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AEW Capital Management
 

theBEEGEES's picture
 
Points)
 on 5/31/12 at 10:15am

Does anyone have information on these guys? They're a Real Estate focused Investment Management firm based out of Boston.

According to their website they have $22B under management and do both public and private market investing.

http://www.aew.com/overview.html

Tags:
prospie's picture

Solid firm, well-known

(King Kong, 1,682
 
Points)
 on 5/31/12 at 10:28am

Solid firm, well-known nationally (if not internationally). I know multiple people who have worked there in Boston, have had good things to say about it, and have moved on to other great jobs on the equity side.

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RE Capital Markets's picture

prospie: Solid firm,

RE
(Gorilla, 649
 
Points)
 on 5/31/12 at 11:29am
prospie:

Solid firm, well-known nationally (if not internationally). I know multiple people who have worked there in Boston, have had good things to say about it, and have moved on to other great jobs on the equity side.

What he said.

They have a great rep in the industry.

Man made money, money never made the man

re-ib-ny's picture

What sort of position are you

PE
(Gorilla, 690
 
Points)
 on 6/1/12 at 5:27am

What sort of position are you looking at and what are you comparing it against?

theBEEGEES's picture

To be clear, I don't have an

 
Points)
 on 6/1/12 at 10:16am

To be clear, I don't have an offer from them. I'm in the process of talking with an alumni there and I'm just trying to be as knowledgeable as possible about the firm and their position in the industry. But in terms of goals and interests, I'm trying to get into the acquisitions side of RE.

re-ib-ny's picture

I responded to a prior post

PE
(Gorilla, 690
 
Points)
 on 6/1/12 at 2:34pm

I responded to a prior post of yours regarding an interest in entering RE PE, so I will respond to you in that context.

AEW is a very well-known player in the real estate investment management world. They operate a number of different commingled funds that invest in different real estate strategies (core, value-add, opportunistic, etc.). They also operate separate accounts, which means that institutions can give them money to buy property on a deal-by-deal basis (as opposed to a commingled fund). I call companies like this "diversified real estate managers" (others are companies like Lasalle or perhaps Hines).

Not quite the same as working for a "true" RE PE fund (dedicated opportunistic manager or a real estate group of a multistrategy megafund), but this would be a very good place to get your feet wet in acquisitions and offers some potential mobility to the RE PE fund world (if that's what you're interested in). I would say this is much better than working for a CMBS group, lending, or brokerage (except Eastdil); better than working for a REIT or pure core fund; and slightly less appealing than working for a RE IB group at a BB bank (solely for purposes of entering RE PE; acqs at AEW would be much more fun).

theBEEGEES's picture

Thanks re-ib-ny. Your posts

 
Points)
 on 6/1/12 at 3:50pm

Thanks re-ib-ny. Your posts have been REALLY helpful and I appreciate it.

SuccessIsRevenge's picture

Hey re-ib-ny, You mentioned

 
Points)
 on 6/6/12 at 6:26pm

Hey re-ib-ny,

You mentioned that working at eastdil would be better than acquisitions for re pe. Are you referring to capital market groups in general or specifically eastdil?

re-ib-ny's picture

My response was poorly

PE
(Gorilla, 690
 
Points)
 on 6/6/12 at 7:07pm

My response was poorly worded, but I was not trying to suggest either Eastdil or RE cap markets were "better" than acquisitions in RE PE. In fact, the OP is interested in working in RE PE acquisitions, and I was identifying the areas that I felt have most mobility in that direction.

In my comment re: Eastdil, I was trying to divide Eastdil from the other brokerage firms, not necessarily saying it would be better than working for AEW specifically, or in acquisitions generally. Please note that I have worked for neither firm, but am in the industry.

In my experience, Eastdil's analysts seem to have noticeably better mobility to the RE PE fund world than other brokerage houses. But this is mostly anecdotal, and the associate ranks of the major RE PE funds (large, established opportunity funds and real estate practices of the multistrategy megafunds) are largely dominated by former RE IB analysts from the bulge bracket banks.

International Pymp's picture

They're well known in Asia as

RE
(King Kong, 1,882
 
Points)
 on 6/19/12 at 9:40am

They're well known in Asia as well. The head of their Asia team has a great reputation and very solid resume of working with big firms / good teams.

theBEEGEES's picture

Thanks for all the great

 
Points)
 on 6/21/12 at 7:20pm

Thanks for all the great responses. Can anyone name some firms that are similar to AEW in terms of size and reputation?

re-ib-ny's picture

I think you could include:

PE
(Gorilla, 690
 
Points)
 on 6/22/12 at 10:52am

I think you could include: Brookfield, Invesco, Hines, Lasalle, PREI, RREEF (questionable situation given terminated sale to Guggenheim), Stockbridge, and Tishman Speyer, among others. These are all fairly large, reputable, real estate-focused asset management shops that invest through various pools of equity. They sponsor private equity funds in the technical sense of the term, but are not usually seen in my mind as part of the subset of "true" PERE.

feuerwerk's picture

I would also add Fortress,

HF
(Monkey, 38
 
Points)
 on 6/22/12 at 10:59am

I would also add Fortress, Angelo Gordon, AREA, Hudson Advisors (Lone Star Funds)

RE Capital Markets's picture

What's up with RREEF? A

RE
(Gorilla, 649
 
Points)
 on 6/22/12 at 12:14pm

What's up with RREEF? A couple of their heavy-hitters in socal left the firm and they have not been active.

Man made money, money never made the man

re-ib-ny's picture

Fortress, Angelo, AREA, and

PE
(Gorilla, 690
 
Points)
 on 6/22/12 at 12:30pm

Fortress, Angelo, AREA, and Lone Star are in a different league from AEW. Those are genuine private equity funds, and the compensation will be on a different level as well (though I can't say I know exactly what AEW pays). The target talent pool of the prior firms will also be different, as will the exit opportunities.

Deutsche Bank owns RREEF. The platform has struggled a bit in recent years and DB decided to hock the business about a year ago and more or less seems to have pulled the plug on all acquisitions and major new activity. They went into exclusive negotiations maybe six months ago to sell it to Guggenheim, but the talks fell apart and they announced a termination of the discussions this week:

http://www.globest.com/news/12_377/newyork/finance...

Doesn't seem like there's much upside there until the future of the platform is resolved, hence the recent defections. Almost everyone there is trying to get out. Also, can't imagine they can raise money given the uncertainty.

the bank robber's picture

i know AUM isn't everything

 
Points)
 on 6/23/12 at 10:44am

i know AUM isn't everything but the 4 largest in terms of gross AUM (equity and debt) own about 27% of the real estate funds out there.

in order: Blackstone, Lone Star Funds, Prudential, JP Morgan.

i get that some of these are known for core so don't use the whole strategy argument. all i'm wondering is, how can you fucking blindly ignore 3 of the top 4 AUM RE firms when discussing RE firms. no one ever mentions lone star, prudential, or jpm.

brandon st randy's picture

re-ib-ny: They also operate

PE
(Gorilla, 705
 
Points)
 on 6/23/12 at 1:16pm

...well, he's no use to us if Detroit is his idea of a small town!

feuerwerk's picture

I would say it depends on the

HF
(Monkey, 38
 
Points)
 on 6/23/12 at 1:49pm
re-ib-ny's picture

Brandon St Randy, I am not

PE
(Gorilla, 690
 
Points)
 on 6/24/12 at 1:06am
brandon st randy's picture

feuerwerk: I would say it

PE
(Gorilla, 705
 
Points)
 on 6/24/12 at 11:39am

...well, he's no use to us if Detroit is his idea of a small town!

feuerwerk's picture

I would say that a promote is

HF
(Monkey, 38
 
Points)
 on 6/24/12 at 4:04pm
Relinquis's picture

the bank robber: [...] all

RE
(Neanderthal, 2,186
 
Points)
 on 6/27/12 at 3:57pm

relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.

prospie's picture

Relinquis: Because they're

(King Kong, 1,682
 
Points)
 on 6/28/12 at 9:55am

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Relinquis's picture

prospie: Relinquis: Because

RE
(Neanderthal, 2,186
 
Points)
 on 6/28/12 at 11:19am

relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.

re-ib-ny's picture

Pramerica in Europe / PREI in

PE
(Gorilla, 690
 
Points)
 on 6/28/12 at 2:03pm
requestions's picture

RE-IB, why are you saying

(Monkey, 36
 
Points)
 on 6/28/12 at 5:56pm
requestions's picture

Also, can anyone elaborate on

(Monkey, 36
 
Points)
 on 6/28/12 at 5:57pm
re-ib-ny's picture

Requestions, again, my

PE
(Gorilla, 690
 
Points)
 on 6/28/12 at 6:25pm
asianracist's picture

sorry for bumping, but if

(Baboon, 145
 
Points)
 on 8/7/12 at 1:03am
re-ib-ny's picture

Not always, but in general

PE
(Gorilla, 690
 
Points)
 on 8/7/12 at 11:38am

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