Comments (26)

Feb 3, 2019

Literally all of them. And all of them are considered highly respectable places to work. It would just be a matter of your fit with the team

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Feb 3, 2019

how would the environment of a purely real estate focused PE fund differ from a mega funds RE environment?

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Feb 3, 2019

BREDS comes to mind. BX real estate debt strategies

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Feb 4, 2019

Lol, what made you pick just this one BX RE fund to highlight? OP is thinking something more like Carlyle or KKR where RE isn't their mainstay.

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Feb 4, 2019
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Feb 4, 2019

Hijacking this thread with a side question:

Let's take a group like KKR. KKR parters with GP/Sponsors on a deal by deal basis signing $25mm-$50mm equity checks per deal (just guessing).

What is it called when a group like KKR invests $200mm in an LP fund that partners with GP/Sponsors on a deal by deal basis? Is that called a secondaries fund?

Feb 4, 2019

This would be a primary commitment.

A secondaries fund raises capital with the strategy of buying lp interests on the secondary market (Blackstone has a business unit that does this called Strategic Partners).

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Feb 4, 2019

So then how would you classify those groups vs the groups that invest deal by deals:

Example: Megafund X

  • Group A: Invests large sums of money into LPs, who then invest that money into deals
  • Group B: directs smaller sums of money into actual deals with GP/Sponsors

Both are "Real Estate groups", right?

Feb 4, 2019

all of the buyout megafunds have a real estate group except for warburg pincus

Feb 5, 2019

Warburg does, but only in China I believe

Feb 5, 2019

yup, that's correct, was speaking only within the context of the US

Feb 4, 2019

Blackstone, KKR, TPG, Apollo, Carlyle, Oaktree, Bain Capital, Ares, Cerberus, Lone Star and all the big Canadian pension funds / sovereign wealth funds.

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

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Feb 5, 2019

any of these groups considered stronger than others?

Feb 5, 2019
  • BX all over the place in RE and across the different verticals of BREP, BREDS, BTO etc,...
  • Apollo, Lone Star and Cerberus (talking Europe here) mainly focus on NPL secured by RE, instead of doing direct buyouts.
  • Bain is big in NPLs and just recently built a dedicated REPE team.
  • Carlyle struggled a lot and reshuffled their RE team a couple of years ago.
  • At least in Europe KKR does a lot of JVs and some interesting development stuff.
Feb 14, 2019

I don't think Providence has a RE team..?

Feb 15, 2019

Wait good catch. I was referring to Benefit Street Partners (RE Debt), but it looks like they got acquired Franklin Templeton in October 2018.

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

Feb 5, 2019

Ares

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Feb 7, 2019

Anyone have any comments/insight on CBRE Global Investors?

Feb 14, 2019
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