Seeking some advice on how you all are able to understand how a particular REPE firm is structured --- specifically whether they are the LP or GP. Assuming you don't have access to anything like an OM and are just trying to do some recon on a firm you're interested in, what do you look for to help you determine what their typical role in a deal is?
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Do they look like more of an operator (GP), i.e. have property management and/or leasing arm? Or do they look more like an investment/money management group (LP)?
In general, LP websites will be more low key than a GP.
would the phrase "fully integrated" be a sign of a GP?
usually yup
I’ve noticed GP/operators tend advertise the total cost of the real estate they own or have owned in the past while LPs will advertise their total equity raised. The above rule is still better, but this is another sign.
Also check the management team's bios. This will give it away. For example,
A LP Management Team Bio would say something like "Used to manage the state teachers pension fund for Kansas" or "Former head of Southwest region for capital investment"
A GP management team bio is like "Achieved a 20% IRR on 17 dispositions." or "Developed and sold $250 million of multifamily in the Midwest"
Again, its not a sure fire thing, but just look for key words.
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