LifeCo Internship Exit Opps
Background: undergrad at target school; decent GPA but not stellar 4.0 kind; have RE internship experiences and extracurriculars
Will be interning at one of the big lifeco's (Pru, MetLife, Allianz, AIG) this summer on the equity side and am curious about each lifeco's general rep in the industry, especially in the eyes of aggressive players such as BX, Starwood, Colony etc.?
If I aspire to go into REPE directly after graduation, how would a lifeco RE equity-side internship compared to REIB during recruitment?
Also, IF given the opportunity, should I opt to work on the biggest/well-known in industry core/core+ fund or the smaller value-add/opportunistic fund? In other words, I am thinking fund size vs. investment strategy when it comes to recruiting for big REPE shops as I've heard that the required skill set/ mentality are vastly different...
Thank you so much!
I personally would pick an opportunistic/value add strategy if you are targeting companies that focus on those strategies after graduation. When you write your resume, you always tailor them to the job, if you can tailor your internship experience to the job you want, it makes it that much easier to write your resume as well as for a hiring manager to see your usefulness.
As far as life co reputations - you are generally talking about large, institional players. You know their names for a reason. That said, you also know them as mostly core/core plus investors because that is the space they generally play in. It makes sense when you think about what life insurance companies are charged with doing - investing life insurance premiums to ensure they can pay out their annuitants/participants. All of the life cos have been going after more third party money lately, with Prudential being the most successful in North America.
IREM has the largest life cos by AUM listed as TIAA, Met and Pru.
TH Real Estate (TIAA) is about 70% North America/30% Europe and is mostly equity (80%) with a smaller debt shop (20%). This is because they purchased a fairly large European company in 2014 from Henderson which boosted their equity platform enormously (all third party money) as well as their giant open end REA account which is topping 20 billion. Their North America group is notoriously conservative (because it is still mostly house money) but the old Henderson group was pretty much left alone when it was purchased and they are opportunistic focused.
MetLife is mostly North America focused and really a massive debt shop with a tiny (relative) equity shop attached to it (75% debt/25%equity). They play across the debt spectrum and did 14+ billion in debt originations in 2015. Their equity shop is most core/core plus and what isn't is a very small portion of their portfolio.
Prudential is probably the most non-conservative of the group. (80% North America/20% Europe and APAC) They've raised a lot of third party discretionary money through a bunch of smaller funds/mandates which allows them do really run across the spectrum of strategies alongside their normal large core/core plus stuff.
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