Best LifeCos for Real Estate
What are examples of Lifeco's that people can work in real estate?
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There are quite a few - PGIM (Prudential), AIG, Met Life, NYLREI (New York Life), Allianz, TIAA-CREF (Nuveen), Northwestern Mutual (NML), Pac Life (Pacific Life), Sun Life, Guardian. There are probably tons more that I am missing, these are just what I can think of off the top of my head.
I'll add to the above, USAA Real Estate, and if you go down the IREI list, you will see many "lifeco" names.
https://irei.com/wp-content/uploads/2020/09/2020_PFR_IREI-REPORT-US-Dol…
Keep in mind that a lot of these associated with LifeCos, they are essentially full blown real estate investment management platforms with vast amounts of money from third party investors/clients in vehicles that range from open-end core funds, closed end opportunity funds, and sep-managed accounts. Many of these even rank high on the PERE 100 lists (based on PE style fundraising). Examples like this include PGIM and Nuveen (hence why they were renamed from their lifeco founders, to make that distinction clearer to client-investors).
So, if you are looking for "true" or "pure" lifeco platforms (meaning just investing from the house account), you have to dig a bit deeper these days.
Thanks for this!!
There are multiple, but my favorite LifeCos For Real Estate is AIG
can I ask why that is?
Didn't they recently expand and are now building a third party platform? I've heard really good things about them also, def a leader in the field.
Many of the Life Co.'s have third party platforms. It's great additional revenue as a percent of AUM. Also you can think about it in the fact that the investment infrastructure is already there. You really won't need to hire many, if any, additional employees to invest the new third party capital. So the new fee revenue is pretty much all gravy on top of the General Account Investments. Which also means the Real Estate Investment arm of the Life Co can send even more money back to the parent company as profit.
Aflac and Geico have solid platforms
Anyone know anything about Manulife?
Super huge in real estate, they also own and operate as John Hancock. Very very big in the real estate space.
Thanks for the detail.
What's the benefit or pros working at such a large LifeCo? I have some interest in the WLB that they offer but would you be able to work on interesting work since I assume they probably invest in only Core+ assets? I'm looking at a investment role by the way.
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