What do Hedge Fund RE Guys Do?
Hey guys, currently in my second SA stint at a top REGL IB group. I’m browsing buyside RE exits for down the line, and i’ve seen that several hedge funds have RE investment divisions/groups.
What kind of work do those guys do in comparison with, say, BX RE acquisitions? Is it more debt related? More equity related? Is it more property investments to hedge FX exchange risk or something niche like that? Is there enough volatility to truly separate yourself from peers and climb the ranks quickly like at the MM platforms? Literally any insight is helpful, as I don’t know much about these shops. Thanks!
Interviewed with several RE focused hedgefunds in the past. Tbh, the work really isn't that much different from your typical REPE shops like BX, Starwood, or even BB REPE arms. The teams are a lot leaner and i guess a lot of the appeal is the flexibility and ability to look at public market securities like CMBS, REITS etc and niche sectors without really a thematic focus on a specific region or sector. But even then when i talked to the seniors the majority of their focus are still on the private side. There are shops like cerberus' RE team that basically only does opportunistic and distressed stuff, including NPL, which i guess is somewhat different from other teams. There are a few threads on this forum that also talks about this topic, would recommend looking through it. Most of the RE hedgefunds are not your typical L/S REITS type of place.
Do you have a list of funds? Specifically private guys with mandate to be able to go in public. Hate my current lack of flexibility, really haven’t been doing shit for a year
Baupost, Farallon, Oaktree, and Fortress are the most well known HFs with active RE arms. Two Sigma just got into RE as well.
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