(By "top" I mean Exits and Dealflow primarily). I'm in interested in the RE IB space and which banks are the best for this vertical. What are the top groups in this sector?
Additionally what types of transactions would a big bank analyst work on in this group? Equity/Debt financing, M&A, restructuring, LBO?
There are some dated threads on this so I was hoping for new information.
Would appreciate input. Thanks
Not sure about how to answer this question but assuming you’re still in UG and you’re asking about exit opps I would say there’s a lot of opportunities to work for repe shops out of UG nowadays. Plus u might get hired by a bank but doesn’t mean you’ll get placed into RE group for SA
Bump
BAML, Citi, MS have the strongest presence at most REPE
Deutsche Bank still does a lot of real estate banking, still has senior people back from Bankers Trust (bank DB bought a long time ago) that had a big RE practice. Not sure how their "exits" are, and frankly the people I know who worked there all didnt seem to love it (and I guess they have had okay exits). They don't qualify as "top tier" for the I-banking rankings but they are legit in real estate.
What are the too boutiques for real estate? How do they compare to the big banks in terms of exits?
Bump
The best investment banking group is definitely at BofA and MS
BAML and MS
JPM is crushing as far as volume this year
as far as BB shops, BAML MS and GS also all place very well
Boutiques, Eastdil banking team and pjt both place with the best
Per financial times league table, BofA is the leading RE investment bank by fees.
makes sense. RE is very debt-driven so balance sheet/lending capabilities bring in other real estate deal flow
i guess, come to think of it, if you wanted to be a nitpicker about who's really best at what, i'd isolate the fee comparison to M&A fees or ECM fees.
I know the BAML guys well. They crush it.
What are typical exit opps for someone in a top BB REIB group?
Top Opportunistic REPE and the real estate arms of Hedge Fund. Some usual suspects include BX, Brookfield, TPG, KKR, Bain Capital, Ares, Cerberus, Fortress, Starwood, Baupost, Carlyle, Centerbridge, Oaktree, Rockpoint, Northwood, Westbrook and etc
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Clarifying that this would typically be for analysts in these groups and not post MBA associates. The latter typically sticks it out, does Corp fin for a REIT, or potentially smaller REPE shops. Not seen a post MBA go on to these mega funds.
how does comp look at some of these groups? competitive with your more traditional IB verticals or does RE group comp lag behind them at all?
Should match other IB groups.
Base Comp will be the same across all groups,
Bonuses depend a lot on your performance and team. Not entirely certain but I want to guess they wouldn't be above average but probably somewhere around the median.
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