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Look up TIAA Cref, and you'll get some info. Nuveen was a recent rebranding/acquisition. Nuveen is the CRE arm of TIAA Cref(Teacher's).
Very good, hours, salary, culture...from what I've heard. Went to the final round 3-4 years ago and didn't get the offer, lost to some girl from M&T.
What's the range of salary that we're talking about here? Given the lifeco relationship, I'm assuming benefits will be nice.
it is SOLID. depends on the role. paid well though
I would be interested to hear about salaries as well since I've seen some of their salaries posted on LinkedIn for their NYC team and it seems fairly low
great firm and culture from what I have heard
I like the Teachers people, both debt and equity. I have nothing to go on other than my perceptions of the pople I've interacted with but I suspect they are well paid as far as lifeco's go.
They’re not a life co though...
In any way that matters its synonymous, now they just raise more capital from other insurance companies than they did before.
That are a top tier investment management operation. In real estate they are huge and invest in everything from build-to-core development deals to student housing and pretty much every asset class. I know a few people who work their in the NYC office, they seem to like it have stayed their long term. I don't know anything particular/unique about the debt team, but I would think the name/culture of the overall firm should be as meaningful for that team as much as any other.
The insurance/pension debt platforms tend to fairly conservative (they are not debt funds or conduits...) and generally focus on very large loans they portfolio. This isn't to say they can't be creative but they invest in debt for stability of return and usually don't compete in the high yield space.
Exit ops..... I mean it is the destination 'exit op', doesn't get much bigger. If you want to jump to another shop in the peer set or elsewhere, nobody will look down on Nuveen, it is literally one of the largest institutional asset managers and is very 'household' by reputation.
yeah but are there guys at nuveen who drive ferraris??
That is obviously funny. I don‘t know if they do, but where do people really drive ferraris? I think rather at non-institutionalised REPE firms then at large corporations
Really need your help on a decision:
Joining Nuveen in a non-major market in europe with a small team or going to a recently founded REPE with experienced partners in London?
Where will I better advance my career?
At Nuveen I will probably have 40-60hrs, whereas in London 80-100. But Nuveen offers another set of resources, contacts etc.
So, first to note I am US based and don't really know much about EU/UK job market.... so with that caveat... I have more questions than anything..
- What will you be doing at Nuveen? It is a very large firm with many diverse strategies, so are we talking underwriting on the debt platform or acquisitions on the private equity fund platform or whatever? Same for the offer at the London shop? What's the role, what will you be doing....
- Do you want to live in London or this non-major EU market? Tbh, seems like that is more important than anything, if you have strong desire for one or the other, maybe the way to go if much else equal. Same deal on the expected difference in WLB, if that matters to you (and no shame if it does), then you may know the answer....
- Will note, Nuveen super huge name, does everything just about everywhere! Clearly from a "name brand" deal, can't get much more "household" but I think that is obvious
- The startup manager could be a more interesting job (again, you haven't given any details on either job...), but likely more risky all else equal. How much money have they raised? Do they have deep pockets to sustain recession/market turmoil? Being 'new' at the start of a downturn can be a great thing! IF>>> they have the money to sustain it. Conversely shops like Nuveen have lower general layoff risk IMHO (large = stable in this world), and if they are hiring, they likely have the need and have factored such risk. It's not zero, as your platform/office could be 'downsized' (again, can't assess without more details).
- As to long-term career..... can't really say, not enough info. If the 'startup' raises real money, does legit deals, then you will have great ability to move... if it fails, you still can move but may be more painful short-term experience. Nuveen is Nuveen, if you want to jump ship, you will probably find a new home with relative ease.
Love their multifamily folks, great people. Have a close mentor that runs a large region for their debt business, and if he were on the equity side, I'd drop what I was doing right away and run not walk to go work for him.
From the people I know and have transacted with, I can't say enough nice things.
Nuveen debt's biggest "client" is TIAA's General Account which looks mostly for core, stabilized deals in the 4 major food groups. They have a core+ debt fund, originate for TIAA Bank and have some third party money as well. The bank origination team is a mini-subteam of the larger origination team, but the rest of the team originates for the other capital sources.
Over the last decade, their debt appetite has been huge, with their volume being among the top ~3 life companies in the US. No clue where they are right now considering COVID (my guess is being more selective/conservative and pulling back a fair amount).
There has been a lot of restructuring/turnover at Nuveen over the past 5 years as they transformed from a captive investment manager to a third party focused AM. They also offered a really good voluntary seperation package this year to like 75% of their staff and a fair amount of people took it.
In terms of culture, a lot has changed over the years. There are a lot less "lifers" around that have been backfilled with younger people. Good and bad with that. Easier to get promoted to higher levels younger, but you lose a lot of institutional memory/knowledge.
In terms of exit opportunities, you will find TIAA/THRE/Nuveen alums all over the place so I wouldn't worry about it too much.
The people who work their are great, leadership sucks and runs like a oligarchy where personal relationship matter more than performance. The debt side and industrial teams are really good and run well.
Pay is below average, where most of it is in variable which at any point can be lowered due to events at the company. Great place to learn and get exposure.
Work here now, but on a different team. Everyone is pretty nice, salary is good and bonuses are normally a good chuck of change. WFH has people working more than normal, but hours used to be very solid.
How did you ace the interviews?
Got the job out of undergrad. Went to a good school, had strong internships during undergrad, and was just knowledgeable for an undergrad in real estate and super personable. I think being just a easy person to talk to is one of the biggest assets you can have in real estate. People will hire you just because they like you, and you can learn everything else later.
do they have a London operation?
Yes
Can anyone comment on what their debt team typically originated in terms of structure? Are they working with Pref/Mezz or using leverage to juice vanilla first-mortgages? Or is it pretty much plug and play senior loans?
Bread and butter is lower LTV senior loans. They have a debt fund and a bank that they originate shorter term, value-add paper for and a structuring team that tries to structurally leverage mezz pieces that they keep.
I know that it's outside the scope of the normal deal-level/front office focus that this board seems to have, but I'm curious to hear if anyone knows of or has any experience with their Real Estate Product Development group dealing with fund formation, structuring, etc.? As someone who is feeling a bit burnt out from years in an originations role, I'd love to get a better sense as to the overall comp and potential career track a role like that would provide.
Any thoughts from some of the more senior monkeys like SHB, mrcheese321, or redever would be very much appreciated.
I don't have much insight into that specific area because that is a newer group (Nuveen was captive to TIAA's GA for a long time so this is part of their expansion/restructure). If you are tired of origination, going to a strategy type position isn't a bad idea. My only concern would be that it is a niche part of the business. That can be a really good thing, but only if you are vigilant in networking and managing your career.
In terms of comp, I'm going to guess this group sits on the corporate side vs being on the investments side. I suspect that your base will be in line, but your bonus much smaller.
I actually worked as a consultant with a few groups doing exactly this type of work. It is very high level and interesting but also way more "finance" than real estate. Product development will have a dual-function with capital raising/marketing and portfolio/fund management, and typically involve very senior people in the firm. Setting new products or funds has as much to do with the what the investors/capital wants to deploy money into as it does real estate markets/property types. I can be a lot of fun, but also a mega stressful area of a firm.
Comp is all over the place, but you might be able to get points in the deal, carry, or some other AUM based comp (senior people will for sure). Career track should be to transition to one of the new funds/products or move up in the capital raising/markets function. You could also move into the research/strategy function (or may be essentially in that role/function with a job in this type of group) directly in many cases (this my personal area). I think you would have a lot options, but this is really a top line role people move into, not move out of.
I suspected that this was more of a "finance" type role than real estate, which is actually what appeals to me. Being a deal guy has been fun and lucrative, but burn out is real! I actually have some direct experience in the creation and launch of a fund and enjoyed the experience very much. Totally agree on the primary driver being the demands of capital sources. In my experience, the magic is in marrying up those demands with unmet needs and opportunities in the market. If you can do that, you've got it made.
Thanks for the thoughts on career track. I didn't mention exit opps because at this stage of my career, I'm looking at this being the end game in a general sense. Glad to hear that I'm not out of line in that train of thought. Do you mind if I PM you to follow up on some of this?
Any general color on Nuveen's debt asset management (pay, career progession etc) roles? Thank you and really appreciate any help.
Send me a PM
Wanted to bump Nuveen as a company and specifically their equity platform. Are they as well solely investing on behalf of the GA or is their SMAs/outside capital they invest on behalf of?
Researched the website for a bit and couldn’t find anything.
I believe they still invest mostly on behalf of their GA and the Real Estate Account, but they raised a couple of funds as well. One is called the Cities Fund and there was a series of Industrial Funds.
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