Is Carlyle RE any good?
Title, discuss below.
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No
Any particular reason why?
No, see above
Seems like a ton of LP slugs into development …. Not the most interesting
They are one of Greystar's main LP's for development deals (at least in my local market). Supposedly a pain to deal with...will nickel & dime/re-trade you, reject necessary change orders, tough legal negotiations, etc.
Some interesting/cool projects for sure, but personally for development I'd rather be on the GP side than some place like Carlyle. Just my opinion though, I'm sure some LP groups get more involved and/or are easier to work with.
Difficult to deal with for sure
However, your clown ass probably wants to be a developer. Yep, LP slugs into development is boring.
For your information, I’m actually at a developer right now and actually want to make the move out. Funny how wrong you paper pushers can be about the assumptions you make when you literally get paid to do nothing but make assumptions
I've done development and I've done REPE (LP slugs into development). It's more interesting than LP slugs into core/core+, but let's not kid ourselves that it's overly exciting. You're just reviewing someone's business plan, not that different from debt.
Is pay here any good? DC acquisitions?
I think pay is fairly decent (not sure on numbers) but going to DC sounds ehhh and heard it’s a 2 and up situation
Can confirm it's a 2 and out program. Don't know why they don't do career promotion
paid well for two years... left to rot after
I get that impression from looking at LinkedIn. If your two years is up at a time when deal activity is slow, seems like you’re kinda fucked
Yup, CIM does the same thing
Are the exit opps any good or is it a waste of time
Bump
I was quoted $125K + 100% bonus for theor acquisitions associate role.
Probably sounds (and is) low. But don’t know where else you’d make that comp at the associate level in DC CRE.
Only $125K for an asso?
Can confirm. It is a 2 and out program. They will grind you - easily 70+ hours with weekend work most of the time. I interviewed during covid so take with a grain of salt but both people I talked to were working while interviewing me and barely paying attention. 1 hopped to get on another call. It's entirely possible they knew I wasn't a fit immediately and were just burning the time to be polite but it did not seem like a place where people are friendly and enjoy getting to know their coworkers. Cross that with Fortress where I had a 5 minute conversation about cricket and another 5 minute conversation about the NBA playoffs.
Any idea which recruiter Fortress uses or advice on how to progress forward with them?
Yeah this is the problem with the 2 and out culture. These guys probably had no incentive to give a shit about vetting you because they expected to literally never even meet you
Bump
Is the 2 and out only applicable if you join as an analyst? What if you join them as an associate?
Don't think they have an analyst program just asso
I’ve seen some rare analysts on the DC team but assumption is they all got there through a combo of networking/connections and right timing
Bump
Carlyle was a go to LP for the deals we did with my last company (multifamily development). I think in our models, we budgeted something like $7,500 a month to pay their workers to come on site for monthly meetings during the construction timeline. That's a pretty nice benefit that they get recurring revenue out of every deal on top of the upside of a nice exit. Often times my job duties with respect to Carlyle was sending them LLC paper work, draw summaries, and even clipping photos of faucets and the rest of the fixtures and small details of our multifamily development. I kid you not, I was googling item numbers of picture frames, toilets, shaker cabinets, etc. Then walking to the other side of our office space asking some of our construction guys random questions such as what kind of faucets we were putting in (I'm sure those guys thought I was super smart!). I'm not sure if this is common in the industry given I've only worked for two shops.
I've never worked for them, nor do I know what goes on inside the company but I would guess that you become pretty knowledgeable about a ton of different real estate deals and markets while working for one of the top LP groups that there is within real estate. I'm sure the vast exposure is pretty cool. But you might not become an expert at any one thing, while you're kind of due diligencing many different deals at once. Could be a pro or con, just depends on who you are.
Carlyle was my firms first big LPs and internally we joke they were our “starter LP”. They are notoriously annoying in terms of “due diligence.” Countless questions from their associates at all hours of the night. They nitpick assumptions in models and other excel files we fill out for them more than anybody and we have 6 other major LPs of the same caliber. Asso are gone in two years and are ground to a nub in terms of hours worked in real estate. We try to avoid using them at all costs unless everyone else is bowed out. With that being said Rob has an amazing track record of running US Real Estate and I’ve heard that the culture is pretty good, just a lot of hours worked. Not sure why they insist on 2 and out
So are all the VPs and above not asso promotes but rather external hires?
Some associates make it out of the program, most are two and out, but a few will make it to VP. They don’t really do external hires
It’s up or out. Promoted or you’re gone. 2 years, sometimes they’ll add a third. To be promoted you not only need to shine, but need there to be an opening.
Not sure about working there but they are absolutely brutal in doc negotiation.
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