Real Estate Fund of Funds
Howdy, I have been currently trying to learn more about the FOF space within Real Estate.
What do Analyst/Associates actually do?
What do exit ops look like? Can you exit to direct REPE or do you have to get an MBA?
Who are the major players?
How does the work compare to direct PE?
Thank you for the help!
Can you give an example of a firm that does this?
LaSalle, UBS, Mercer, Townsend, Stepstone, and CBREI all have these types of vehicles, but each is a bit different. I'm sure there are smaller players in this space as well. The interval funds are another iteration of this but with a few extra wrinkles.
Interesting. What are CBREI and LaSalle's divisions that do that? I haven't heard of them doing that like I have allocators such as Stepstone and UBS.
LaSalle's acquisition of Aviva gave them a presence in this space. I'm not exactly sure how this folds into CBREI, but I know it's a small part of their offering. Global Alpha is clearly their focus and a different strategy.
They do exactly what the name implies - invest in funds. So their seat is very different in that their diligence / investment process is focused 99% on the GP / fund they are investing in meaning they deeply evaluate the organization, getting a deep understanding of their strategy and why or why not it might be attractive in the current environment, their personnel, their track record and reputation etc. They are not looking at individual deals or asset level stuff. I would have no use hiring an analyst from one of these shops over an analyst with actual asset level experience (whether sell or buy side) as their experience is just apples and oranges to repe. Doesn't mean that lateral can't be done just how I would view it.
Great, thank you for the info.
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