BB REPE team worth it?
What is the general consensus on the RE investing arms of the banks? I know they probably work on a lot of core deals, with some value-add maybe and possibly opportunistic. But would you take a job within their RE investing team if offered?
I have a feeling if you tried to network your way into a BB RE team, it may be easier than say a MF but I could be wrong / may be a bad example. Generally curious how these teams are seen in the industry and if they are respected enough to go and work for compared to another REPE firm.
If anyone has additional info, please share.
xx
I think it really depends on the BB.
Like GS REPIA is now trying to compete with BX, so the experience there would probably be similar to that at BX/Brookfield.
MSREI has a fantastic program but they’re a smaller fund.
Can’t speak on other BB REPE arms but I think those two are top shelf in terms of quality.
is gs repia back to fundraising and doing deals at that level? last i read they were still crushed from their whitehall disaster in 08
Per this article, it appear so.
Like they just consolidated all of their real estate investing operations under the MBD arm. I know for certain that they're really trying to ramp up their corporate PE fund, and I think it's prolly safe to assume REPE is following suit.
Interesting post. Do all big banks have a real estate investing arms? Even lower-tier banks like Credit Suisse, Barclays, UBS, etc?
UBS and DB (now DWS) do. I think CS invested in RE at some point... can't recall exactly though.
I wouldn't forget JP Morgan Asset Management. I think its worth mentioning that the 'investing arms' of these banks are practically different companies, not part of the investment bank even though they share the same name...
Goldman REPIA and Morgan Stanley MSREI are basically megafunds in real estate and just as competitive as Blackstone/Starwood Capital. Goldman also has GSAM real estate (mostly core-plus/value-add) and AIMS real estate (secondaries/co-invest). MSREI has very strong exit opps (Rockpoint, TPG, Baupost) but it basically is the exit opp anyways.
JPM and DB (DWS/RREEF) would be a tier or two below that due to the fact they mostly do core/value-add deals with opportunistic ones here and there. Then there's UBS which is going downhill from the looks of it (Trumbull fund redemptions); I wouldn't take UBS over any alternative. Citi/Barclays/BAML don't have real estate investing arms. CS has a real estate investing arm in Europe that I don't know much about.
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