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With operator your are going to be responsible for executing on your business plan. That means coordinating leasing with brokers, working with PMs on budgets, and performing planned capital improvements. Fund-level AM is generally going to be one step further back, focusing on a portfolio of investments that your fund has made and understanding how all of the functions measured above are impacting returns (while remaining slightly less hands-on with operator dealing with day-to-day).

This all depends on deal/firm structure. Some companies that would be considered "LPs" will do direct investments which would mean that their AMs are more acting as operators and are much more hands on.

 

NYYCRE Basically. Given that in a typical JV structure, a REPE firm is the LP and allocates capital and the Operator is the GP and executes on the business plan, it is the Operator's AM that is executing the business plan on a daily basis. The AM at a REPE firm is typically handing more high-level decisions such as: Decisions to Refinance, Hold-Sell, Large Capex Projects, etc. Basically, since the REPE (LP) is the majority partner, they will have final say on the bigger-level picture of the business plan. Once that is determined, it is for the operator to execute.

 

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