This might be a stupid question but.. Its pretty clear on these threads that "REIB" at HFF, Eastdil, etc is essentially brokerage of some form or another. Then there are groups at typical banks that are essentially lenders, which I believe would be a function of commercial banking. But what are perceptions/opinions on groups WITHIN IBs that invest equity directly into assets/projects/portfolios...
I know DB has RREEF, GS has a RE investment and Asset Management group, as does BoA, JP Morgan and a number of other banks. So do these groups typically run like core-focused PE groups (just assuming this because they are using assets from like, pension funds and stuff, I think)? GS and BoA also have groups focused on new market tax credit investments and other forms of structured investments that take advantage of tax credits (I think they call themselves "impact investors" or "double bottom line" investment groups). So I wanted to ask and see if anyone knew what its like working within these IB groups compared to other small or even large PE groups in regards to complexity of deal structures, profile of investments, core or distressed investment profiles, all HBS backgrounds or a mix of experience, exit opps? Stuff like that... Was wondering if anyone had any insight
For example, acquiring core assets at RREEF vs at Metlife: - complexity of deal structure: same - profile of investments: same
HOWEVER, when it comes to pedigree or comp, that's another discussion altogether...
Hmmm... got it. Makes sense, thanks
You're comments are always knowledgable about working at a variety of types of shops. A verbal offer came from a BB group in a NYC/LA.. I have 2 years exp, just finished msre. I am with a small but pretty reputable advisory group now, and they keep talking about big plans (expanding into different fields/countries).. Focus is mainly Asset Management and transaction advisory, although there's a subsidiary in NYC that does PE investments.... Pay at the bank is way higher.. but I'm currently on a real small team sitting in on deals, coordinating with clients, and have direct access to partners.
From what I can discern, jobs at banks are more mechanical/corporate where analyst probably don't get as much of a big picture perspective, so I'm trying to see which avenue would be better to end up at a investment shop down the road.. I think it comes down to getting serious modeling exp at a bank (I assume like non stop modeling) plus the name VS staying at the analyst level with the smaller advisory group, and hoping I learn enough to work with the subsidiary investment group down the road...
This is a rant, but I'm trying to weigh the pros and cons. Are these assumptions correct, or would you add any insight I may not be considering? I Appreciate it
I totally hear you on being a cog and not learning how to run the whole show. But unless you're talking about an Asset Management job where you get no access to the deal machinations, then I'm not sure I'd be too worried about it. Just one man's opinion.
Kinda reminds me of people who argue that class sizes are smaller at Dartmouth than Harvard. Who gives a shit? It's Harvard.
I would just add that at a bank you might be working in an entrepreneurial environment but within a larger highly structured framework that you wouldn't necessarily find at a dedicated PE shop. The result of that is probably more checks and balances and a longer chain of command. So while the work you would be doing is essentially the same, the process might be a little different.
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