I've recently come across two shops that I would consider to be GP's due to their boots on the ground development management and repositioning capabilities without needing to bring on a 3rd party developer. These firms also have at least 1 fund in house (rather large) from which they deploy equity into their own deals. If one is seeking a job at a well capitalized investment shop (who theoretically doesn't need LP money for most deals), this seems like an ideal place to work. Is this the Hines model in a nutshell and can anyone point me in the direction of other PE groups that are true GP's AND have in house funds? This seems like an incredibly efficient way to run a development shop if the equity in the fund is house money recouped from successful previous investments.
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Hines will still have an investor (LP) in deals, it depends which REIT you're talking about. What you are describing is a wholly owned structured which are more likely to be core / core plus deals and the investor just owns the asset and cash flows it. Note that you can hire a developer on a fee basis and they do their job (build it or rehab it) and go away and you're still controlling the asset.
If you want to work at a "PE" firm you will likely be an investor (LP) in deals. If you want to be developer you will likely be the GP in deals. If you want to be a finance guy and have no one question that then work for a PE firm. Honestly though most the developers are very savvy with respect to financial modeling and capital structure. Also, note that developers typically do raise funds for their contribution to the capital stack.
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