Is REPE easier than PE?
At the best megafunds (KKR/Apollo/Blackstone) - what are the hours like in Real Estate PE? How do they compare to standard PE? How are weekends?
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I heard the Apollo EPF and Blackstone REP teams are a walk in the park... /s
What does that mean in practice? I've heard Apollo PE is insane, so a walk in the park could mean several different things
This kid is going far
He’s being sarcastic, these shops are full of hyper competitive people. If you’re looking for work life balance it’s a nonstarter
Uh, ya. It’s fucking rent and expenses.
There is nothing complicated about real estate whatsoever, and if you work in the industry and can’t admit that you are insecure.
Not really what OP is asking - yes real estate is a simplistic asset class, market and submarket knowledge and deal structuring are really the most complex parts of the game (although gaining deep knowledge of a specific market takes a LONG time and good network).
OP, at the megafund level no it's not going to be easier. PE is PE in terms of the personalities it attracts, regardless of asset class, and that's what drives the work culture. So those megafunds are going to work you just as hard on the REPE side as they do in traditional PE. That being said, middle market REPE is going to typically have a better work life balance.
Don't you have houses to sell? Go stage a living room.
This is a simplistic view. No one is saying RE is the most complicated asset class in the world. But it's not like someone with no finance experience can just waltz in and do the REPE job at APO/BX.
Is buying a homebuilder "easy"? A hotel/PBSA platform? A take-private of a REIT? A portfolio of REOs & NPL? With some of these investments there's the same capital structure, operational, financial & tax DD, management considerations as traditional PE.
I agree though - buying a single asset office is "easier" but to act like all RE deals at top funds are simplistic is just a naïve view.
In a stabilized MF deal sure. Office is more complicated, retail is more complicated yet, industrial can be a breeze or wildly complicated. Development is far more compliated than an LBO (obviously controlling for scale 1B development vs 1B buyout). I know I've done both.
Making wildly generalized statements doesn't contribute anything to the conversation.
Multifamily is a joke, that's why I live it. Office and retail can get complex.
But regardless of the simplicity of commercial real estate operations, the real complexity is in how partnerships, debt, JVs, and equity is structured. And don't get me started on ground up development.
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