I know there’s a similar post on this forum about prestige in CRE. Is working on the Equity side at PGIM Carry the same impression as a Hines/Blackstone/ Brookfield/Related when an interviewer is reading your resume?
if not what type of firms would you closely compare it to? Would it get a similar reaction as a Clarion?
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Yes, PGIM is one of the firm's everyone knows, pioneer in real estate from long before some of the names you reference came into the real estate game. It would be better than Clarion (but Clarion is good, but seriously, not in same league). Not sure why this isn't so obvious, but PGIM is literally one of tops out there.
They rank #13 in total AUM (#8 in North America) - from IREI 2019
They rank #14 in private equity strategy fund raising - PERE from 100 2020
I'll leave it to WSO to place against Hines/BX/Brookfield/Related, but really who cares!
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Very similar, Invesco is another one of the early, big names in the business
PGIM is great. There’s a saying that “Pru trains the street” they have large amounts of employees and they fan out everywhere.
This could just be me - but people need to stop obsessing over prestige. In real estate connections matter more. I see it all the time where people jump from ‘no-name firm’ to a big institution and back again. It’s not because they had a bluechip name on their resume but it’s their connections. The majority of jobs I’ve had were from connections and networking, cold calling, and asking people if they knew who was hiring. Coming in the door like that means people care less about pedigree because they hear how great (or bad) you are to work with via the connection that opened the door. Blue chip firms will help you jump yes, but it is not a steadfast rule. I’ve worked at large blue chips that many will know, and on some interviews it actually hurt me because the interviewer is worried I was too silo’d in my role, or I was too used to a large organization and couldn’t be entrepreneurial and handle legal and underwriting and DD at once because my firm had someone in the closing department who managed title etc., or that the deals I generally underwrite and acquired weren’t risky enough. So take my advice with a grain of salt, but in real estate connections will get you further than a name brand.
I get this response a lot from people working in real estate but oddly enough I'm pretty terrible at networking but still ended up in a solid place. Granted I'm only a first year out so I'm not nearly as experienced but my job search involved zero networking and just applying to a few handshake links. I went from a target school (Think Wharton/Harvard/Cornell) and am now at one of the larger banks in their CRE department. Pretty much all of them had some form of on campus recruiting which probably made it easier and less necessary to really reach out to people. I don't really know where my next steps will be, but I'm sort of worried about my ability later on in life to expand my career possibilities.
It’s not a race to figure out your next steps. Sit in your current role and learn. Don’t focus on what’s next focus on where you are now. You may love the role and move up. You may decide you want a different role in a year or two so your recruit. Most people don’t have it figured out. Relax and enjoy the ride.
What can you buy with prestige?
cool points on WSO
Let me tell everyone reading from experience.
*looks at banana count*
The more points you have on WSO, the less cool you become.
Prestige is just not that important in CRE. Especially anything production/brokerage/acquisitions (anything deal driven). That being said, absolutely pursue PGIM. I can speak to the debt side personally, very familiar with their program and have done a considerable amount of business with them...They have a reputation of paying their guys really well (I assume that would be the same for the equity side).
Can confirm PGIM’s asset management team is paid well. 2-3 years ago someone I know interviewed there for a senior associate position - all in pay was $200-$230. This is pretty much market which means acquisitions is probably paid well, too.
Is this on the Equity AM side?
Prestige is almost like the antithesis of money in CRE if you don’t have any, and is more of a catch 22: those with real money don’t really care about prestige in my experience, and those obsessed with prestige will not make nearly enough money for it to matter.
They are certainly not negatively correlated. People who go the “high prestige” route (large, established companies) make great money while taking significantly less risk than their less prestigious (working at small, entrepreneurial companies or ventures) counterparts.
That’s the trade off. A highly successful person going the corporate route will beat someone who had only some amount of success as an entrepreneur. I saw the head of asset management at a mid sized office REIT pulling a couple mil per year. Sure, he’ll never have a $10mil exit but that’s a cushy job for sure (actually he might if they get acquired).
When I was growing up, a friends dad was the CEO of a large reit - the dude was filthy stinking rich. Take a PJ to the Yacht rich. I don’t know why this forum perpetuates the idea that the only way to make money in RE is by starting your own thing (he did not found the company).
Yeah, because the path to CEO at a large REIT is so simple right?
You just proved the point. How many motivated analysts in a room will make it to CEO at their company? A good chance none of them. So why not try the entrepreneurial route when you will more than likely be capped at VP/SVP level at a large institution.
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