Goldman Sachs IBD Classic Real estate or GSAM Private Real estate Questions

Tom489's picture
Rank: Senior Chimp | 25

Posted this under IB forum because it is a IB job however it is also a real estate job so I posted it here as well because I was not sure which one it fit in more.

Hey guys long time reader first time poster,

I have been trying to research these two jobs and see the differences between them but the amount of information is very vague on what they actually do.

How do they compare to traditional investment banking like TMT or healthcare. what kind of exit ops do they have or are these kind of closed off areas. Do you have any links or info where I can find out more info on these or find the differences on them?

The first job is
IMD, GSAM Private Real Estate Group,

the second one is
IBD, Classic, Real Estate,

Thanks in advance I appreciate the info!

Comments (10)

Mar 4, 2018

Bump please

Mar 5, 2018

Well, they'll be very different.

GSAM -- This is just straight REPE. Exit ops would be insanely good. You'd go work for another REPE that would presumably give you carry.

REIB -- As much as everyone wants to think that REIB is that much different from being a brokerage analyst,,,, its really not. I would love for someone to come up with 3 really, really strong differentiators of things REIB guys can do that Brokers can't. My firm uses both interchangeably... just depends on deal size and sophistication. Exit ops will be good.

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Mar 5, 2018

bump

"GSAM -- This is just straight REPE. Exit ops would be insanely good. You'd go work for another REPE that would presumably give you carry."

Can anyone elaborate on this a bit more? Is this "just straight REPE" at a massive institutional level (because it's GS) based on parallels in responsibilities to a different/smaller REPE shop?

Mar 5, 2018

IM at GS is split between GSAM and PWM. PWM sources the money from high net worth individuals, and that money is placed in funds that GSAM uses to make equity investments in RE as well as handle the asset management of those investments. NYC and LA handle the acquisitions and Dallas focuses on AM.

By classic IB for RE, I assume this is handling liquidity events for real estate companies, or helping a large company execute a SLB of their real estate portfolio. Classic IB would not be handling debt/CMBS as that is done by REFG.

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Mar 5, 2018

If you look at their website it doesn't appear to be straight REPE. You're also allocating HNW individuals money into other REPE funds, so it's partially a manager selection job similar to what some pension funds do. If you interview be sure to get clarification on what you'll be doing primarily.

Sounds like REPIA and GSAM private real estate are two separate teams to me

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May 29, 2018

Is GSAM REPE actually that good? Pretty small group and not very established. Is one able to exit to say Blackstone or KKR REPE after a couple years?

Mar 5, 2018

Bump please

Mar 5, 2018
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