I am interviewing for a position as a real estate analyst with Fortress Investment Group. I would assume it is commercial real estate but I am going in fairly blind. Can anyone give me any info?
Any perspective or thoughts would be helpful and much appreciated.
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Is this for entry-level, or do you have prior RE experience? LA office?
under Real Estate http://www.fortressinv.com/OurBusinesses/AltAssetMgmnt-PE-PEFunds-Selec… there are a few public companies in there. If that is the type of fund you'd be working on it could be that they're just looking for more of an M&A analyst than just a 'property' analyst. Just something I've noticed with some real estate funds.
I'm pretty sure Fortress works in both commercial as well as hospitality. What is the position title that you are applying for and what's your background?
Thanks Prospie, that's helpful.
The position title is "Real Estate Analyst", and I am under the the impression it involves commercial real estate on some level.
I have had two years as an analyst for a real estate PE fund, two years in S&T for an I-Bank. The position is not entry level.
I don't know how Fortress handle their recruiting or how they organise their team internally, but they have been very active on the debt side of RE post crisis.
They did some great deals buying up mezzanine and senior loans secured by various RE assets / projects (some performing and some NPL).
Google (fortress sheffield57) to see an example that has had some news coverage. These kind of deals require the kind of underwriting / skills an REPE analyst would have as they are more asset specific than the other CMBS / loan portfolio type investments.
Maybe brush up on some of your debt / restructuring knowledge and check out what recent investments they've made.
Thanks Relinquis. That is helpful.
In any case, let us know if you learn more. FIG is one of the best so it's always interesting to hear what they're up to.
Absolutely, I will make a new post after I go through the interview process.
bump
Would also be interested to know how this goes. Work at another fund, where a lot of the senior partners here seem to think the Fortress guys are extremely smart, so I'd be interested to know what they're up to these days.
I'm also very interested in these guys, let me know how it goes. In the spectrum of big name PE shops, Fortress is a lot more like Cerberus and Apollo, relative to more traditional pure play shops like TPG or Warburg, in that they invest up and down the cap structure. So back in the frothy '06-'07 days, you saw them doing a lot more traditional LBO deals. With the market for traditional LBOs still constrained by the lack of leverage available from the recovering debt markets, Fortress has been a lot more active on the debt investing side over the past few years, buying up distressed tranches, real estate loans, European bank loan portfolios, etc. Given where they've been playing lately, I'd suspect their real estate guys are pretty busy. Good luck with the process.
Other firms like Blackstone have caught on to this advantage and have raised real estate special situations funds to complement their opportunity funds. This allows them to make debt and non-controlling equity investments in addition to their traditional control & RE asset / corporate investments.
I'm still surprised at how many REPE firms out there haven't done this yet. It's like they are too set in their ways or in love with the idea of "owning" the real estate or some other religion...
wildwestderivative you were pretty close.
They are swamped, the portfolio manager I interviewed with seemed at 150% of bandwith. They are buying distressed commercial loan pools and working them out. They just stepped into this area and everything they are working with is super raw data, so raw they don't even have anything they can get a loan on. Thier unleveraged returns are very high and once they get leverage on them they should get a nice bump.
Waiting to hear back.
any update?
bump
I ended up taking a better position at a smaller PE fund. Thank you guys for your help!
Fortress Investment Group Real Estate Funds (Originally Posted: 12/04/2014)
Hey Monkeys,
I need some help identifying some of the Fortress Investment Group real estate funds. I have the opportunity to interview there for a 2015 SA position but first I need to specify which fund(s) I am the most interested in joining. Through my (preliminary) research I have identified the following: Drawbridge Real Assets Funds, Fortress Real Estate Opportunities Funds, as well as 2 Japanese funds that I am not interested in. Fortress also controls 3 publicly traded "capital vehicles" that I have taken interest in: Newcastle Inv. Corp., New Residential Inv. Corp., and New Senior Inv. Corp.
As of now, Fortress RE Op. Funds is the most appealing to me and seems to be a great way to break into REPE. Knowing that REPE is my ultimate goal, could anyone shed light on any of these groups? Any comments deal flow, work/life, or anything would be greatly appreciated.
Thanks
I'd go for Real Estate Opportunity Fund. You'll have the ability to work on a wide variety of projects. Does the internship lead into a full-time position?
I'm under the impression that Fortress internships never lead to full time offers; however, this has never been explicitly expressed to me by anyone within the firm so I cannot say for certain.
Can anyone shed any light on the culture at Fortress?
Fortress Credit Funds - Real Estate (Originally Posted: 06/17/2014)
.
I know a few of the people in the NY office on the team: extremely intelligent guys. I heard, as well, the culture is really tough and stressful, though. Obviously very difficult to get into the group.
Thanks realestate101 - seems consistent with what I've heard second-hand from other places.
They are sharp guys out of necessity. Their niche is mostly in (highly) distressed investments..
Fortress Real Estate Summer Analyst interview - need help (Originally Posted: 04/02/2012)
Hey guys,
I just received news that I will be interviewing with Fortress for their real estate summer analyst internship in 2 days. This is a big deal for me since I have a low gpa and a not-so-impressive resume. I guess I was just lucky that I had some small relevant real estate experience in my previous internship.
The situation is this. I am abroad right now so I have been totally out of the loop with applying for internships, etc. I need to know what I should be looking at to prepare, if someone could point me in the right direction, I'd appreciate it loads. I am basically a total newbie, so any and all advice, (and links, interview guides, etc) is appreciated. What should I expect, how do I ace the interview, etc etc. I have limited time to prepare.
Thanks in advance, MM
For starters, http://www.wallstreetoasis.com/forums/fortress-real-estate-interview
Go through the Mergers and Inquisitions guide.
Maybe read "What Every Real Estate Investor Needs to Know about Cash Flow."
Know the answers to "Why real estate," "Why Fortress," "Why should they hire you," "Tell me about yourself."
Know all about the position and what you will be doing. Be able to spin your previous real estate experience.
If you have a low GPA, have an answer as to why. Maybe you are on a sports team or you work part time or you are very involved on campus. Whatever the case may be.
If you have a contact there, maybe arrange a quick chat and ask him for tips.
op is in luck and yes to all above
Interned last summer at Fortress, but not in Real Estate. For their summer analyst interviews...I would expect it to be mostly behavioral...and one big reason as to why this is the case is because Fortress does not convert any of their interns into Full-time employees.
Def get Why Fortress on lock and get a general knowledge of Real Estate and the fund within Fortress Would you be in their Newcastle Investment Group?
guys, have an analyst interview coming up with fortress real estate's dallas office. any insights into their interview process / culture / comp? this is for an asset management role, and i have about 3 years of experience. didn't want to start a new thread, but the above is outdated / mostly in reference to their NY office. any help would be greatly appreciated.
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