Lifeco Question
Looking briefly into a role at a lifeco on the real estate side doing more entity rather than asset-level lending. I feel like the forum certainly speaks more about the latter (e.g. funding ground-up development debt for new properties). Was wondering if anyone can shed light into the entity level lending side. Are you looking at transactions that are used to help an entity refinance existing debt, replenish working capital, pursue growth opportunities, acquisitions, stock buybacks and/or recapitalizations? If you do look into providing debt capital for acquisitions or growth opportunities, doesn't that mean you're essentially conducting asset-level underwriting/due-diligence or would you underwrite the transaction from a entity-level perspective (monitoring leverage and debt repayment metrics).
It sounds like lifeco equity is a more coveted route than lifeco debt. What the comparison between asset and entity level lending on the debt side?
I have a background more from the asset-level side in CRE lending, but I was curious what a transition like this would entail in the long-run. Do you think transitioning in this role will help if I have goals in the longer term for REPE? What are the exit opps for an opportunity like this? Is this role equivalent to what's being done in DCM?
bump
Is it only real estate entity lending or any entity in any industry? Most larger life cos will have a private placement group originating entity level debt, but the ones I know of are not specifically targeting RE entities only. A role like this will help you get out of real estate and into banking or fixed income trading. It may help you get into one of the mega fund that regularly acquire large portfolios or entire RE companies...if you have the pedigree or connections to get you in the door.
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