List of shops that invest across the cap structure?
I’m looking for shops that invest in equity and debt across all asset types. Are there any that come to mind?
I know Davidson & Kempner / Cerberus / Angelo Gordon / any else?
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Bump for flexible mandate to invest in the
public and private markets as well.
Sculptor RE does this and does it pretty well. Invests in a wide range of asset types too, though they tend to be the more niche/operationally intensive asset types vs. the main food groups.
.
Why are they bottom bucket
Yeah could you elaborate I haven’t heard bad things?
highest comp out of school and best historical returns of any RE fund (it's public). def not bottom bucket.
PCCP - Believe their team members are exposed to both debt and equity and not siloed.
Invest in all product types. More diversification of product types on debt side given current environment but based on website, equity deployment in MFH, SFR, Retail and Industrial.
If I recall correctly I believe Rialto Capital, at least out of NYC, is structured similarly.
Never heard of PCCP
Koch, Macquarie, many of the sophisticated sovereigns, Canadian pensions, and family offices.
Square Mile, co-sign whoever said family offices
Believe Square Mile separates their equity and debt teams so as an analyst/associate you won't be able to work on both types of transactions.
Pretty much any asset allocator with above $200B in AUM assuming you are looking to do direct investments.
I mean don’t most of these asset allocators back operators rather than doing direct investments?
Davidson and Kennper I know invest directly across equity and debt. I meant more so those special sits shops rather than a broad allocator backing different GPs with different strategies.
It’s different backing a cold storage operator and a smaller debt shop vs sourcing and directly investing into those assets. It’s as complex as it gets in real estate being able to execute on both.
Literally any major pension or just fund large enough lmao
I know Madison Realty Capital does, but they have a terrible history of unsuccessful equity investments. They should just stick to debt
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