PERE at Bulge Brackets
Does anyone have any experience, or third hand knowledge, of culture at PERE divisions within the bulge brackets? To a certain extent, they fly under the radar and do not get as much attention but I am curious to understand what working at these kind of firms will be like? (In the States but also Europe)
Firms that come to mind are Goldman (REPIA - now Goldman Asset Management), MSREI, JPMorgan Asset Management, DWS, Credit Suisse (Aventicum). How do these shops compare with the likes of Starwood, Blackstone, Carlyle, Apollo etc?
Bump
~30% lower comp, better hours, less dickheads to deal with, probably a larger emphasis on development but not totally sure on that one
Ignore title. 2nd year analyst. Do you know if the bonuses paid out at BB's can be up to or even exceed 100% of salary?
At VP+ sure. At analyst/associate no
Couple buddies were at Goldman this last summer in their AMD group, seemed to enjoy it. People weren’t dicks and their hours were pretty mellow (think 50ish a week).
Are those the only three BB groups left? Obviously Citi way back sold to Apollo. I know BofA doesn’t have one. I have seen the name “Barclay Capital” thrown around. Do they have an RE equity arm?
MS and JPM have the two largest core ODCE funds (>$30B NAV AUM each, though coming down). Know JPM does a lot of dev and are pretty fwd thinking on niche sectors (BFR, industrial IOS, etc), know less about MS. Both would be phenomenal places to begin and stay for whole career. Will say ODCE fund dominating your firms’ transaction activity = firm profit way more tied to AM fees due to open end nature and therefore tougher to comp senior people with firm economics (i.e. carry). GSAM I understand to be more closed end fund focused, they do cool looking deals as well but less AUM. GS’ practice (Whitehall funds) and MS (ran by the current BGO execs at the time who left) dealt with TOUGH times in the GFC. They’ve both obviously recovered since, but only bring up because I’ve worked at firms where the execs were “scarred” by GFC and made a lot of our deal sourcing process tougher and less competitive. Important thing to DD if you’re a more senior deals person taking a job.
I would say Whitehall and MSREI and even BGO to an extent are a little dated with splits
8% 80/20 after is what I have seen and very little movement on product types from those splits
Anyone know the recruiters these firms use?
They don’t use recruiters, they use their own HR.
Bump
DWS’ real estate arm in Europe is huge and well respected. Nonetheless most of the BBs repe arms mostly do core (esp. jp morgan and dws) and as such pay less. They are not comparable to bx and the likes
Salaries in line with BX and above most real estate shops. You’ll get a smaller bonus than true private equity shops, but people at BB Real Estate make more than your average RE ppl
Salaries are definitely not in line with Bx and the likes in terms of base and esp. bonus but its true that theyre better paid than the average re person
Truist while not a BB has a RE equity arm in its IB.
Think people are underestimating both the pay and the workload. They’re all decent REPE firms that happen to be housed in banks. My peers who went to GS/MS/JPM are all getting paid as much as those who went to traditional funds and working the same unpleasant hours. People at AEW, LaSalle, Harrison Street, PGIM and Ardian are not making more than those at GS/MS/JPM.
Coming from someone who went to a big real estate school so going off a large sample size.
The pay is not the same as MF REPE, but yes it’s on par with most REPE funds. The hours are much better though so you are wrong about that, at least where I work (one of the places mentioned here). I came from REPE working way worse hours and expected the same but was pleasantly surprised.
How’s the all in pay for AS1 ? I’m coming from a Hines in development (land acquisitions, capitalization, dev mamagement) and wondering how that experience would be perceived.
Funny getting hit with MS here. I literally work at one of these places and no one grinds like at any MF PE.
yea, the chicago shops and the lifeco shops (pgim / metlife) are 100% not going to pay as much as goldman / morgan. likely that when OP referred to MF, they were referring to bx / starwood / apollo / kkr / brookfield / etc
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