Bain Capital Special Situations Real Estate
Can anyone give some insight as to what BCSS exactly does and the types of products they are investing in?
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Interns 🤝 Making up division names and abbreviations for asset managers
Interns 🤝 obsessing over “Special Situations” despite the strategy being the same as every other RE opportunity fund targeting 18%+ IRRs
same as any other REPE shop but with the Bain name at the front. hope this helps
Any time I hear special situations I can't help but think of a bunch of ivy league grads sitting around a table eating crayons
Gotta quote for perpetuity - this is one of the better analogies
Hopefully they don't run out of the reds too quickly
They're doing studio and life science GMP stuff.
What does GMP mean in this context?
Believe he's referring to cGMP or current Good Manufacturing Process. I don't know a lot but it's mostly life science/pharma related.
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Point stands, those are all investments that Almanac Realty, PIMCO, Montgomery Street, Davidson Kempner, etc could do
Except that MOST repe-focused groups either don’t follow or DONT HAVE THE KNOW-HOW or DONT HAVE THE MANDATE FLEXIBILITY to invest in public markets, mezz, corporate opportunities, etc.
Would add that BCRE has unique structuring considerations (ain’t going to give out the secret sauce) and plays in the middle market space for certain asset classes. Atypical platform with flexible mandates (not just limited to hard RE assets although yes, predominantly asset level).
Overlap in some capabilities with credit but also cross collaborate with other Bain verticals.
An interesting aspect of the platform is identifying operators and organically scaling them beyond just doing repeat business. Akin to real estate VC.
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To add to the poster above, BCRE focuses on North America. BCSS (the new branding for BCC’s special sits team) has teams across North America / Europe / Asia investing in opportunistic RE transactions. I’m not sure how they split North America, but the impression I get is that BCSS looks at a broader range of opportunities given the more flexible mandate (SKW JV which is focused on sub performing debt, Barber Partners cold storage JV etc).
anyone know which recruiter BCC special situations real estate uses?
Hmmm yes, some good info here. BCRESSG is a subset of BCCSSG and BCREG is a separate group altogether. BCRESSG looks at more bespoke solutions for capital-starved real assets. The BCRESSG team is truly elite. You would be lucky to work at BCRESSG, BCSSG, or even BCREG. All pay first year assocates (25 year olds) 450k all-in and they get to fly business class for travel. Every associate is also assigned a woman who lives under your desk full time and sucks your kawk when you get stressed (no WFH permitted though). If you're a girl, they hire a guy to text you full time instead of the woman under the desk thing
Woah! Do I get to stay and Holiday Inns in random midwest suburbs a couple times a week too?
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