Differences between REPE and Regular PE at a Megafund?
Can someone highlight some of the differences between REPE and PE at MF's besides the work that they do? How do the hours, compensation, interview competitiveness, and exit opportunities differ? Additionally, considering the economic climate which returns are likely to be more robust in the upcoming years?
By REPE I think you mean real PE and not real estate PE (based on the title.) If yes, few things that come to mind are that at a MF you will likely have bigger teams (so less responsibility overall and see less of the bigger picture) and more hurdles.
Some hurdles that would be different at MF would be politics, I don't mean internal politics (as I would imagine it would be at the same level as MM), but I am talking about politicians and media scrutinizing you more because you are a MF, hence have a bigger spotlight, that could influence a lot of investment decision, whether its avoiding certain deals, risks, etc. Also, because you are more likely to take public corps private, which would have regulatory concerns and also higher chance of deal failing, so you could "waste" as lot of your time. Also, assuming the MF is focused on public corps, you will have to spend more time sourcing as there is a lot of information transparency (meaning a lot of companies will already be well managed and if not, there will be others in the market that will be competing against you.)
For a MM, the teams will be leaner and you will probably also do other things like fundraise (again depends on the size of the MM shop, but MFs usually have a dedicated fundraising arm vs. MM can go either way), the deals can be quicker due to lack of hurdles mentioned above,
This is just based on my novice experience. Other monkeys should pitch in.
I apologize I actually meant real estate private equity and just realized my mistake in my title.
Got it. I will let others answer this as I don't know much about REPE.
WTF is Real PE? You literally have to be an intern or an alien to not know what REPE stands for..
At top shops (i.e., BREP), just as competitive, same hours and comp (if not higher for both), still great exit ops. Would say returns will vary a ton depending on type of strategy (core vs non core, etc.).
What other shops would you consider in that category besides BREP?
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