Thoughts on CRE at PIMCO? Anything from CRE debt group to working acquisitions there. Genuinely curious about the work they do, presence in nyc office, and full-time recruiting out of undergrad. Seems like a great smart company to work for, though hesitant as not sure if better to be at a firm solely dedicated to CRE. Thanks!
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As a company, they pretty much only hire experienced candidates for investment roles (if you search the PE forum, people have talked about this extensively). If you MBA intern there, they might hire you into an investment role but most of the undergrad interns are pushed into account/client management which isn't a direct path to PM/investments.
In terms of type of deals, their funds are opportunistic/high yield, so they work on transactions on that end of the spectrum.
This information is a bit outdated - past 1-2 years they’ve been developing a pipeline to PM within Alts from undergrad - investment roles. Very new and unstructured program with only a few hired each cycle, talent coming in and pay is in line with MFPE considering this is really the first time PIMCO has ever taken undergrads direct hire for investment roles.
Source: working there upcoming summer
PIMCO aims to gradually replace lateral hires with undergrad recruitment starting this cycle. Not sure about other teams but this is confirmed for Alts PM track. Source: current employee
can u PM me?
PIMCO has been trying to expand their alts/private credit business in the past two years and are hiring kids straight from undergrad for that team. The alternative investments team does everything from CRE, residential, corporate, distressed, to special situations (https://se.pimco.com/en-se/investments/strategies/alternatives/alternative-investments).
Pay is well in-line with banking with a 2-year rotational program in the spaces above after junior summer internship.
Wanted to bump this thread, does anyone have any more information on this group. It seems they are growing (AUM + hiring + the undergrad program mentioned above).
What is their reputation? What does comp progression look like? Are the seats permanent or two/ three years and out?
Seats are not two and out, it's a pipeline they're trying to organically develop from undergrad to PM without the historical top MBA. Comp progression is in-line with other MF credit arms, have heard 170k first year analyst and 700k+ for senior VPs. In terms of reputation.. it's PIMCO, almost every door on the buy-side will give you a look if you choose to leave, especially for an investment role like this.
thanks for the info. is this for the corporate side or the CRE side?
Debt AUM is around 8bn right now, but they recently launched a 2nd fund that should give them another ~10bn in dry powder (3bn - 3.5bn raise with leverage). Figure that some of the current portfolio will roll off and they should grow to something around 13bn before starting their next fund.
Last year was the first for undergrad interns. They had 3 from undergrad and all accepted return offers. This year they were targeting 4-5, but not sure where they actually ended up.
In terms of CPT, that was a combo of their Bravo IV fund and Allianz money.
Source: I'm a former employee
thanks for sharing! can you also shed some light on the differences between NPB and NYC office? how do the culture/ comp/ deals differ between the two
$8bn is gross origination volume, right? not committed capital from investors / purely retained pieces
also, anyone know how closely the allianz and pimco RE teams work together?
what fund did they use to take columbia property trust private?
Can’t speak on the Columbia deal but from what I’ve heard, the US CRE team doesn’t really touch much of the Allianz assets. Very different profile- PIMCO CRE hunts opportunistic deals pretty much on the opposite end of the risk/returns spectrum as the typical income play lifeco deals the Allianz RE teams run.
Extremely hard to land a seat in their alts group, which includes CRE. Small team but others have mentioned it well: opportunistic mandate, interesting deals, and great pay for the hours.
what are some CRE deals they've done outside of Columbia Property Trust? come across allianz frequently in industry publications, but almost never pimco
On the equity side, they are usually LPs so for the majority of their deals, you aren't going to know they exist.
On the debt side, they just launched a 2nd fund. They compete with the other large opportunistic debt funds (KKR, Blackstone, Starwood, etc.) and will also look at buying syndications/co-lends.
The best way to think of them is alpha seekers. They go where they get the best alpha/execution. Flexible capital and high yield targets allows them to be creative where need be.
can you share some info on the size of PIMCO's CRE team? based on linkedin im guessing around 40 people
Probably closer to 50 now. About 30 on the US and about 20 in EMEA
Any insight on comp at the associate/sr. Associate level?
Seems to be a great role to be in. Anyone knows which headhunters PIMCO uses?
Couple of undergrads already accepted offers for 2023 SA
Source?
The people who accepted them. Accelerated because they had offers at other firms early though.
Anyone know if the hiring from UG directly into CRE/Alts investor track is a bigger initiative for the firm across other areas? Traditionally PIMCO requires an MBA not just for investor roles but to move up beyond senior assoc level for basically nay of their roles. They do also value designations like CFA, CAIA (more now as alts are a big thing) and experience from other firms. They have been known to minimize career growth for those who don't get the MBA / designations. Forces some to leave after a few yrs, albeit to top firms because PIMCO opens lots of doors. That said, it would be nice if a junior employee could build a long term career without having to leave and come back.
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