Baupost RE

Anyone know anything about the RE group within Baupost? Wrt comp / hours / culture / strategy / reputation / AUM dedicated to RE? Have an informational interview with someone there this week, and want to get a baseline level of knowledge beforehand. Thanks

Comments (11)

Oct 29, 2018

Evergreen fund so longer-term focus - not a "buy, fix, sell" mentality. They're lending and doing pref equity on some NYC development stuff.

Oct 29, 2018

Believe they are the equity behind 5th and broadway development in nashville that will be new alliance bernstein HQ. Well regarded name but cant comment on what its like internally.

Nov 2, 2018

Can confirm... They are the equity group and I've heard, through a operating partner, that they don't behave like true real estate kick the bricks guys and that they're more "hedge fund-y".

That would support the "creative deal structure comment below as well."

Nov 2, 2018

They like crafty deal structures.

Nov 2, 2018

such as? Curious to hear.

Thank you.

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Nov 3, 2018
Nov 2, 2018

thanks for all the comments thus far. bumping for any insights into the culture / hours / comp. how would it compare to one of the other firms whose names get thrown on here a lot - carlyle/oaktree/etc (that aren't staffed as lean as baupost)

Nov 2, 2018

Baupost recruits individuals with very strong modeling backgrounds (know a few current / former employees). I would view them as finance first and real estate second in the form of they have more complex deal structures that is predominately high-yield debt to pure equity with everything in between. Very sharp individuals. The deals are more intellectual in nature versus traditional real estate deals.

The compensation should be in-line with Oaktree and higher than Carlyle. Culture is solid and people tend to stay for awhile (this isn't a 2 and out program).

Robert Clayton Dean: What is happening?
Brill: I blew up the building.
Robert Clayton Dean: Why?
Brill: Because you made a phone call.

    • 1
Nov 4, 2018

They have a big slug of 17% or so interest rate mezz on the 111 57th Street dumpster fire. Additionally, though I'm not sure if its out of their real estate group, they own about 10% of Colony Capital (formerly Colony NorthStar) at a basis of $12.50, compared to a current share price of below $6.00.

Jan 31, 2019

Not sure how I found this, but how did it go?

Feb 1, 2019