I’m kind of confused with how people throw out “REPE”. By definition wouldn’t all ODCE funds be “REPE”, not just your blackstone, KKR, etc?
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"REPE" is really a term used in the WSO world and amongst students, interns, and people generally "on the outside looking in". It really isn't used/meaningful in the industry the way people use it here.
For what's worth the methodology of the PERE 100 excludes core strategy funds, thus NFI-ODCE index member funds do not count towards what they call "private equity strategy fund raising" which starts at value-add and goes up from there.
The real disconnect here on WSO is the concept of traditional PE firms (i.e., BX/SW/KKR/etc.) who have real estate arms/funds vs. real estate private equity investing (which is what is broadly meant by institutional investors who invest equity into private real estate assets). The reality is that the real estate units of BX/SW/KKR compete with the other large asset managers like PGIM/Nuveen as well as the smaller specialized real estate asset managers.
I mean, BX has a REIT and Prologis has a major private equity fund business, so these titles are really not appropriate at the firm level; just meaningful at the strategy or fund level.
REPE is not a real thing
dude take this down before the prospects see it!
It’s just bloody Real Estate Investing, maybe you can throw in Equity to delineate from Debt but apart from that who cares? REPE is a bs term.
Every real estate investment firm has a mix of strategies from core to opportunistic. Some focus on just a subset of that whereas others have funds across the full spectrum of RE strategies.
It literally doesn’t matter what the parent firm does or what it’s associated with because RE is its own universe - detached from classical buckets like PE (i.e. buyouts), VC, LO AM, HF etc. Just think of it as a separate space altogether with its own variants of “buyside” (acq / AM teams at RE Equity Funds or REITs, origination / structuring teams at RE Debt Funds or mREITs, etc), “operators” (prop man teams at OOs, dev teams at Developers, etc), “sell side” (IS, D/E, REIB etc), “lenders” (CRE lending / credit teams at banks) etc.
Basically just treat RE as a separate microcosm and stop trying to find parallels with “traditional finance”.
the only people who refer to it as 'repe' are little prestige gimps. don't be one of them
Hah. “REPE”. Cute.
I'm going to get a lot of MS for this, but here it goes. Most posts are fairly correct about the industry not using REPE as a term. Even in traditional PE, what is the difference between a closed-end HF that buys entire companies (for control) using leverage and a PE firm...not much. Theoretically, a REPE firm will raise a closed-end fund (with a GP/LP structure and promote) and deploy that capital with large amounts off leverage. They will be opportunistic and will almost always look for control. Most developers don't raise funds. They may (and often do) take LPs AT THE ASSET LEVEL, but this is not the same as raising a fund of committed capital like a PE firm. Now if you ask what is the difference between an opportunistic real estate fund and REPE...I don't think anyone will have a convincing answer. There is, however, a structural difference between what kids are calling REPE and your run of the mill developer (however large) that may raise equity capital but does not raise a fund.
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