REPE funds that do corporate level investments
As stated above, which of the REPE funds also invest in corporate platforms? Thought Blackstone and TPG would fit the criteria but what are some other funds?
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Been discussed many times here, check old threads but I admit the list probably changes over time
Starwood, Lone Star, KKR's real estate guy come to mind. Brookfield probably.
Problem is, for any huge real estate fund, you get so big you have to contemplate REIT buyouts on occasion to justify deployment of such massive capital. So it often ends up being a size thing
Size queens love that shit
Oaktree
TPG
So the current list is BX, TPG, Oaktree, Lone Star, KKR, Starwood, Brookfield. Anywhere else did I miss?
Fortress
Warburg Pincus in Asia. Many REPE were very active in corporate platforms targeting senior housing and student housing a few years back. Not REPE but the Canadian pensions have done a lot of deals at the corporate entities (either through growth equity or buyout in student housing in UK and US, logistics in Asia, and some mall platforms in Brazil). Almanac also runs an interesting hybrid approach with many investments at the corporate level. Varde made some sizable real estate bets at the corporate level after 09 and made banks. They are still active but not as much.
Hey. Do you have any more detail on Varde real estate you could share?
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Blackstone (split between asset level / entity level), Brookfield (similar strategy as BX), TPG (most of what they do), Starwood (ex: Extended Stay), KSL (travel & leisure corporate PE), GreenOak (ex: Carlyle Metropolitan)
Check out KSL partners. They own a bunch of ski resorts, lowkey seems kinda dope.
Any other shops?
Why are there so few REPE funds doing corporate level deals? Especially given how lucrative the strategy is
Because in RE the returns all come from the properties themselves. It’s easier to just invest directly into the properties, than buyout an entire RE company. When Blackstone acquires a REIT, they're doing so strictly for their portfolio, not anything else the company has to offer. Ares wanted to increase their AUM and acquired BlackCreek because that was the quickest way to scale up at that level.
Thanks for this. I was actually referring to TPG’s strategy, platform built-out rather than acquiring single asset.. they seem to be doing really well
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