Barings Real Estate
Any insight on compensation and general thoughts ? What are some potential exit ops? Would I get looks from mega funds ?
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What city?
Think major city?
Bump
Are you talking about the one that used to be Cornerstone in CT (was bought by someone, Mass Mutual? can't remember exactly), or the one in Asia (I think they are somehow interrelated).
Still, worth seeing the movie Rouge Trader to know the interesting origins of that name.
The one in the US? I have an offer from them and pgim both in major cities like nyc and Chicago.
Personally, I have a higher regard for PGIM at the moment. Had a good friend who left when Cornerstone become Barings. Both good, but PGIM is known for great training/culture, etc. Naming the firm after a major bank that failed spectacularly in the 90s (seriously watch the movie) was a head scratcher to me. But the person who told me about it (who works there) said it was due to the recognition of the name by Asian investors (apparently its a still a good rep). I've met with people in the Tokyo office, but they made it sound like they are not really connected at all with the US team.
Still, what team/fund/strategy you will be working for, comp package, and all other sorts of stuff should matter way more than firm rep. I'm serious, both a well known names, I doubt exit ops would matter that much. What fund/strategy or role/team you are in is what will matter a ton more.
also... Barings may have you needing to move to Hartford, CT sometime (I think it is HQ, at least it was when it was Cornerstone), PGIM it is Northern NJ. Both do have legit NYC offices and make it seem like you can really work in NYC, but those offices are small by comparison (i.e. don't be shocked if feel pressured to work out of the home office).
Do you think I would be able to go to a megafund more easily from PGIM vs Barings?
This question made me do a double take..... so I went and looked at IPE Real Assets Ranking (FYI, these numbers are in Euros)
3. PGIM Real Estate - 122.5 Billion (ranks 14 in PERE for money raised in last 5 years)
32. Barings - $41.2 Billion (not ranked by PERE)
I mean, exactly how mega are you looking for? PGIM is literally the third biggest! BX barely ahead.
Here is the link if want to see full ranking https://realassets.ipe.com/top-100-real-estate-investment-managers/top-…;
Here is an older IREI ranking, different methodology (more limited) https://irei.com/wp-content/uploads/2019/08/2019_PFR_IREI-REPORT-US.pdf
PERE 100 ranking https://www.perenews.com/pere-100-private-real-estates-tried-and-tested…
I guess going to a Blackstone, Carlyle, Brookfield type of firm (Non LifeCo) more of your traditional REPE
This where I get confused on WSO, the fact that Blackstone (an investment manager who started with PE as focus) is considered so radically different from PGIM (an investment manager started by an insurance company) when both are offering a great deal of overlapping investment products, competing for same investors, and ranked along side each other in every ranking of "Real Estate Private Equity" (i.e. the PERE Top 100 I cite above) just makes no sense to me.
People seem to confuse the high-octane, leveraged funds/strategies that "REPE" gets associated with as being the entire REPE business, and seem to neglect that many investment managers (including those sponsored via life cos originally) have and offer identical funds/strategies alongside their more famous open-end diversified core products. They literally are doing the same thing + more, let people get all concerned with "exit ops" from one to the other.
Got an internship offer from there in the Charlotte office. Pay was pretty standard but would take you much farther in Charlotte than in a major city. Seems like the exit opps are solid from what I see on linkedin.
Where have people gone to ?
Platform head is Charlotte, I think. Former Jefferies REIB group head.
I believe that they are having large layoffs on their debt platform.
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