Hearthstone is devoted exclusively to investing institutional capital in residential development. Hearthstone was the first, and today is the largest, institutional investment manager in the country that is dedicated to the residential building industry.

At the time Hearthstone was formed in 1992, homebuilders across the United States were suffering from a shortage of capital resulting from changes in federal laws affecting the banking industry and from a loss of investor confidence in real estate. Hearthstone was organized in response to this capital shortage and in recognition of the long-term investment opportunity that single-family homebuilding presents for institutional investors.

Hearthstone manages funds for numerous public and private pension plans, university endowments, Fortune 100 companies and large private trusts. Hearthstone invests these funds in homebuilding and residential lot development projects throughout the United States.

Hearthstone now has more than $11 billion committed to the home building industry, financing more than 450 communities in 80 markets in 25 states representing 40 builders and nearly 90,000 homes and lots. Offices are located in San Francisco, Los Angeles, San Diego and Chicago.