PERE 100 / 200 2023
Has anyone got it?
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| +52 | Leave brokerage to be GP | 12 | 2d | |
| +46 | New Comp Database - Google Form (Now with Data Validation) | 24 | 2d | |
| +24 | Seeking Career Guidance in Real Estate Development Post-Graduation | 3 | 3d | |
| +23 | Spreads over SOFR/UST | 5 | 17h | |
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| +17 | Fisher Brothers | 6 | 2d |
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https://infogram.com/pere-100-2023-1h7z2l8rqm89x6o
https://infogram.com/pere-200-2023-1h7z2l8rqm5ng6o
The sound of relief from all those Analysts once they realise they made the list. Their lives are now truly complete.
Why is there always some insecure comment like this on this post every year? It makes sense to want to work at the top firms
Because it literally means nothing. I work at one of these "top 100" firms, in fact I've worked at 2, and it really is no big deal.
The people are no smarter, they're no nicer, they don't necessarily pay more (unless at bx, starwood, kkr but for the sacrifice of your life) than a smaller shop that doesn't make this list.
You're in real estate, you can make money anywhere. There's no circle jerking your own ego in this industry.
I disagree. I work at one of the names you listed / their equivalents. Their scale means you will have capital to deploy, which in turn means you will get reps in as a junior professional. Their global brand helps you build relationships easier. Regarding pay, these firms will generally pay more than a local developer or investor. You can spend all day trying to talk to smaller shops, but it's a mixed bag. At least you'll know, by screening through this list, what you can sort of expect.
Not trying to tout my own horns. Your point of working at these firms has validity; you are no god and not necessarily smarter than another guy at a smaller shop (in fact, working in the top 10 lets you see less of the operational aspect and just capital deployment (pros and cons)). But you can't knock someone for trying to look at these lists and say it's a waste of time. Same thing goes for IB and looking at the league tables -- you'd rather work for GS TMT than some boutique in Memphis.
I agree, I think it just depends on what you're looking for. As someone who worked for a group in the Top 20 of this list there were lots of reps and learning there which was amazing. I ended up leaving and working for a much smaller group that will probably never get close to getting in the top 200 of this list but my work life balance, pay, and the type of work is so much better. That being said, would I be where I am at without that top 20 groups name on my resume? Probably not. Gotta pay your dues.
"Reps" don't matter. What is a "rep"? I'd rather hire someone who has actually closed a single deal versus someone who has underwritten 50. It is actually easy to argue that at a huge firm, responsibilities are so siloed (because there is a lot of staff) that the junior people are actually getting less valuable experience than those at a smaller shop.
Bullshit. Working at Starwood versus ERI isn't giving you meaningfully different opportunities to build relationships, despite one being at the top and the other the bottom of this list. Especially not as a junior analyst starting their career - maybe as a professional in their 30s in a senior position, but those people have also already built their network.
What you mean to say is that you are obsessed with prestige, and are more likely to give the time of day to someone you feel meets those standards. You'll find out, and very quickly, that this isn't how this industry works.
No one said looking at this list is a waste of time - that's a straw man argument you've propped up to justify a pretty bad general take.
I would actually argue that there is far more money to be made working at places not on this list. Because it'll take forever to get meaningful carry at these huge shops - why would you get any, when you take no risk? You are far better off at a small or new shop, helping it grow, because then you're taking on some opportunity risk and can expect to be compensated for it.
If you aren't interested in that, then by all means prioritize KKR. Or if you think the name on your business card is important, go wild salivating over this list. But at the end of the day, it is collated and published for the benefit of people who care about being at the top of a list. I can't stress that enough. Technically, raising a lot of money isn't even a guarantee of profitability, or of working on interesting deals if you're an employee. It is only a reflection of marketing, though obviously there should be a correlation between track record and fund raising. But that doesn't always exist. Anyway, most of the interesting things being done in real estate are not being done by big firms. Between necessities surrounding capital deployment, and competition between large firms chasing the same deals, big names don't do the most creative deals, because they can't do many unique deals. Everything has to be replicable, or it isn't worth the time.
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