Any resource recommendations for REPE?
Hi all,
I’ve got an interview for an off-cycle internship at a MM pan-European REPE fund in their London office next week. The interview is with the head of ‘People and Culture’, basically HR. The process goes as follows: 1st round -> 2nd round —> final round in the firms office + case study.
The fund mainly focuses on opportunistic RE which (from the little I know) tends to be riskier due to lack of downside protection if things go left - - especially for new developments - but offers higher IRR assuming the investment succeeds. My exp so far is mainly in IB, just a little lost in terms of prep as I've never had to prep for a REPE interview before.
I’ve been looking at Adventures in CRE and using Financial Edge (training program similar to WSP) to get up to speed on basics so far but unsure if it’s enough, any other recs are welcome - primers for EMEA CRE space, other WSO threads, books, videos, training materials, etc. TIA.
For preparing for your REPE interview, here are some highly recommended resources and strategies based on the most helpful WSO content:
Adventures in CRE Accelerator Program: This is a solid choice for case studies and modeling exercises. It’s particularly useful for understanding the nuances of underwriting and financial modeling in real estate.
WSO Financial Modeling Resources: These resources are tailored for real estate and private equity, offering templates and guides that can help you refine your technical skills.
Private Equity Interview Prep Bootcamp: If you have time, consider joining one of WSO’s virtual bootcamps. They provide a structured approach to interview preparation, including case studies and valuation techniques.
Focus on Opportunistic RE: Since the fund specializes in opportunistic real estate, ensure you understand the risk-return profile of such investments. Review case studies or examples of opportunistic deals, particularly in the EMEA region, to familiarize yourself with the challenges and strategies involved.
Networking Guide: If you’re looking to gain insights into the EMEA CRE space, reaching out to professionals in the industry can be invaluable. WSO’s networking guide can help you craft effective outreach messages.
Books and Training Materials:
WSO Threads and Discussions: Explore threads like "IB to REPE? How To Prep" and "Adventures in CRE Case Studies" for insights from others who’ve navigated similar paths. These threads often include tips on interview questions, case studies, and technical prep.
Case Study Prep: Since the final round includes a case study, practice building financial models for real estate deals. Focus on key metrics like IRR, cash-on-cash return, and sensitivity analysis.
Understand the EMEA CRE Market: Research trends, key players, and recent deals in the EMEA opportunistic real estate market. This will help you demonstrate market knowledge during the interview.
Behavioral Prep: Since the first round is with HR, prepare for behavioral questions. Use the STAR method (Situation, Task, Action, Result) to structure your answers and highlight your IB experience and how it translates to REPE.
Good luck with your interview!
Sources: What should go on my resume and cover letter in my circumstance for internship applications (RE specific), ECM Investment Banking Interview - help needed!, Adventures in CRE Case Studies - Completed Models?, Apollo, Moelis and GS internships, UK and abroad, Q&A: European PE Professional
Bump
Do you know which asset type they mostly invest in? You should prepare by looking up what they have invested in, who they have invested with, and what their current focus is. Are they primarily doing ground up construction? Which fund(s) are they investing out of? What sort of capital solution are they providing (JV equity, pref, mezz, etc). Who are their primary investors (sovereign wealth, pension, etc)? Come up with questions about where they see the most upside, and where they see the most risk.
For technicals, they'll probably ask you how you would assess a deal, and what you would invest in. Breaking into Wall St has a REPE focused guide, and I think WSP does too. If you want the job, then it's probably worth spending the money on those guides.
Thanks for the thorough response wrt what I should be looking for. As of now, they've invested mainly in hospitality, retail and residential real estate such as luxury villas and the like (but have also invested in data centers, offices and multifamily (mainly senior living, so places like care homes in the past). The capital solution question is one of the harder ones to find the answer to but it seems like they use mezzanine loans based on the firm's website for one of their earlier transactions (which may differ from deal to deal). I'll also jump on a call with someone who interned there either tomorrow or Tuesday to gain an insight into the firm as a whole. Most of their LPs/primary investors happen to be a mix of sovereign wealth funds, public and corporate pension schemes, endowments, foundations and family offices.
I'll also look through the BIWS and WSP guides and will consider purchasing one of them too.
Edit: they are currently investing in distressed assets (an office in Germany) and loans (they've got a distressed pan European loan portfolio), as well as redevelopments. They're currently investing out of their 7th fund, and have been doing so since 2021.
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