Thoughts on real estate secondaries market?

I will be joining a group this summer for FT at a BB that has a real estate arm focused on primary and secondary transactions. I’ve heard from multiple people that secondary transactions in real estate are up and coming and a good place to be.

Does anyone have any experience or thoughts on this? Is it a fun career?

 
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I was really only looking at secondary shops when I interviewed with Madison a few years ago, but off the top of my head I know Landmark Partners, StepStone, Strategic Partners (now part of Blackstone), and Metropolitan Real Estate (Carlyle) all have secondary-focused funds that include real assets.

If you want to be directly involved with the real estate and operations, I would suggest looking outside the secondaries niche, but if you're interested in getting reps on complex structured transactions, it's definitely a lucrative place to be.  I ended up declining the offer, but from what I saw during the (lengthy) interview process, the culture and work seemed more like traditional PE than a "true" RE shop.  Just my $0.02.  

 

Founder-led GP secondaries are pretty interesting too. Dyal, BX, and Investcorp are players in this space.

I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.
 

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