Top RE IB groups?
Hello,
What are the best groups in the US?
In terms of Exit opportunities (Blackstone RE / Starwood / Brookfield etc.), best training and skills development and also long term connections and network in the real estate investing industry.
Kind regards.
Kashish21, shame nobody has responded. Maybe one of these topics will help:
More suggestions...
Fingers crossed that one of those helps you.
......
BAML, MS, JP, DB, WF
Would add GS as well
What does BAML and DB stand for
BAML: Bank of America/Merrill Lynch
DB: Deutsche Bank
Doesn’t really matter. If you come from a BB REGAL or like Lazard/PJT etc you will have opportunities at most of these places.
What does BB REGAL stand for
BB: Buldge Bracket
REGAL: Real Estate, Gaming And Lodging
BofA, citi, WF, MS...pjt and evercore is good too. JPM is top too but heard to avoid at all costs (culture + hours)
I think wells would be best, strongest RE lending platform and strong REIB team, probably best comp too (maybe pjt + evr beat? ).
All these repe shops all have analyst classes too though, so if MF REPE is your goal why do REIB?
This is not totally right. Wells REGAL is the most hyped up group on this forum. They did have like 2 years where they sent a bunch of people to Carlyle and a couple to Oaktree/Brookfield, but they are certainly not the best REIB group at least from an M&A standpoint.
Take it from someone who’s worked in REGAL IB. Best group on the street is MS nowadays, they’re on most large REIT sell sides. Then probably BofA (lot of history), JPM and Goldman. Citi has great exits with nearly their whole class going to tier 1 RE shops each year, but think the group is a step below. Would put Wells with Barclays, DB and UBS probably. On the boutique side, Eastdil is still very good (but strictly M&A, no balance sheet anymore) and PJT is known to be at the top for gaming & lodging. Never heard much about Lazard, Evercore etc but have seen some of them on the buyside at good shops.
MS, citi, bofa, WF, GS, JPM, eastdil >>> rest
citi is always top of league tables and top exits. regal is one of their top groups. WF re team is their top group by far (not saying much but 100% a top group on the street)
boutiques all work on much smaller deals but are very respectable + smart teams from my experience.
league table for reference:
I generally agree with what you’re saying. WF is the number one lender to REITs, often times they are listed as M&A advisor but did absolutely nothing and are just getting some fees as a reward for previous lending (this is true for all BBs, but when you see WF on BX deals note that it’s unlikely they were really involved in any way unless they were on the other side). PJT is also a top group for gaming & lodging (especially gaming) and Macquarie is a top player on non REIT/RE related casino and gaming equipment deals.
Excuse me for my ignorance, but what is REGAL?
Can't find anything about it online..
Thanks.
WF was just lead advisor to KSL on Hersha hospitality take private..
Hi, thanks a lot for the answer.
Is it realistic to get into MF straight out of undergrad (also note that I’m a student in a foreign country)? Also what’s best for long term skills and connections, 2 years REIB and then REPE MF or MF straight out of undergrad?
Thanks.
I think BX is the only “Mega Fund” that takes analysts out of undergrad. I think TPG may have just started but it’s a very small number (lean RE team in general). Other places that believe now / have taken analysts include Rockpoint, Walton Street, Harrison Street, Westbrook etc. You could end up at a mega fund from any of these if you chose to leave. Morgan Stanley principal team has also always had an analyst class that nearly all leaves for mega funds etc.
Anyone have insight on post MBA associate exit opps from top REGAL groups?
Also interested
Usually either (a) REPE, usually not a MF or (b) work for a client.
I’ve seen many associates spend 2-3 years at top REGL groups then get hired by the property acquisitions / property development team of a large REIT covered by the group.
Why do they go into acquisitions and not capital markets? Seems like the latter would be a more straight forward fit.
BofA, MS, JPM and GS usually alternate lead left on any major deals in the space, especially M&A related transactions.
WFS has a solid team too, usually more involved in capital markets deals then pure advisory.
BMO?
BofA historically has been 1st, then JPM, then MS. WF has been growing in recent years.
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