Thoughts on real estate secondaries market?

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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Comments (14)

Feb 12, 2021 - 1:56pm

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.  

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Feb 12, 2021 - 2:16pm

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. 

Feb 15, 2021 - 7:31pm

Founder-led GP secondaries are pretty interesting too. Dyal, BX, and Investcorp are players in this space.

I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.
Mar 26, 2021 - 3:33pm
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