Top REPE Firms Focused On Alternatives?
Harrison Street and Brookfield are along the lines of what I'm thinking -- any other firms come to mind?
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I know Nuveen and LaSalle have made big inroads into "alternatives" (just what comes to mind first), I think most of the big shops have taken this on at this point.
Bump
What do you mean by alternatives? Anything not hotel, multi, industrial, retail, office?
or alternative energy
Anything not hotel, multifamily, industrial, retail, office
Kayne Anderson, Virtus Real Estate Capital, Bain Capital
Very helpful, thank you so much!
Sculptor
Where does sculptor recruit? Do they use any agencies? I haven't run into a posting or been sent anything by any recruiters. I would love to learn more about them.
I’ve noticed pretty much all of their junior hires come from their internship program or straight out of college. Have basically seen zero lateral hires
Keep in mind, if you are interested in direct investing - many areas of ‘alternatives’ such as manufactured housing, self storage, cell towers, farm land, etc. are not only super niche, but small check sizes. Many of these ‘Alt Groups’ at institutional investors focus on finding GP’s in the space to create a Co-GP platform so they can write one, $100,000,000 check instead of fifty, $2,000,000 checks. For instance, if you look at manufactured housing, the average deal size is around $2,000,000 and in self storage you can go buy 1,500 units in some markets for a few million dollars of equity. This is just difficult to do for an institution which has hundreds of millions to put to work. There’s nothing wrong with this, but if you want to be out there sourcing, you might not do that. You’ll still underwrite the real estate, but it’s more akin to the deal is tied up and DD is moving, you have 10 days to tell the Co-GP if you like the deal and will move forward with it, or if they need to go raise different equity.
Heitman, Green Courte, Blue Vista, CA Ventures (my Chicago bias is showing)
Awesome, thank you!
As a general trend that I can observe within REPE is that the line between "real" real estate and infrastructure gets increasingly blurry which in turn translates into more "alternatives" investments for REPE funds.
Things like data centres/ parking garages/ cold storage facilities etc. are getting hunted by multiple pools of capital - In sales processes we are often bidding against traditional real estate fund managers, but also infra funds and even traditional buyout funds sometimes. I guess traditional real estate fund managers are increasingly pivoting into "alternatives" because of massive amounts of dry powder, the global hunt for yield and a certain hesitance to invest into retail and office real estate.
Bottom line is, if you join a fund like Brookfield who traditionally have a strong Infra presence and a network they can build on you will see a lot of "alternatives" deals on your desk.
As an unrelated aside, I feel like the distinction between RE and infra often hinges on the operations of the asset. A parking garage or refrigerated warehouse leased to a single operator is pretty clearly real estate IMO, but when the GP is operating the asset as well (i.e. running a parking operation or managing the cold storage facility for multiple users) it becomes much more of an infra/traditional PE investment.
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