Hedge Funds executing on REITs
Does anyone know of any hedge funds that execute on or have divisions particularly for real estate related stocks (REITs)? I’m currently a Real estate private equity acquisitions analyst, but am also interested in the public markets and wanted to know which shops focus on REITs and how I may be viewed as a candidate with only private markets experience ?
Most will cover REITs in some way or another, but not many real estate-specific hedge funds out there. Tons of asset management firms or branches of RE operators/REPE funds.
In Canada, three of the biggest shops all have public markets-focused divisions - Slate Asset Management, Hazelview Investments, and Starlight Investments.
Gotcha. I guess the closest thing I could get to the public markets here in the states is a team that focuses on REIT take privates, for example.
Can’t speak to the US but I’m sure there are at least a couple options
Farallon has a RE team, not sure if its REIT focused though
Closest alternative would probably be REIB
Pretty much every multi manager has REITS exposure / coverage + most mega funds have groups that focus on real estate securities (blackstone has one)
PM me, I work in the REIT investing space.
I believe long pond capital used to invest in reits last time I spoke to them in like 2019. Good luck
Many hedge funds invest in REITs but i'll break down how it usually works;
Some of the single manager shops will have a REIT guy but many will have the Fins analyst cover REITs as well given REITs used to be in the Fins GICS category. Aside from that a number will just cover them generally in their team as they aren't complicated businesses plus it's a small part of the overall market. Typically HFs on the single manager side have been involved in the long industrial + short retail trade and the long data centres/towers. Action recently to the sector has been net short given moves in rates and short office thematic has been a focus.
Turning to the Pods/Multimanagers. There are a few L/S pods in the Milleniums/Citadels. Some real estate only, then some Pods focussed on infra/real estate and some real estate seats in wider Fins pods etc.
There are then a few dedicated HFs in the space. Land & Buildings, Long Pond, Snow Park and a whole heap of other small funds dedicated to the space.
The big money in terms of AUM is in the REIT Mafia. Mostly long only funds but some have L/S products as well. Key firms are Cohen and Steers, CBRE Global Investors, CenterSquare, Principal, Janus Henderson, DWS, BlackRock, AEW, Brookfield, AMP, Heitman. All of these shops have dedicated REIT funds with full teams of RE sub sector analysts and a decent chunk of AUM.
Finally you have the REIT seats at all the big LO asset managers where you sit within the general equities team but cover REITs.
The REIT mafia funds have a decent showing of ex physical real estate investors who have moved to the public side. I work in the area so PM if you have any questions.
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