Thor Equities Thoughts
Hi, I've seen a recent thread earlier this year called 'Thor Equities in 2019' which in summary mainly spoke about how it's not a friendly environment with a pretty tough culture. However, many funds out there have terrible cultures, so I wanted to ask if anyone had any insight into their performance, returns, and how strong they are in the world of real estate private equity? They've recently started a new division in the Logistics sector and are expanding in London so they seem to be showing signs of solid growth.
I would appreciate any thoughts.
Worked opposite them on a financing, wasn't impressed.
I work at my place primarily because of the people I work with and the culture. If your focused on fund performance, returns, there are tons of places you can work at and Thor would not even be in your radar. And I dont think many funds have terrible cultures, some might be terrible places to work at but not most.
most funds also pay people well to compensate for the shit culture
Pay or the name on the resume could be worth to put up with for a year or two. But Thor? Its an entirely different story.
They just closed on a property in Nashville without doing proper DD. Seem to be struggling holding onto some property. I would be hesitant.
Just curious, how do you know it wasnt "proper" DD?
Edit: "how" is the wrong word but in your mind, given whatever asset class it was, would you consider "proper dd"
Do you have an offer or interviewing there? Be very careful sometimes you can engage in mental gymnastics in order to convince yourself that everything will be fine and and that everything you read on here is wrong.
Thanks for the comments, I’m currently an IBD analyst interviewing for their acquisitions team in london.
I’ve been trying to enter private equity for the past year now and feel this could be my first break into the industry, but everything I’ve read online seems to suggest to stay away from them. I was hoping the recent shift towards the logistics sector and new hires in London may have proved to be a good move for them.
Who knows for their London Office (honestly did not know they had one). But Joe Sitt is flush with high street retail that's worth 2/3rds of what it was 4 years ago. Hes taken a bath in NYC.
Hes looking to higher an industrial guy for a new fund which is the opposite of the asset classes he's usually in so it scream as if they are just chasing easy fund raising.
I've done a little with them and did not come away impressed. Their core business is failing, and they were very active in buying retail (at least in NYC) in the last several years, so they're sitting on falling values having paid top dollar.
Moreover, I know they've been trying to expand, but they don't seem to have the institutional capability to do so. I'm only familiar with the NYC market, but a few years back they tried to buy a building in the Bronx for like $43mm, only to realize they overpaid and lost their deposit backing out of the contract. It eventually sold to the two guys who ran Thor's residential arm for like $37mm. Whether Thor backed out because the two guys left, or because they didn't do their due diligence right, or whatever, it's not a great sign that (a) the co-heads of that division were willing to bid 42.5 on a building only worth 37, and (b) that they have so little depth in their MF arm that the departure of two guys can sink an entire business line.
Seems to be indicative of everything else they're doing. Their core competency doesn't seem relevant anymore, and instead of finding something else to have a competitive advantage in, they are taking a scattershot approach to try and do everything. In my experience, that's usually a recipe for failing everywhere at once. Know your lane
Haha I actually remember looking at this deal. True story.
I've done business with them.
It seems they're always in disarray. Many have mentioned it but their diligence process came off as scattered brained. My experience is limited to a new market foray so maybe these were situational struggles. The lack of organization and the sophomoric diligence questions definitely raised a brow with our team.
I'd be weary. As an IBD analyst you must be getting traction with other REPE firms? Do you want to come to SoCal? I'll hire you right now, PM me.
Thanks for the comment, was your experience with them recent? I'm hoping that most of these issues were in the past and they've improved since.
I've had some traction in the past with a few interviews at the large funds such as starwood, brookfield, and blackstone etc.. however none led to offers. I received an offer from another firm however I declined it due to low pay.
Thor is the only place i am currently in the process for but the issue is I become an associate in a year and I've heard it is difficult to make the move into private equity once you're an associate so im really trying to make the move now.
SoCal as in south california? I would love to work there haha, I've actually applied for a couple roles there in the past but i guess it is difficult to move from London to california.
PM me!
They try and do too much in regards to investing in literally all asset classes. They can’t master one nor stay in their lane.
I interviewed with them for an asset management role in 2018. Interview went well but the HR director (Ashley something) completely ghosted me following the interview after I spent hours there. The headlines now are bashing them and any reputation they had is pretty much gone. London office on the other hand can be completely different.
Yes. Ashley is known for ghosting. Disgusting.
super shitty reflection on the company. A "no we dont want you" email is much much better than pretending you dont see the emails come through.
Interviewed for probably same role as well. When I asked each of the 4 people I met with about the culture, I could tell their hesitation.
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