Key Takeaways
- • Preservation Equity Fund Advisors (PEF Advisors) appointed David "Mac" McWhorter to its advisory board, per a company announcement dated October 5, 2026.
- • McWhorter is a Managing Director at Institutional Real Estate, Inc., where he has led the Institute for Real Estate Operating Companies and IREI Advisory Partners since 2016.
- • McWhorter spent over 30 years in institutional capital raising and investor relations and reportedly raised over $12 billion for leading real estate investment managers, including AEW Capital, Nuveen Real Estate/Henderson Global, Heitman, and Carmel Partners.
- • PEF Advisors, an affiliate of WNC & Associates, focuses on acquiring and preserving existing affordable housing in high-cost markets through private equity funding, with WNC's parent family reporting more than 121,000 units and $22 billion in affordable housing acquired nationwide.
Summary
Preservation Equity Fund Advisors (PEF Advisors) has added David "Mac" McWhorter to its advisory board, according to a company announcement dated October 5, 2026, with coverage from Pulse 2.0 and other trade outlets. The firm described McWhorter as bringing decades of experience in the institutional real estate industry.
McWhorter is a Managing Director with Institutional Real Estate, Inc. and has led that firm's Institute for Real Estate Operating Companies and IREI Advisory Partners since 2016. Before that, he spent more than 30 years in institutional investor capital raising and relations, during which he raised over $12 billion for leading real estate investment management firms, including AEW Capital, Nuveen Real Estate/Henderson Global, Heitman, and Carmel Partners.
Ann Caruana, President and CIO of PEF Advisors, said she has known McWhorter for more than 20 years and described his expertise as spanning capital formation, investor relations, and the broader institutional real estate landscape. McWhorter said he intends to advise the PEF team as the firm grows, broadens its institutional investor base, and builds on its affordable housing expertise.
The advisory board also includes Tony Breault of Ascentris, Gena Cheng of Prospect Avenue Partners, Lawrence J. Hass of Difede Ramsdell & Bender, John Hurley of Penwood Real Estate Investment, and Trisha Malone of Anton DevCo.
PEF Advisors, formed in 2016, acquires and preserves existing affordable housing in high-cost markets through private equity funding. It is an affiliate of the WNC & Associates, Inc. family of companies, which reports more than 55 years of experience and more than 121,000 affordable housing units acquired nationwide, representing $22 billion, including through tax credit and preservation equity strategies.
McWhorter is a Managing Director with Institutional Real Estate, Inc. and has led that firm's Institute for Real Estate Operating Companies and IREI Advisory Partners since 2016. Before that, he spent more than 30 years in institutional investor capital raising and relations, during which he raised over $12 billion for leading real estate investment management firms, including AEW Capital, Nuveen Real Estate/Henderson Global, Heitman, and Carmel Partners.
Ann Caruana, President and CIO of PEF Advisors, said she has known McWhorter for more than 20 years and described his expertise as spanning capital formation, investor relations, and the broader institutional real estate landscape. McWhorter said he intends to advise the PEF team as the firm grows, broadens its institutional investor base, and builds on its affordable housing expertise.
The advisory board also includes Tony Breault of Ascentris, Gena Cheng of Prospect Avenue Partners, Lawrence J. Hass of Difede Ramsdell & Bender, John Hurley of Penwood Real Estate Investment, and Trisha Malone of Anton DevCo.
PEF Advisors, formed in 2016, acquires and preserves existing affordable housing in high-cost markets through private equity funding. It is an affiliate of the WNC & Associates, Inc. family of companies, which reports more than 55 years of experience and more than 121,000 affordable housing units acquired nationwide, representing $22 billion, including through tax credit and preservation equity strategies.
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