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PREI is an an insurance co., not a real estate private equity group. Regardless, PREI has a great rep in real estate investing community. You'll learn plenty of relevant skills working there. Typically, you will be performing the analysis and due diligence for potential investments. Since, they are a large investor, you will analyze large and complex deals, which will set up you up very nicely for a job at any similar real estate investing group. Compensation should be generally the same as most similar entry-level positions - ~60-65K plus bonus.
Im in a similar position for an opportunity at Metlife. If the comp is around 60-65k then what is the bonus like? And does the salary have set increases each year like banking? Also would exit ops are out there after a program like this pre-MBA
Thanks for your input 1234. The reason why I mentioned PREI as a player in PERE is that PERE magazine ranked them on its top 30 list. www.perenews.com/resources/PERE%2030/PERE_30_2010.pdf
[quote=DunderMifflinCEO]Thanks for your input 1234. The reason why I mentioned PREI as a player in PERE is that PERE magazine ranked them on its top 30 list. www.perenews.com/resources/PERE%2030/PERE_30_2010.pdf[/quote]
Don't get too caught up in nomenclature. You're right that there is little difference between, say, a privately held fund that invests in "core" office properties with a minimum deal size of $20 MM and a life company that invests in "core" office properties with a minimum deal size of $20 MM.
Pru would be a great brand name on your resume and you'd learn a lot, so you'd have a ton of exit opps in real estate, but I believe pay is mediocre. I talked with an HR guy there about a similar job but it wasn't much of an "interview"; he was just checking off boxes to see if my skills matched up with the bullet points on the job description. I doubt you have to be brilliant to work there but prepare thoroughly if you have an interview.
deleting my previous comment - interviewed w PREI last week and they do manage RE funds for the pensions, endowments, etc.
OK, I see. PREI is the principal investing group of Prudential.
You're right, I do get caught up on nomenclature. I get irritated when people refer to every principal investor as a "real estate private equity firm."
deleting my previous comment - interviewed w PREI last week and they do manage RE funds for the pensions, endowments, etc.
Which office are you interviewing for? Parsippany? NYC? San Fran?
The experience should be pretty good... the pay won't be great though.
My fault for not delving further than citing rankings on some magazine. 1234, I'm with you on your point regarding classifying for the sake of classifying. With that said, PREI is a huge fund ($40b+ aum) that provides the same services (direct equity and high yield financing) through its value-added and opportunistic funds that BX and MS does. It's also a relatively young and up-and-coming firm that might not yet have the prowess/confidence to lend itself to be mentioned with some of the other bigger players so yes, if you ask someone at PREI if what they're doing is PERE, he/she would probably say no to appear more modest until the firm's capabilities and brand becomes fully recognized. Just my opinion, take that how you will. I'm a prospective monkey so I'm not about to argue with you guys to make myself feel better cuz I will take whatever I can get.
goldmanslacks, I'm interviewing for a general listing so I havent decided which office yet. But because I'm originally from the east coast and am currently living in the midwest, I'd probably go with either Chicago or Parsippany.
Insurance Company? No, PREI is not an insurance company. Your're thinking of Prudential Insurance Company of America. Both are businesses of Prudential Financial.
Principle investor vs. private equity? You're getting this confused with other insurance companies that invest in direct real estate from their general accounts (Northwestern Mutual, Metlife, etc.). PREI manages several private equity funds marketed to institutional investors.
Young and up-and-coming? Capability? They started the first ever commingled real estate fund in the US in 1970. PREI has $40+ billion in AUM, which is part of the $500+ billion managed by PIM (the overall investment management division of Pru).
Geeze...hope these didn't come up in the interview. You get an offer?
Hmmm I must have been wrong.
The only buidlings I have come across that were owned by Pru were owned by "Prudential Insurance Company of America."
mr1234, you work in real estate and you seriously didn't know that Prudential is a serious player? The reality is that Pru is a large institutional investor that has had serious success in the core space. I'm not familiar with the opportunistic strategies because Pru is not known for them like the typical PERE firm is. It would probably not be the most exciting place to work long term (I would expect it to be below the smaller REPE shops) but would be a solid first name on the resume. Focus on acquisitions though take what you can get. Asset Management would likely be ful of b-teamers.
No, I didn't know Prudential Insurance Co. of America and PREI were 2 seperate entities within the same organization.
Prudential's real estate team is solid and you'll learn a lot - the pay, however, is not good.
Prudential Real Estate Investors (Originally Posted: 06/11/2014)
I'm interesting in working with PREI as an investment analyst after graduation next year. Anyone currently work there? Or does anyone have any tips for me as I go through recruiting?
graduation from undegrad or grad school and which school?
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