Apollo Real Estate Equity
I've noticed a lot of posters on here group APO with BX and KKR when talking about MF REPE, but I feel like APO's real estate equity team is a tier below the BX/KKR/STWDs of the world and even below less "prestigious" shops.
Does anyone have any insight that would say otherwise? Is their mention when discussing top-tier REPE shops just residual from their buyout group's reputation? Very familiar with their debt group who I consider top-notch, but rarely hear about their smaller equity group ($518mm raise on most recent fund?) besides the vague mention on WSO posts.
Bump. They’re more known for their credit business.
I’ve honestly never heard that before, being honest
Speaking of prestige, why doesn't Brookfield or Lone Star get mentioned when people talk about REPE? Both massive and in top 10 repe globally. Is pay not as high at these places for Associates?
On lone star side they purposefully keep a very low profile for one thing, they don’t want people knowing what they’re doing. Second, they pushed everybody who isn’t principal leave into Hudson Advisors, so simply not as cool to get a gig associated with lone star anymore because you’re at Hudson and I don’t have perfect view into this but I’d bet a huge amount of fees/promote is going to the lone star entity so not getting as much upside at lower levels as you used to be able to get.
I know Lonestar well - they don’t “purposefully keep a low profile”. They do deal announcements for nearly all of their acquisitions.
They literally didn’t do a deal for like 3 years because that’s how the founder operates. He felt like valuations were too high so everyone just sat on their hands or left for other firms. So it’s not that they’re mysterious or “low profile”, the US team just stopped buying stuff for years before covid.
The Hudson advisors thing is just semantics and nothing more, terrible take on that as well.
Theres so much misinformation in this thread it’s insane.
From what I’ve read and know, Brookfield doesn’t acquire buildings from sellers. With the exception of them buying Forest City Realty Trust, virtually all of the properties they own are built by them. Brookfield is a merchant developer - get the land, entitle it, build, stabilize, then sell. You won’t see Brookfield in news for buying an asset from other REPE groups. This differs from KKR, Starwood, Blackstone, etc. because those “prestigious” shops do not have the development capabilities of Brookfield.
Lol this is so wrong. Brookfield absolutely buys buildings. Tons of them in fact. Both individual deals and large portfolio deals.
Have no idea where you got this info or why you wouldn’t take two seconds to fact check yourself
https://www.costar.com/article/251884722/brookfield-buys-downtown-san-diego-apartments-in-regions-largest-deal-of-past-year
https://therealdeal.com/miami/2021/12/28/brookfield-buys-solano-at-miramar-multifamily-complex-for-188m/amp/
https://www.bizjournals.com/pittsburgh/news/2022/01/20/brookfield-buys-southside-works-city-apartments.html
https://www.globest.com/sites/globest/2008/01/16/brookfield-acquires-apartments-for-73m/?slreturn=20220404093510
https://www.globest.com/2021/12/22/brookfield-reit-buys-dreamworks-campus-for-327m/?amp=1
https://www.commercialsearch.com/news/brookfield-asset-management-pays-200m-for-seattle-office-campus/
Ughh what?
Brookfield does literally everything from buying REITs, Portfolios, Single Asset, Ground Up etc.
Read again bruh
How can you be in RE and spit this development only BS lol Brookfield is massive and does deals of all sorts around the world. They have development, acquisitions, AM, debt investment, M&A, and platform building professionals. Even had a brokerage/ ib business (now called Sera Global) at one point. Personally, when looking at the "MFs" of the world, I think people group the American based firms at the top of the pyramid regardless of pay, scale, deals, etc. Brookfield is Canadian and they maintain a more low profile (see interviews with the CEO who says the same thing -- staying under the radar). There's plenty of solid european MFs than just don't get the same clout as well, like EQT.
On the Lone Star stuff, had no idea they didn't do many/ any deals for a while. Interesting to know.
This is pretty accurate. If you look through APO's fund franchises what they notably lack is a direct real estate equity megafund. There is no-one in that firm with the RE experience of a Jon Gray. Some would say this dates back to the Ares spin-off in the early 00s when a lot of the real estate expertise walked out the door.
Exactly. If you want Apollo REPE you basically need to go to Ares
What do you mean by below? As in capital raised? Or as in rankings on an internet forum?
Mainly basing off of capital raised and notable deal activity. Not saying they aren't a sharp group...just don't get why people on here lump them with the likes of BX or KKR as a top MF REPE shop.
Not sure why everybody lumps in Bx and KKR, not even remotely comparable as KKRs RE platform showed terrible returns, lacks in size compared to Bx or Stwd and is generally way less established. Bx and Stwd are their own category imo
does anyone have insights on the interview process? Just got reached out by recruiter for 2024 acq. associate role.
what kind of technicals / modeling test / length of process etc? thanks in advance.
Whose their recruiter?
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