your investment decisions?

We see both upside and risk. Rates are likely trending down, which is generally positive, but the broader question is whether the economy is strong enough to support that shift. Unemployment is a key concern for firms like ours, and inflation remains sticky enough to impact Fed decisions.

We don’t assume we have all the answers, but we do benefit from having a highly regarded economist and forecaster on our team. With more than 35 years of experience Spencer Staples, our chief economist and chief investment officer, provides. insight that is central to how we plan and respond.

Falling rates typically lift valuations and unlock more investment opportunities in multifamily and affordable housing. But if those rate cuts are paired with a slowdown in the economy or rising unemployment, the gains can be undercut.

We’re not a firm that jumps in just because rates are dropping. Others might go full throttle. We take a cautious, comprehensive view by watching interest rates, jobs data, inflation, and broader economic signals, and make decisions accordingly.

That’s where Spencer’s guidance is so valuable. He tracks trends across multiple sectors, helping us avoid blind spots. Our posture right now is to move forward with select opportunities, but always with discipline and caution.

How does PPR balance financial performance with its mission and social impact?

It’s central to how we operate. The company was founded on values that continue to shape our culture today. One of the things that drew me to PPR was the shared belief that clients, the company, our team, and the community all matter.

As a private equity real estate firm, financial performance is clearly essential, but it isn’t ultimately meaningful if the communities where we work and invest are being left behind. That’s why purpose is woven into everything we do.

When I joined, one of the first changes we made was to clarify what PPR stands for: Purpose, Prosperity, and Relationships. Those three words capture both how we operate and why.

Giving back and building community relationships has always been part of the company. But I wanted to make it more structured and sustainable. That’s why we launched the PPR Prosperity Foundation, our formal vehicle for charitable giving. We fund it through firm profits and invite contributions from employees, investors and outside donors. Its mission centers on affordable housing, support for low- and very-low-income families, and veteran housing.

Supporting veterans is a personal priority. Too many return from service without stable and/or affordable housing. That’s unacceptable. Freedom comes with responsibility, and we take that seriously.

Our team has fully embraced this mission. They give their time, expertise, and resources. We see the impact in the communities we serve.

This shows up most clearly in our nonperforming loan business. We buy loans that have stopped performing, which gives us control over the properties. In today’s market, we could foreclose and sell for a strong return, often at or above market value.

But over 80% of the time, we choose loan modification instead. We work to keep people in their homes, even if it means slightly lower returns for us. Investors still receive the fixed return they signed up for when they invested. The haircut comes from our side – without sacrificing returns to our investors – and we believe it’s the right thing to do.

That’s where our mission aligns with our model. We prioritize people and purpose, while still delivering strong, consistent performance.

What do you think about the role of technology in supporting growth and decision-making?

In my previous role, I led a tech-first firm, so technology has always been core to what I’ve done. At PPR, we see ourselves as tech-enabled. Technology supports what we do, but our mission and people always come first.

We’ve developed a range of tools, one of which is GPS surveillance on all our properties and targets. This gives us insight into migration trends and traffic flows, helping us make more informed investment decisions. Our internal systems also improve how we source, assess, and manage assets.

I’m a strong advocate for AI. It boosts efficiency and helps process data at scale giving us valuable insights, but it doesn’t replace people. In our business, empathy matters — and that comes from experience, not algorithms. When working with homeowners, communities or investors, human understanding is essential.

That’s why we take a deliberate approach to AI. We research thoroughly, focus on specific use cases, and ensure the tools we adopt enhance our team’s effectiveness. In investor services, for example, AI is helping us improve communication and responsiveness. We’re currently on our third targeted use case. The goal isn’t to replace people. It’s to help them do their work better, optimize performance, and to deliver more value to our clients and investors.

What are your top priorities and opportunities over the next few years?

We are taking a multi-phase approach and we’re currently in the “evolve and diversify” phase of our strategy. That means refining who we are, improving how we operate, and expanding both our investment targets and our investor base. We’ve made strong progress, and the focus will soon shift towards building scale and expansion.

One major opportunity is the ongoing shift toward retail access to alternatives. That trend is gaining traction and while we’re already positioned well in that space, we plan to continue building on it.

Looking ahead, we’ll move into the next phase of our plan, which we call “expansion and platform.” Today, our client base consists of more than 2,000 accredited investors and we’ve another 12,000 in our pipeline. That gives us a strong base from which to grow.

The idea is to open a broader set of investment options, not just the ones PPR manages directly. We want to give our investors access to other high-quality alternatives, while still offering the education, context, and support they need to make good decisions.

We’re not trying to do everything ourselves, we know that no firm can do everything well. We’ll stick to what we do best and in areas outside our expertise, we’ll look to partner with other firms that share our values and meet our standards. Our role will be to curate, educate, and provide access — building a more complete platform for long-term investor success.

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