Hi all, Although I am still young, I am thinking long-term and setting goals to break into REPE. I have talked to numerous people in IB and RE about the best way to set yourself up to break into REPE. I am an undergrad and am considering two internships, and was curious which one would yield a higher likelihood of setting myself up best to be a REPE candidate a few years down the road. Would you suggest interning as an analyst (and hopefully receiving a return offer) at a MM technology M&A investment bank, or Capital Markets (JLL, CBRE). I have received different pieces of advice and opinions
23 Sep 2021
Have a potential opportunity for a PM role with MF REPE (Carlyle, Brookfield, Blackstone, etc.), and was just curious if anyone has ever transferred internally into a different vertical (PE, energy, infra, whatever). MFs are obviously huge, but what is the internal networking like and ability to move around, if any?
20 Aug 2021
Hey all, First post on here so I hope I'm doing this right. I'm a rising senior interning at a Big 4 right now on their transaction real estate team, and although I love the people I'm not sure the company culture fits my personality well. I'm going to be doing some MBB / banking full time recruiting, and eventually want to transition into REPE. I'm graduating May 2022 from a well-respected real estate program with a data science certificate so I have a pretty robust technical skillset. Would love to hear people's thoughts on top REPE firms in NYC and where it makes sense for me to recruit if
11 Jul 2021
Hi All, Wondered if anyone has information about the team in London in terms of hours/deal flow/culture/pay? Specifically interested in: How often you are working weekends and what time you typically finish M-F? How busy is the team in terms of deals? I assume less busy than US team but I imagine this is across all of Blackstone's teams, not just REPE What is the team like? Are they nice? Is it a sweatshop? How does pay scale from Analyst all the way to principal level? Thanks in advance!
09 Jul 2021
Hi everyone - I am currently an analyst at a top real estate investment bank on the street. I wanted to hear everyone's opinions on what the "dream jobs" are for people interested in real estate private equity. Is it being an associate at Goldman Sachs merchant bank, associate on the buy side like Blackstone or Starwood, taking a larger role at a mom and pop shop. Etc. Obviously this is very open ended question and depends on the individual.But looking to hear what my fellow friends on the forum well generally think has the best of the best from here. I'm considering overall pay, scope of work
30 Dec 2020
I'm currently working in IS at a top 3 brokerage (think CBRE, JLL, Eastdil) and am thinking about my future after doing my analyst years. My long-term vision is to have my own real estate firm (think 8-12 years from now). I'm not sure if that will be a development or private equity firm. I started two businesses while in college. One was successful and one wasn't. The successful one was a franchise. As such I'm thinking I'd rather buy an existing business with some systems already in place and add my own twist rather than start something from scratch. Initially I was thinking I'd transition
11 Sep 2021
Debating making the move from a 100-$500m REPE Associate to REIT ER Associate role Background: Top tier university direct to current position (no IB analyst/investment sales experience) Closed >$250m total in direct property and corporate RE platform investments over ~3 years Reasons to move: No discretionary capital raising vehicle => deals raised on a deal-by-deal basis with no consistent/recurring LPs, stagnating opportunities/resume Specific niche is challenging for value-add strategies => long-term promote prospects not attractive Learn more RE asset types classes outside of niche Network
04 Jan 2021
-How is it in regards to hours/pay/exit ops? Is there travel? -I'm equally interested in debt and equity, which one is more established and has better exit ops?
03 Sep 2019
1st year acquisitions analyst at a top REIT (PLD, SPG, SLG, etc) I'm currently at ~$100k all in but feel that the consensus is that MF REPE starts considerably higher, and wanted to confirm if that is the case? Sparse samples that I've seen peg 1st year MF REPE at 125-150k+. In addition to that are analysts at REITs known to be poached by REPE/PE or will someone like me have to be proactive in networking or emailing HHs? (side question will MF REPE be using the same HHs as MF PE more or less? CPI, SG...etc) Thanks!
01 Dec 2020
I am an IBD associate at a low-tier BB. While I failed to land an offer of corporate PE, I may have an opportunity to join a REPE with a good brand name and solid deal flows. This REPE not only does asset-level investments but also is very proactive in corporate-level deals. These deals, though still RE-related, are like what corporate PE does (focusing on EBITDA rather than the assets). Is it possible to leverage these corporate-level deal experiences to join a corporate PE in the future? If the answer is "possible and very very difficult", how can I increase the possibilities? Any advice is
06 Apr 2021
I was listening to IMN's REPE conference today and heard several people (who I would NEVER expect to be doing single-family deals or build-to-rent deals) all talking about how strong the asset class is looking and how they are looking for these types of deals. Is this market completely driven by the institutions? How are REPE firms finding and buying these deals?
08 Dec 2020
Wanted to do this since I have recently seen a trend of more CRE posts in general, and quite a few about REPE specifically. Brief background: -Not really sure if there's such a thing as a 'target' tranche for CRE/REPE in undergraduate schools, but I went to what would probably be grouped as a semi-target, majored in finance/econ, got a 3.6+ GPA. School didn't really have much of a RE program at the time, but did take a few classes. -CRE hiring market was not great when I graduated, so worked in F500/corp finance for a couple of years before making the jump to CRE. Was networking literally the
25 Nov 2017
Sup guys, trying to figure out which offer is better and will set me up better for my career aspirations. I am two years in the workforce (1.5 years since I received my degree) and have been involved in the asset management function of a brokerage (JLL/CBRE) for about 20 months. Long term career goal is ideally REPE acquisitions (of course), but have no qualms about working at a debt fund or something similar. 1st: Production Analyst - boutique CRE firm (NYC), covering all asset types with bridge, conventional, and agency debt products. Good benefits, pay in the 70-85 range, overall I think
23 Aug 2019
Mod note: Click here to see all of our q&a's and interviews So the deal I have been working on won't close by the end of the year. This means I'm going to have a few slow weeks heading into the holidays and will need something to do. I've been getting a lot of PMs about Real Estate lately and thought it would be good to get a good Q&A going on RE. Ask anything you want about RE or RE finance and I'll do my best to answer. International Pymp, Mr1234, VT4ever and the other RE focused monkeys can also chime in to help. Thanks, RE_Banker
07 Aug 2013
I haven't seen it posted here and I used to post them annually, so here it is - the 2015 real estate private equity rankings, made up of all the names you would expect. Still, there are some newcomers (Greystar, Almanac) and a couple of big falls and rises. If nothing else, it's good to keep up with and fantastic for finding places to apply to.
22 May 2015
I work doing acquisitions, and I have recently considered applying for some Development Associate positions. Some postings at larger shops list CFA® on their requirement lists, and I believe this could be the HR/recruiter/talent acquisition person just throwing a bunch of stuff at the wall, but it got me thinking: is there a strong value add case for a CFA® in most REPE/Development roles? For PM, it makes sense (and I work with someone in our PM department that has a CFA® ), but outside that it doesn't appear to be common. Also, I have been considering going for designation, and I was told my
25 Jul 2019
I was thinking we should have a place to bs about real estate in general - things we're working on, successes we've had lately, etc. For me - today is the last day of my pre-grad school REPE summer internship and my going away present was a return offer for next year if I want it. Not sure where I'll be mentally next year, but it's just a great feeling knowing that you were well received. I wanted to thank everyone here for all the info and discussion over the past couple years too. I've went from office broker to asset manager to acquisitions intern and WSO has been there every step of the
15 Aug 2015
https://www.perenews.com/uploadedImages/Editorial… ![image][image] ... when PERE last wrapped a feature around a comprehensive piece of research on compensation levels in 2010, we did not appreciate just how loudly. It was easily the most-read article published that year. You might ask, given the popularity of Pay checking, why we did not repeat the exercise until now? Put simply: finding a recruitment firm willing to tie its colors to the mast in terms of what pay the analysts, associates, vice presidents, directors and managing directors of private equity real
08 Mar 2017
From what I have seen, real estate modeling (at least on an asset level) seems to be relatively rudimentary in comparison to almost all other financial sectors, could anyone possibly speak to why very few firms utilize advanced modeling techniques and probabilistic modeling in real estate? Or if your firm does use these techniques, what programs are you using and in what context are you using this?
24 Dec 2018
Dear Fellow Monkeys, I wanted to reach out for advice/insights/guidance on career paths to REPE. I've been 2+ years at a RE boutique family office underwriting CRE senior/subordinate loans and some hybrid debt/preferred equity transactions, with increasing exposure to origination/deal structure work. The work itself is fun especially with more players getting into bridge debt space but it offers very limited growth progression/potential due to the size of the firm and how it's been operated so I'm currently looking for exit opportunities. Also, I wanted to point out that I'm international so
13 Jan 2020
Hi All, I work within a bank's CRE arm providing traditional corp banking services to large clients (most being publicly-traded REITs). Almost all deals focus on the entity, rather than the asset/portfolio they're acquiring/developing. I am brand new to the industry and feel that my interests align more closely to underwriting actual properties and would like to make an eventual transition to the buy-side in an acquisitions role (either at a REIT or REPE firm). Based on this, I was curious if anyone here had any recommendations on what to do if they were in my shoes? I plan on staying with the
30 Aug 2020
I'm currently considering attending NYU's MS in Real Estate program part-time but have noticed certain job descriptions for positions within certain CRE investmente firms prefer or sometimes require either an MBA or CFA (outside of some REPE, i noticed a job for Allstate that mentioned this requirement). I have been working within CRE finance for 4 years with 3 years of experience in IB prior to that and am considering roles within certain structured capital shops (mezz, pref equity provider, etc)
04 Feb 2015
Read em and weep boys. I think it was just published today. Top 50 REPE 2017 Blackstone holding the #1 rightly so with Jonathan Gray still slaying deals. Notable moves to me are PGIM, CBRE global investors, and Cerberus. I know Prudential has been recruiting hard recently for the PGIM and PMMC groups.
21 May 2017
Mod Note (Andy) - as the year comes to an end we're reposting the top Q&A from 2015, this one was originally posted 1/6/2015. Hi Guys, I've noticed there's been a lot of unanswered questions about REPE on the forums lately. Given that WSO has provided a great deal of valuable information and insight to me over the years, I'd like to give back to the community in the form of an interactive, REPE-focused Q&A. I work in acquisitions (mostly asset-level CRE) at one of the largest REPE firms according to the PERE 50 (think Blackstone, Starwood, Oaktree, Carlyle) in the firm's headquartered metro
31 Dec 2015
Came across an Analyst job posting for Cain International. They're opening an office in Los Angeles and they currently have an office in NY and London. Anyone know anything about Cain? It's a "partnership-centric firm that focuses on gateway cities." Some of their US investments include the Waldorf Astoria & Beverly Hilton in Beverly Hills, a development site in Beverly Hills, and a large condo development in Miami. They also have some assets in London, Paris, and Spain. Just curious at what your thoughts are on this company and how reputable they are if at all. I believe they're more well
24 Jul 2019
The US government is auctioning off 100s of thousands of foreclosed homes and some see this as the tip of a $1 trillion iceberg of foreclosed asset sales... several PE firms & hedge funds are getting ready The buyers might also get help from the government to finance their acquisitions... kinda reminds me of P-PIP. From the article... [Quote] The Federal Housing Administration, which also will participate in the rental program, had 32,170 real-estate owned homes seized from borrowers, also known as REOs, as of Dec. 31, according to spokesman Lemar Wooley. Possible aspects of the program
01 Feb 2012
What's up WSO, I'm going to try to keep this as detailed and anonymous as possible ... For some background, I am currently a junior at top-20, elite but generally non-target for IB/PE, American university that does not have an undergraduate business school. I have a 3.9 GPA as an economics major, but broadly have very strong modeling skills from multiple buy-side internships at prominent firms. Though I have no experience in real estate, I landed an offer for a summer internship at a top REPE shop (think Blackstone / Starwood / Brookfield / Lone Star) in their Portfolio Management group
25 Nov 2020
I joined an acquisition team of a REPE and previously worked as an associate in IBD. I love my new team, and most of the seniors are pretty easy-going and willing to teach me. However, when doing corporate-level deals, I noticed that something can be considered totally wrong from the aspect of IBD, particularly when it comes to modeling. One example is working capital. I see some models include the lease liabilities and non-current liabilities in work capital. I believe this is incorrect based on what I have learned from my previous job and textbooks. I tried to explain but failed. To avoid
04 Oct 2021
Background: I'm originally from NYC, but I attended university in Ohio in 2007. While in university, I managed to buy, rehab, and flip 10 houses primarily in B and C class neighborhoods. I never finished college in Ohio, and couldn't stand to live in Ohio, so I decided to move back to NYC and finish college at Baruch College, but before doing so, I parlayed all my profits into 8 rental properties in Ohio (all distressed properties which I stabilized and am getting 20%+ caps, with pretty much no appreciation). I now live in Queens, NY and collect about 8k monthly rent from my properties in Ohio
20 Sep 2016
I'm a senior at a top tier college looking for first year analyst roles in CRE. My internship was not in real estate, but I have the REFM levels 1 and 2 certifications. I have an offer at a medium sized family office in Orange County (real estate team is ~25-30 employees, probably $1-2b range) which does acquisitions and development of large office/industrial/mixed-used properties. The firm has explicit plans to grow aggressively in the coming years. There is no formal analyst program, so my offer was as-needed to round out one of the geographic groups. Hours at the firm are very low (half day
03 Oct 2018
I'm going to have to complete a case study/modeling exam for a small repe firm. The firm invests in hospitality, office, condos, and mixed-use assets. I was told the exam isn't very complicated, that i should build a cash flow and be familiar with return multiples, and i don't need to do a waterfall. Any idea what to expect? For something like this -- is it expected that you do a monthly cash flow or is yearly acceptable? I ask this because in my current role, I am not underwriting anything as most of the work I do is post-transaction/advisory/financial reporting work and all of our cash flows
13 Aug 2019
Hello fellow monkeys, Out of curiosity, which one are the best RE funds in Europe at the moment? And also, what special situations/ NPL funds are there in Europe? I was thinking along the lines of BX RE Debt, Cerberus but not many other names come to mind. If one would like to end up in a real estate fund in Europe with a very broad mandate (looking at acquisitions from debt and equity side etc.) what kind of background/programs are traditional for this? Thanks in advance!
05 Apr 2018
So I've recently begun to think in more detail about how to set up my own REPE shop - realistically starting 5 to 10 years from now. One thing I am struggling with is how to finance the early days of the operation. I'm realistically going to be able to contribute say $2-$3 million of equity, but based on my assumptions for operating costs with a 7 man deal team (including me), 2 finance people and 2 admin, plus office space, travel, placement agents, legal, etc.
01 Nov 2015
Have the opportunity to join a specialized subsidiary shop of one of the larger REPEs (think BX, Brookfield, Carlyle, etc.) as an analyst. The subsidiary is very specialized imo, but I'm very interested in some of the other asset classes the parent invests in. Is it possible to jump from a subsidiary shop to the parent, especially if the asset focus is different? I think the subsidiary is pretty autonomous so I don't know if there's any interaction between them and the parent firm.
21 May 2019
I graduated in August 2015 and am still looking for a job in real estate. I really started aggressively looking (i.e. talking to multiple people every day, sending out emails left and right) at the beginning of January. Prior to that I was taking some RE courses and teaching myself ARGUS while applying for jobs but not nearly as aggressively as I have been recently. I've decided that if I don't have a job by May that I will try to enroll in a Masters in Real Estate Finance program at either Baruch or NYU. Baruch looks appealing because it is much cheaper and I wouldn't have to put myself in
18 Feb 2016
My past experience has been in commercial brokerage at one of the top shops in a top 5 national market. I put in a few years but never really enjoyed the work I was doing. I recently fell into a nice gig working at a REPE, the REPE was actually a former client of the brokerage firm I was at and that is how I got the job. I honestly don't have a ton of knowledge of who the big players are in this industry and don't know how my firm stacks up against the competition. I have only been here 3 weeks but I do have to say that being on this side of the deal as opposed to the brokerage side is light
09 Feb 2015
Hi guys, I have a modeling test for the RE team of a SWF coming up and I was wondering if someone could clear up something for me....I know it sounds very simple but I think there is just a gap in my knowledge. Could someone walk me through how one might find the levered and unlevered IRR of, say, an office acquisition? Of course one of them removes the effect of debt, but in a modeling context, how exactly does that work? The internet is less than forthcoming so far so I thought I would float the question to you guys. Thanks in advance guys! What is the Internal Rate of Return? Internal Rate
26 Nov 2013
Hi All, I am currently three years out of my MBA, concentration in Finance and International Management from a Top 40 school. However after much self introspection, I have decided I want to transition into Real Estate. Past work experience includes 8+ years in Insurance, Project Management, Wealth Management and Retail Banking. This isn't just an overnight thing and I have always been interested in RE but never pursued a job in the industry. My interests currently are REIT, REPE, Project Management, acquisitions and development. I'm also interested in learning about International RE. However
05 Aug 2016
Hey everyone, I've been reading through a ton of really useful threads on WSO with regards to the various divisions and movements throughout the RE industry. However, one thing that I found that was not really discussed frequently is where life insurer real estate analysts fit in the grand spectrum, and exit ops. I'm interested in eventually making it to a large REPE firm, or potentially a top tier REIT firm. I'm curious about what potential path I might be able to take in order to get there. I'm not sure how favorably/unfavorably my resume will be looked upon, especially among the plethora of
24 Oct 2015
I recently was accepted into the ESCP Business School Masters in Real Estate (currently ranked #3 in the world by QS) and Cass Business School's Master in Real Estate Investment. My long term goal is to work for a global REPE firm in London, but am having a tough time deciding which is the better choice. ESCP is ranked much higher in the global rankings, and the program itself is spread between Madrid and London. Although Cass doesn't seem to rank very highly, it has an incredibly impressive alumni presence in London. Any ideas on which would lead to better opportunities? Thanks!
24 Dec 2020
Burner account here. I have spoken to someone at GS regarding an open analyst position in the IMD, GSAM Private Real Estate Group essentially doing business development and investor relation duties. Job description didn't really show much analytical duties, it was a lot of creating marketing materials and being the point of contact for clients, really outward facing position. What do you guys think about the position, would you take it if offered? Also, what is the reputation of this group regarding comp, culture, duties, exit opps, etc? Will the BD/IR position pigeon hole me in the future
01 Mar 2019
I've been exploring the WSO CRE forum for the past few weeks and wanted to ask a question with my first post about potential exit ops for the job I have lined up. Currently in my final year at a non-target state school on the West Coast. Interned for a top national CRE broker after my sophomore year and interned on the origination side of a bulge bracket CMBS lender after my junior year. I've accepted an offer to return to the CMBS origination group after graduation. I'm planning on staying there for at least 2-3 years depending on what opportunities present themselves. My ideal end game is to
24 Nov 2015
Hey everyone, I've been reading WSO for a while now but first time posting here. I am looking to pursue a career in REPE out of college (previous internship experience in RE) and wanted to know what good full-time opportunities there are out there, preferably in Acquisitions (aside from BX, Starwood, MS). Would appreciate any help with this, as well as any other advice regarding FT RE investing recruiting you might have. Thanks!
29 Dec 2018
Basically I've just made up my mind that I want to break into the Real Estate business upon graduating undergrad, and hopefully moving into Real Estate PE down the line. The issue is I'm a rising senior and don't have any experience directly related to RE. Stats: -Rising senior at non-target school in Boston (BU/Northeastern) -Dual concentration in Finance & Accounting. 3.5 GPA -Leadership positions in finance clubs etc. Internships: Trade Support at big AM firm in Boston Interest Rate Derivative Sales-trading at a MM in NYC Financial Leadership Development Program at a F10 (Current internship, not done until July 13)
15 May 2012
If you are already at an RE investment firm, which graduate degree would use pursue to get to a top tier REPE firm? I had the following exchange with a fellow WSO RE guy. We thought we'd share here to get more points of view... [Quote] Currently, I am exploring the idea of getting MSRE from MIT's Center for Real Estate with the intention of transitioning from my current real estate investment firm into a "top" PE group (BX/Carlyle/KKR/Canyon Cap/MSREF etc etc...I want to work on complex deals). The plan is to apply for MIT's MSRED, then on to PE greatness. I have been advised (repeatedly) to apply to an MBA instead. I am against this for a couple of reasons:
14 Feb 2012
So Blackstone have raised over $6 billion for their latest REPE fund and are targeting $10 billion by the end of their fund-raising. It seems like Jon Gray and his guys are operating on a different scale to their competitors. Do you guys seen anyone giving them a run for their money? either from the other PE funds, Hedge Funds or maybe BB spin-offs? It doesn't look like they'll be screwing their associates out of their bonuses anytime soon...
29 Jan 2012
Been thinking this for awhile. Say you are like me and a second year analyst at a lender/debt fund, and of course have a buyside goal (acquisitions / asset management). Would you go into REIB if you couldn't get into REPE? What opportunities does REIB offer that a debt/equity shop or debt fund can't offer? Would it make sense to go from d/e or debt fund --> REIB --> REPE? Is that even possible or worth it? I'm getting concerned that there are / soon to be many qualified applicants for limited CRE roles in the future and it's getting harder to stand out. The path to buyside isn't what it used
18 Apr 2020