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There are many.
Canyon Capital out of LA is the first that comes to mind.
Paul Singer's Elliot Management also does. I believe they're at ~ $1B RE AUM.
King Street Capital.
Farallon Capital Management
baupost
Fir Tree.
Och Ziff
Oaktree also? I thought so anyways...
Yes, Oaktree has about 11bn invested in RE.
Paulson, Pershing Square, Icahn
Most will have an arm dedicated to RE.
A cpl in Minneapolis: Varde Carval Wayzata Investment Partners
Morguard REIT
do you mean REITS or actual individual assets... also on the debt or equity side?
http://www.morguard.com/
Cooper Creek Levin Capital GSA Capital Partners Kayne Anderson Adage Capital Loeb King EJF SAB Luxor Alyeksa Millennium D.E. Shaw Scoria Capital Ascend Capital BlueMar Seawolf Mendon Balyasny Moore Citadel Swift Run
These are the hedge funds I see in a number of REITs that I cover.
You're ER on REITS?
+1 to this, it's a small niche so there's hasn't been much data on WSO, at least in the last 3-4 years.
That's interesting. Lower base but higher bonus than positions in RE firms similar in prestige but different in approach. (development, acquisitions, etc.) All in seems similar, though.
Sounds more like a real estate fund with equities exposure than the vice versa. So that's a different animal than the subject of this thread IMO.
third year analyst on a l/s re equities desk in a hcol city on the west coast. 100 base + up to 100 performance bonus. Long term bonus averages out to be 50% of base. very niche space.
Would u mind expanding on your path to how you got to this position? Where did you work previously/what role, how were you able to find a role to l/s real estate securities, what was your general story?
Really appreciate it
The reality of real estate paying less (at the junior level) despite high return targets goes like this.
Real estate analysis on average is easier than PE / LBO / distressed debt / Lev Fin or other corporate analysis
Easier analysis implies more people can do the analysis or learn do the analysis relatively quickly
This implies that the supply of applicants capable of doing the job is higher relative to other areas of finance with more complex analysis
Everyone knows how supply and demand works so there ya go. If you’re working at a firm that does more corporate analysis in the real estate sector, you’ll probably get comped higher. Look at the groups that put bids in for TPG RE finance Trusts distressed / strategic investment earlier this year. You think they pay their analysts the same as a group that only looks at individual assets?
This is partially because corporate RE deals imply larger equity checks, but also because the supply of applicants with a combo of real estate and corporate analysis skill set is lower.
most larger hedge funds will or have looked at real estate at one point or the other. most also have done deals in the space and some even have dedicated funds just for RE. Generally speaking pretty much every fund I speak to has some sort of RE exposure
this includes, buying the assets, investing in REITS, buying debt on assets etc. really a ton of ways to play real estate for hedge funds
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