Livcor - how do they invest?
Does anyone know how Livcor interacts with Blackstone and external parties such as brokers, lenders, etc. They’re hiring like crazy and their investment roles describe investing in core, value-add, and opportunistic fund vehicles. Is Livcor acting on behalf of BX to invest LP equity with operating partners on value add and development deals? Obviously they don’t develop themselves and I assume Livcor isn’t overseeing multifamily value add projects, seems a little outside of their purview. Also, I’m wondering if anyone knows if the Livcor team sources their own deals? Or do they just check the BX deal teams work and manage the deals after closing?
Interested
i know they take their deals to the blackstone IC but that’s all I know
The BX investment team oversees LivCor (Melissa Pianco for AM and Asim Hamid for investments). BX does the hunting and LivCor does the skinning. Blackstone finds the deals, ties them up, and then kicks them to LivCor to go through DD. LivCor then asset manages/oversees the deals.
Thanks for the context. So to clarify, if you work in "acquisitions" at Livcor, you more or less work in a Due Diligence and Closing department for BX?
Generally. They do negotiate PSAs and stuff like that, and being a senior person there is a meaty role, but LivCor is pretty much their asset management arm. If I'm chasing a deal Blackstone owns, I'm calling the folks from BX, not LivCor, to try and make the deal. It is a really good first job, but it isn't working in acquisitions at Blackstone.
Interesting, so BX handles the dispositions as well? Do you work in brokerage or do you - as a buyer - trying to get BX to sell off market? If the latter, I'd be very surprised that they would entertain off market dispositions.
LivCor manages the dispos, but BX can override things. Not a broker, just another owner. I'd call them if they had a deal that was in the market that I wanted to buy. Would want them to push it my way.
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