Thoughts on General Projects?
I saw that they do partnerships with some REPE players like KKR.
In a development firm like General projects to what extent is one exposed to the finance/returns side (as in REPE)?
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I have a colleague who looked at a deal with them (they were GP, we were LP), they seemed super competent. Mix of creative people from an architecture and development background and finance people from REPE/IB. The CEO is ex Resolution Properties and the COO is ex Rothschild & Macquarie.
They additionally have deals with the BA pension fund, Angelo Gordon, Aermont and a bunch of stuff that doesn't list a capital partner on their website. Also they seem to have a good track record with lenders, Cerberus is the lender on their deal with KKR.
The level of the financial side of things that is outsourced to the operating partners always differs but they must get pretty involved given that KKR are involved!
thanks for the insightful overview!
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