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April 30, 2024
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Bump. Don't know much. Pretty sure it's a very small shop founded by an ex Goldman guy. Bought out a REIT for 1.4bn recently.
Interesting firm. From a standing start, they raised and deployed c $3bn of equity to buy c $10bn of assets in about 4 years. Kuwait government is one of their main investors and owns part of the GP.
Most of their acquistions were towards the top of the cycle so time will tell how that plays out. Mainly €100m plus equity checks. Closed a €200m deal in Berlin in April (must have been firm pre-Covid).
Interview with founder here: https://www.bisnow.com/london/news/capital-markets/meet-nick-weber-from…
Intersted in this firm and their recent acquistions, but can't even find a website for them ?! Are they known under a different name?
Have a decent amount of experience working with these guys. Super sharp team, work on a ton of interesting deals. Nick Weber, the founder, raised a couple billion from his couch.
Large concentration on offices in gateway cities, with some heritage hotels. Nick Weber is ex Mount Kellett - while that firm as a whole didn’t do too well, his deals personally did like a 2x which was enough of a track record to do something interesting post. They have a really smart team but I would characterise them as in a growth stage, and likely have processes that reflect that (ie a little unstructured) - expect a lot of responsibility - they have also had some turnover recently (I think people have gone to Cale/Apollo/etc?) but don’t know if cause was firm itself or if orgs were poaching strong talent My overall impression of them is positive but they are a little light on logistics/resi (green reit development logistics doesn’t count) and they really need to address that....
not hating on him but, in an industry where true outsiders like Ricardo Pagan built major operations from scratch, the story about "working out of starbucks"/"raising money from his couch" is not really notable given his prior experience
Bump.
More recent thoughts on HP? Anything on culture?
Know people who worked there or worked with them as GPs on their deals. They underwrite transactions pretty aggressively by the sounds of it. Get deals done as a result, but will be interesting to see how it plays out over next few years given economic situation. Can't comment on culture within the firm. GP said they were difficult to work with post-close given business plans include aggressive assumptions meaning little leeway to miss BP.
Good exposure but absolute sweat shop. Lot of Aso left post bonus this year.
Any idea on comp? Would you say higher end of market, in-line or slightly below?
Worked with HP previously - sharp individuals but indeed aggressive investment strategy. Top notch assets but portfolio doesn’t consist core+ as the fund is more opportunistic. Significant development projects to create right values for the investments.
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