Real Estate Private Equity Recruiting...

Hello,

I was just wondering what the differences were in real estate private equity firms recruiting compared to normal private equity recruiting.

Will real estate companies and headhunters reach out to first year analysts ~6 months into the position? And do they search at BB and other ibanking real estate groups only or also top real estate firms such as Eastdil or HFF to recruit from? Or is more of the recruiting initiated by an analyst who's interested in private equity?

Any input would be appreciated. Thank you!

 
Best Response

I don't know anything about normal PE, but after about a year and a half I had recruiters begin to reach out to me every now and then. Of the few roles that they have put in front of me, only a couple were actually posted online, and I haven't really been qualified for the roles they were looking to fill though. The recruiters only contacted me because I met the "minimum requirements," I had one tell me that a few of the firms they recruit for usually look for a +1 to anything they post online. So if they've put up a role looking for someone with 1-3 years, they're probably going to hire someone in that 2-4 range. I would definitely stick it out for more than 6 months though, until you get about 1-2 years of experience, you're basically still fresh out of college.

 

I got a REPE job out of undergrad at a reputable fund. I got like 30+ interviews and many final rounds. I had no family connections. I suggest you network and reach out to people. All my interviews were through cold outreach and referrals from other people I networked with in the past. REPE recruitment relies on who the people in the firms know within their circles and people, like you, who put themselves in the front of the people in the firm through outreach. After some conversations, the firms bring you in and give you a modeling test after you pass the first rounds of meeting with people. If you pass the modeling round, you meet the higher ups and then they decide.

 
<span itemprop=name>Bizboy</span>:

I got a REPE job out of undergrad at a reputable fund. I got like 30+ interviews and many final rounds. I had no family connections. I suggest you network and reach out to people. All my interviews were through cold outreach and referrals from other people I networked with in the past. REPE recruitment relies on who the people in the firms know within their circles and people, like you, who put themselves in the front of the people in the firm through outreach. After some conversations, the firms bring you in and give you a modeling test after you pass the first rounds of meeting with people. If you pass the modeling round, you meet the higher ups and then they decide.

I'm a rising senior and I'm currently deciding on whether or not I should try to break into a large PE fund right out of undergrad. Obviously networking is always the key, but do you believe there is anything else that helped you stand out? Did you go to a target school? Solid internships?
 

Solid internships helped and I went to a target school for IBD, not RE. Networking for me was crucial, I would meet people over the phone or in person a couple times a week during my time in school. When it came to recruiting, my network was fully developed with mentors and people I could count on for help.

 

It completely depends on the shop and if they even have a training program. Some of the Life Co's recruit in the fall while some of them recruit on an as needed basis and you need to network, be in the right time, and right place. Some of the reits are this way too. It is really all over the place in real estate. I would recommend taking your list of target firms and seeing if they have an analyst program and when it recruits. Or networking with people in the firm and having them help you out.

 

It is 100% a tossup. As pudding said, some of the life cos recruit in the fall and so do some REPE and Development shops such as Edens and Tishman. The "tell" is usually if they have a specific analyst or associate program. If so, they're going to be recruiting early - Sept-Oct. If not, I'd expect the process to begin more Dec-Jan and decisions not to come in until late in the spring.

Commercial Real Estate Developer
 

A lot of REPE analysts are streight out of college. They don't usually go the traditional rout of recruiting from IB in their industry group, so in essence you don't need to have REIB experience to break into REPE. They look for target and semi-target grads who have decent accounting and modeling experience. Also, it's helpful if you interned in REPE, REIB, or at a REIT.

"Well, you know, I was a human being before I became a businessman." -- George Soros
 

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