Real Estate Private Equity: what is needed to get in?
Does anyone know what it takes to get into real estate private equity at a reputable shop (e.g. Blackstone, Carlyle, Warburg, Fortress, etc.)?
Would an analyst coming from the RE merhcant banking group at a top-5 US commercial bank stand a chance against analysts from RE IBD groups at BBs? What kind of background do RE PE shops like their analysts to have?
It really varies.
There are some RE PE shops recruiting at my school. Can anyone shed light on experience, pay, and exit opportunities at Real Estate PE shops when you join them right after undergrad?
I've never heard of anyone getting into a top RE PE shop straight out of undergrad, but I suppose it's possible if you go to a very good (e.g. top five) school or have some serious connections. The key thing about RE PE is that to get in you need general corp fin AND RE valuation experience.
I've heard that top shops like analystsfrom BB real estate IBD groups (even tho they have less exposure to RE valuation than ppl doing CMBS, CDO, mezz type stuff). Pay is supposed to be the same as other PE groups and so is exit: pre-mba=>b-school, mba=>stay at firm for life.
This is my understanding from the outside, but I'd like to know more from anyone who actually works at a top firm.
Look into Goldman Sachs REPIA (Real Estate Principal Investment Area). They higher several analysts for full time and internships every year from my school.
I know some people who work at RE PE and the pay is definitely not on par with traditional buyout shops. Unless you climb the ranks and get an equity kicker.
I would be interested to know, how much below par?
Depends but I'd say anywhere from 30-50%.
Interesting. I work in REPE (opportunistic/high return strategies mostly) and invest internationally.
That sounds like a big difference. I guess partly it's because the business is generally smaller in terms of deal size than traditional corporate PE (buyouts, etc...).
Would the difference remain in firms that have both traditional PE and REPE?
I wonder if it is the same situation with firms that do traditional buyouts in the real estate and related sectors.
PrivateInvestor, what as the salary at PE shops ?
PrivateInvestor, what is the salary at PE shops ?
Can anyone else confirm that the pay in Real Estate Private Equity is really 30-50% less than regular buyout shops?
x
any responses??
I am interviewing at a real estate private equity firm directly out of undergrad. Does anyone know the compensation for a first-year analyst? What is the typical base+bonus?
Thanks
I heard DB has good REPE
I'm interested to hear how this turned out. I'm in the same boat currently.
If you do GS REPIA, you want to work in the NYC office (it is headquartered in Dallas). NYC does all the acquisition work and does most of the acquisition analysis (valuation, etc.). Dallas manages the portfolio and properties. Even though it is the HQ, it is not where you want to be if you want to do RE PE longer-term.
I hear that some hedge funds are beginning to get into the real estate game. Has that affected pay at the RE PE shops?
Pere sals in london are around 70k + 50K bonus for fresh MBAs
and around 170k in us
that is excluding signing bonus
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