List of REPE firms that hire from undergrad level?
Hey Guys-
Saw this topic being brought up in a recent post and thought it would be a good idea to create a thread for it. Recently just completed a Equity Research internship in NY at a major bank covering REITs and was looking into applying for a few large REPE firms as my senior year is coming up in a couple of weeks.
Can anyone think of some names besides your major Blackstone / Starwood / Tishman type of guys
Morgan Stanley, Goldman Realty Management, Deutsche Bank Special Situations, Grosvenor (Although they are more core than opportunistic) Note: This is for Europe Europe. I'm going into my junior year as well and would be very interested to hear of any other places that hire undergrads/run analyst programs!
JP Morgan Asset Management is another one that hires straight from UG.
Do you know much about their strategy is it core or opportunistic and would your chances of placing at a large REPE fund be better served in the RE IBD division of JP. M? Also Parella Weinberg hire analysts and I know they have a top 50 REPE fund.
My experience with them is core (with 50% leverage). I'm sure they do other stuff too though. I would already consider JP Morgan Asset Management a very large fund but I think you mean moving to Blackstone or something. If you wanted Blackstone then yes REIB would be better. If you want a normal single asset buyer type of fund then IMO JP Morgan Asset Management would be much better than JP Morgan IBD, simply being you would have been doing the exact some job.
Be careful with REIB though if you actually end up wanting to do acquisitions. I've seen a lot of REIB guys end up doing finance (non acquisition or asset management) roles at REITs and other jobs like that. My point is if you want to be in acquisitions and you get an acquisitions job then take the job. Also, when I say REIB I mean corporate REIB (DB, CS, BAML, GS, etc.) not HFF / Eastdil / CBRE.
How is Eastdil different from the BB's in terms of REIB?
1). Financing:
Eastdil / HFF / CBRE / Etc. -You will work on asset level deals with asset level financing (debt funds, life cos, banks, cmbs, mezz investors, jv equity investors).
REIB -You will be working on issuing senior unsecured bonds and credit facilities with corporate level financing.
Note: Most REPE firms and developers finance deals at the asset level. However, MFs like Blackstone take down entire REITs, which is why bond, credit facility, and REIT capital structure expertise is more relevant. The problem is if you don't get in at Blackstone (for example) your debt experience is kind of worthless because you don't know your way through a promissory note or mortgage. Also, your equity experience is kind of worthless too because a developer is not looking for a follow on equity offering but is looking for JV equity.
2). Investment Sales (or "M&A" as it's called in IB)
Eastdil / HFF / CBRE / Etc. -You will be working on asset level deals, however, this is the closest area for overlap if you are working on portfolio (or entire platform)sale . To me this is what really seperates Eastdil from your local broker. A BPO on a portfolio of 50 assets will obviously take longer than 1 building (thus the reason for IB like hours). At Eastdil you will do an Argus for every single building in case you get multiple buyers that will split the portfolio and take down pools of assets.
REIB -You will be selling a REIT most likely. Again, this one is closer to Eastdil / HFF / CBRE but the valuation piece will be different and less granular at the asset level.
Note: Most REPE firms buy single assets. Expertise at the asset level would be more valuable than being a dividend discount valuation guru. Also, note that to do any asset level valuation (well) you actually have to understand and know a little bit about the market.
Thanks a lot!! I PM'd you
I would target REITs in your search as well - you literally covered them, they hire plenty from UG, and the switch to a fund would be relatively easy.
Heitman, Jamestown, Walton Street, Rialto, AEW, LaSalle, Canyon Capital, Prudential, Harrison Street. I think Clarion does. You can probably just pull up a list of top firms and look up analysts to see who started straight from undergrad.
BX, USAA Real Estate, CIM Group to name a few others
short answer: all of them.
I doubt anyone unless they are unbelievable well connected would get into the likes of Westbrook Partners etc. straight from undergrad.
That's the long answer.
Check out Hirshmark Capital
If I don't get a silver banana for my REIB vs. Broker post that took 30+ minutes. I'm quitting the site.
LOL just saw this after i SB'd.
Thanks bro
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