Goldman Real Estate Groups--Private Real Estate vs MBD REPIA

As the title states, can some shed some light on the difference between the following two groups in terms of comp, culture, business plan, day-to-day?
1. Merchant Banking Division: REPIA
2. Investment Management Division: Private Real Estate Group

The two descriptions sound similar enough in terms of job function. Is #2 just deploying HNW capital in separate managed accounts (i.e. smaller transactions) vs. REPIA which manages pooled institutional capital?

Thanks in advance.

 

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