Hi yall,
Question, aside from the obvious (BX/KKR are the first that come to mind), are there any notable private equity firms with a specific industry group/vertical focused on real estate operating company buyouts? A quick Google search only yields results focused on asset-level real estate private equity.
Thanks in advance!
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Blackstone, KKR, TPG, Brookfield, Starwood, Centerbridge, KSL, Oaktree, Cerberus and Almanac Realty are ones that come to mind. For most of these funds, entity level investments are just a part of what they do / investment capability. Funds like Carlyle and Bain Capital only do asset level investments.
Awesome super helpful, thank you! As far as "entity level investments" go, does this imply traditional PE strategies (buy and build, roll-up, etc.)? Does corporate RE PE look similar to REIT equity research in terms of the bottom line metrics that PE funds look at (ie. FFO/AFFO vs EBITDA), or more traditional corporate financial metrics?
There are some firms (JPM asset management, for example), that will fund platforms (IOS for example). Starwood and Blackstone have a joint venture for the extended stay america portfolio. These are typically take privates or portfolio optimizations.
following
More traditional corp finance unless buying a REIT. And even then FFO/AFFO are used as a valuation sanity check, but generally the sponsor is buying the REIT for the portfolio. If it’s a unique space or truly massive scale, then yeah would be buy and build and keep management on etc.
Got it, that makes sense. You’re basically saying transactions like LivCor, American Campus Communities, etc. are more so about BX being able to scale into those property types, rather than a pure play PE strategy.
What are the key differences between managing a RE Portco vs just a large scale property portfolio? Is it basically just from a Portco perspective you’re interacting with the executive team?
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