Real Estate Development - is it considered REPE?
I recently interned in a Real Estate firm that mainly does office-to-residential conversions. They've done some big deals and they raise the equity on a project by project basis.
I worked with the debt finance manager mainly, assessing different loan options etc
Not sure what is the correct title to put on my CV -REPE Intern as the firm brands itself as a REPE firm or something like RE Debt strategy intern etc?
No
Does it matter?
No
What were you? An intern
So put intern on your CV....
Next
Internships can be super useful for your next role.
(If that's something like 6 months and that you worked like an analyst) Try to be as honest as possible on your CV but put the keywords / deal bullet points that would be the most relevant for your targeted position:
- Investment analyst role at an equity shop, pure acquisition but no financing as they have a financing team? Yes try to focus on the REPE aspect and tell them you covered a lot of debt too (Understanding the full lifecycle blablabla)
- Investment analyst role at a debt shop? Spotlight on everything related to debt
Obviously don't lie (even if you're covered by your potential future reference) but let's do honesty with a twist, that's a tough market!
Kinda depends on the shop tbh. Some of the big institutional players that do big deals are more focused on the financing / deal part of it, and don't in-house the design and construction aspect. You could definitely argue those are more similar to a REPE shop.
But your smaller shops or ones that combine deal and development teams into one are maybe less comparable.
Why is everyone so obsessed with being able to say they work in REPE, especially when they clearly do not. It's pathetic.
I honestly get confused by it, everything is funded by private equity I never got the distinction.
Smaller operator, raising LP money from HNW individuals aka REPE. Larger operator investing with institutional LPs and their money comes from HNW individuals and others. Private equity is apart of every deal so I never got why a firm was called REPE, maybe someone can clarify.
The key isn't where your money comes from, it's where you fit into the picture and the role you play.
Both option is good, but it depends on how you want to emphasize your experience and the specific job description you had during your intern. Also consider what you want to use the CV for so that it align with it.
A developer is not a REPE firm. A developer sponsors real estate development projects. A REPE fund sponsors a fund that invests into real estate projects, typically as a LP and alongside a developer or other type of operator.
Sometimes developers will raise a fund, in this case, they still will refer to themselves as “real estate firms” and not “private equity firms”. PE investors might know how to financially engineer deals, but they aren’t usually coordinating GCs, architects, engineers, leasing brokers, property managers, etc. It’s important to understand this distinction. Sometimes you see firms that truly blend the two, so in that case it’s hard to distinguish.
Other times you might see a fundless sponsor who raises money on a deal by deal basis to invest into JVs with an operator refer to themselves as a “REPE” firm. This isn’t necessarily accurate, but no one really cares.
Also, REPE typically means firms pursuing value-add/opportunistic profile deals. Most people would not consider PGIM’s core fund buying vanilla class A industrial and solving for an unleverd 6% return “real estate private equity”
If you have to try and justify that the firm you're in is REPE, you're probably not in REPE
IsItREPE pls
I might be off base (work in dev though) but isn't that effectively just capital markets at a development firm?
As others have pointed out, it doesn't really matter but still.
How come the dumbest topics get the most attention?
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