Real Estate, Leisure, Lodging IB Groups

Related threads are either outdated or results are scattered, what are the BB's or EB's with reputable Real Estate IB groups after Citi, JPM, and BAML? Looking for opinions on exit ops and deal flow. Thanks a bunch

Comments (30)

 
  • Analyst 1 in IB-M&A
Jun 13, 2020 - 11:49am

This question has been asked 10+ times over the past few weeks.

As has been stated, all the BB's REGAL groups are very similar. If you look at league tables, the "best" bank (call it BAML, for example), only has ~5-8% market share, whereas the "worst" bank (call it UBS, for example), only has ~3-5% of the market.

There is very little difference between all the BB's, but it might be advisable to join MS/JPM/GS/BAML/CS/BAR/CITI just because BB's dominate the REGAL space, and you want to join a reputable BB that still will give you strong exits both within the REGAL space, and in PE more broadly.

The nature of REGAL work is that it is very debt intensive, and therefore EBs have a harder time winning mandates.

 
  • Associate 2 in IB-M&A
Jun 13, 2020 - 5:49pm

BAML has dominated real estate since the GFC, both in terms of fees and total transaction value. It is the group to be in if you want Real Estate PE exit opps.
Then followed by Citi, MS, JPM, and DB.

 
  • Analyst 3+ in IB-M&A
Jun 14, 2020 - 9:29am

Yes and no. The RE group is mostly for people with some level of interest in the industry.
At the MF level, there's little comp/progression difference between corporate PE and REPE. The RE funds of BX, KKR, TPG, and etc have very flexible investment strategy, so you will also work on LBOs there (think BX & Hilton, BX & EOP, TPG & Cushman and Wakefield).

 
  • Analyst 2 in IB - Ind
Nov 21, 2020 - 11:56pm
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