finance club from school gave us a "complete" list of REPE rankings. personally thought it was amusing but not sure how factual this prestige list is. would love to hear what yall think (edit suggestions welcomed!!)
Tier 1: Blackstone, Brookfield, Starwood
Tier 2: Apollo, KKR, Oaktree, PIMCO
Tier 3: Ares, BlackRock, Bain Capital, Carlyle, CBRE
Tier 4: Morgan Stanley RE Investing, LaSalle
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Overall pretty close - I would move Carlyle to tier 2 though. The firm doesn't recruit from undergrad but has amazing deal flows.
BX in their own tier since they own the fucking world basically.
technically yes - but if you disregard the brand name and factor in the "blackstone discount" along with ruthless hours? jkjk
what do the overall comp and hours look like for BX REPE's first years? what does "Blackstone discount" mean - do they earn less than competing firms?
This list is way too granular. I would classify every one of those firms as Tier 1. You have to remember that this isn't a school or a bank where there are hundreds to thousands of people entering each year. Only a handful of people land a position at these firms. They're all extremely prestigious. Calling MSREI Tier 4 is weird because there are plenty of shops with BX and MSREI alumni working side by side.
This would be the school equivalent of what your finance club did:
Tier 1: Harvard, Yale, Princeton
Tier 2: Stanford, MIT
Tier 3: Columbia, Penn
Tier 4: Other Ivies and schools like UChicago, Duke, etc.
Don't have the latest ranking off the top of my head, but you get the point. Looks ridiculous right?
>there are plenty of shops with BX and MSREI alumni working side by side
like what
lol where do you go to school to make sure we never hire from their again?
Tier 1 school according to the granular list Asso 2 provided. Saw a bunch of posts on WSO regarding BB/EB rankings and thought REPE was the same. Sorry if this was offensive.
what the fuck is this shit
This is a joke. Some of these aren’t even REPE and all those that are are all MF. Agree with previous comment though, Blackstone is in their own league.
wait which ones are not REPE? BlackRock?
PIMCO at Tier 2 is a joke at least from a talent perspective. Don’t know much about Bain Cap’s platform, but I know a couple top kids from my group went there a year ago. CBRE definitely shouldn’t be in the same bucket as them and Carlyle.
Looks like Bain is just following the herd and investing in STNL industrial and Sunbelt multifamily at super tight cap rates, doesn't seem nearly as interesting as the opportunistic investments a lot of the rest of the guys on this list make.
Bain definitely aligns closer with value-add than opportunistic, but ground-up studio/content development in LA as an example sounds pretty interesting to me.
Dude are you kidding me?? Bain cannot be compared to PIMCO whether in platform size and talent. PIMCO flies purposely under the radar but extremely well respected.
College buddy received offers from KKR/Ares/Apollo/PIMCO and chose the latter. The kid is insanely smart and heir to APAC's largest RE developer (think Nick Young from Crazy Rich Asian LOL) - pretty sure he knows more about the industry than we do.
Second this. People should do basic research before shitting on companies they know absolutely nothing about. PIMCO's real estate analyst class this year has the absolute top kids with insane backgrounds. Would take this above any gig unless BX / Starwood acquisitions
Why not just add Marcus and Millichap to Tier 4....
All those companies are Tier I, FYI
From OPs list, how is pay different at each of these tiers and within? Would Brookfield or Starwood Analyst pay be in line with Blackstone?
Not much difference. This list is definitely questionable because I know a few tier 2 firms that offer higher comps and significantly better benefits than those "above" them
Thanks, good to know. And yeah I wouldn’t doubt if a place like APO paid higher, it’s always been a place notorious for high pay high work on the street across strategies. In terms of PERE fund sizes though, the top three are supposed to be up there ahead of the “tier 2” firms (although I don’t know if that’s what OP was trying to shoot for).
Care to elaborate on this? Not sure what you mean. I heard their platform is pretty well established LOL
ouch. sounds like someone's firm didn't make the cut and now feeling salty.
can confirm PIMCO's platform pretty legit. definitely not blackstone level but also up there
Also missing imo, lone star and fortress. Feel free to add your thoughts on these guys (not sure where I’d rank them in this list) but from my conversations, readings on deals, returns, and find sizes, they are up there.
Pass on Lonestar in my opinion. Pay is pretty low relative to their size
Never knew that. Is it Lonestar or Hudson Advisors that pays low? They’re pretty much one and the same fron what I heard from a Lonestar guy but still different names. Also any range you can give for Analyst/ Associate pay?
This must be the most boring club even…..
If this was sent to me - I'd guess it was put together by students. All they're doing is taking the MFs with an RE arm and throwing them in the mix along with other well known names. Notable "prestige" omissions include Lone Star, Cerberus, Angelo Gordon, Fortress, TPG.
On top of this, missing a whole host of great REPE funds which are RE specific and in many cases better REPE options than names included here - some which come to mind include BentallGreenOak, Rockpoint Group, Exeter, Westbrook, Harrison Street, Heitman. There's probably several others I'm missing as I'm not in the US.
This is perhaps a dumb question, but what are the MF cutoffs? I know BX/KKR/Apollo/Bain/Carlyle are definitely within that range, but what about Ares/Oaktree/PIMCO?
I'm not sure, and it's not a debate I engage much in. It's a mostly arbitrary term thrown about on WSO based on fund size ($10BN+), I've never heard people discuss who the megafunds are in person. For example, prospects seem to debate whether Oaktree is a MF because they don't have a PE fund >$10BN, despite closing a $15BN distressed fund (a lot harder to deploy a distressed fund of that size than buyout PE IMO) and it being one of the most renowned distressed shops. Bain also seems to fall into this bucket (is it a UMM or MF debate) as it's latest NA PE fund is <$10BN, without prospects on here realising their funds are region focused, i.e. aggregate latest North America, Europe and Asia funds and you're into a fund size comparable to that of MFs which raise global funds.
In REPE it gets even more nuanced. For example, PGIM isn't viewed as prestigious as it's a LifeCo, yet they have insane $200BN RE AUM and a lot of their staff end up in great shops. Then you have the Canadian pension funds, again not as prestigious as a fund but have huge AUM and can do very interesting projects which traditional REPE aren't suited to. Long and short of my post, I wouldn't worry too much about MF in REPE - the obvious ones are BX, Starwood, and Brookfield. After that it gets more nuanced than PE.
Can someone give a general overview of the comps vs hours at some of these large MF's RE arm?
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