I will be joining a group this summer for FT at a BB that has a real estate arm focused on primary and secondary transactions. I’ve heard from multiple people that secondary transactions in real estate are up and coming and a good place to be.
Does anyone have any experience or thoughts on this? Is it a fun career?
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Do you mean CMBS secondary market, or a secondaries market for LP interest, shares in illiquid funds, or exactly what type of assets?
Secondaries market for LP interest. Providing liquidity for them.
Check out Madison International Realty. They do exactly this and do it well, primarily across office and retail assets in the US and Europe. Believe they just raised their 6th or 7th fund.
Any other Secondary focused firms. This is definitely something I want to exit to.
I was really only looking at secondary shops when I interviewed with Madison a few years ago, but off the top of my head I know Landmark Partners, StepStone, Strategic Partners (now part of Blackstone), and Metropolitan Real Estate (Carlyle) all have secondary-focused funds that include real assets.
If you want to be directly involved with the real estate and operations, I would suggest looking outside the secondaries niche, but if you're interested in getting reps on complex structured transactions, it's definitely a lucrative place to be. I ended up declining the offer, but from what I saw during the (lengthy) interview process, the culture and work seemed more like traditional PE than a "true" RE shop. Just my $0.02.
Why did you decline the offer?
The pay was fantastic, culture was fast-paced/challenging, but ultimately I elected to stay at the development shop I was at since I truly enjoy working with real estate at the asset-level. Wish I would have landed at that realization before going through the entire process, but you live and you learn. I was young and thought the "REPE prestige" mattered.
Unfortunately burned a recruiter bridge there, but my career is now much more aligned with where I want to be (now in acquisitions, Madison role was for portfolio management). If you have any other questions, feel free to PM me.
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RE Secondaries? The niche of the niche...
The industry is booming and if you are in a top shop then you can make a nice amount of money there
Founder-led GP secondaries are pretty interesting too. Dyal, BX, and Investcorp are players in this space.
What’s the difference? Aren’t they both under the same umbrella?
founder-led?
*GP Led Secondaries, I think. GP wants to restructure their fund or venture.
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