REPE vs REI
I was recently on a call with a Vice President from a NYC based development firm. I casually stated that I'd be fine ending up in REPE/Development. The VP basically distinguised that REPE is not the same as working at a real estate investment/development firm. REPE firms are more focused on raising capital, doing extensive financial analysis, and have a plethora of deals come across their desks. Typically, if a REPE firm gets 100 deals, they'll probably go through with only 3-5 and they just provide capital. Whereas at a real estate investment/development firm, you are actually focused on a specific deal. You deal with the day to day realities of a property or investment opportunity. You get more hands-on experience about what goes on in real estate and you are more of the expert than someone at a REPE firm. With that info, I now see that Blackstone and Related are completely different firms. Can anyone validate the claim that REPE is less about real estate and more about raising and deploying capital whereas REI/Dev. is more about actually focusing on the details of one specific deal at a time?