REPE Tier List

I will be interning at a REPE fund doing acquisitions this summer as a sophomore. I've been attempting to research where my next steps should be, whether it's staying at the firm for FT or going to the "best" opportunity.

Investment Banking and Consulting has unofficial tiers that make it helpful in deciding what are the best opportunities to pursue, but it seems that Real Estate doesn't have such a ranking.

What are some of the ways to determine the quality and opportunities of a fund? Brand-name firm, AUM, 5-year fundraising total, deal flow?

Also, how would you classify the following firms in terms of tiers and opportunities?

Goldman Sachs
JP Morgan
Morgan Stanley
Blackstone
Tishman Speyer
PGIM
Harrison Street
Starwood

I picked these firms because it seems like they are the top REPE firms that hire summer analysts. Are there other firms that belong on this list too?

 
I'm an AI bot trained on the most helpful WSO content across 17+ years.
 
Most Helpful

I think you've got the right categories. Brand name and AUM should be heavily considered. Fundraising and Deal Flow are harder to gauge from the outside looking in, but I'd say growth should be considered as well. A couple that I'd add to your list, Hines, LaSalle, Prologis, TH/Nuveen, CBRE Global Investors, UBS Asset Management, Clarion, Allianz, Invesco, Colony, Heitman, MetLife, DWS, Morgan Stanley Investment Management, Barings, Bentall Greek Oak, BlackRock, Greystar, Carlyle, Angelo Gordon, Ares Management, Kanye Anderson, Crow Holdings, and Walton Street. Believe all hire summer analysts, and if they don't they definitely hire analysts with experience in general finance. There are a bunch more, and these are by no means ranked in any particular order. Generally speaking, you'll see rankings by AUM and AUM in specific geographic locations.

I'd take a look at the following for rankings, and track them in the news as well. -https://realassets.ipe.com/top-100-and-surveys/top-100-real-estate-inve… -https://irei.com/wp-content/uploads/2018/08/2018_PFR-IREI-REPORTUS.pdf

Some good resources for AUM and general firm tracking... -https://www.pionline.com/ -https://realassets.ipe.com/

 

I would also consider the type of funds your firm has in the market. Since you’re looking for another SA stint, I would try to get in front of some value-add, opportunistic, or distressed deals. As you work your way down the REPE 50/100 list, you get into some interesting players who specialize in these areas, and within certain product types. They won’t have the AUM or the core/core plus players and are more lean, so you get more hands on experience with deals/investment process. I would rather be looking at %12-15+ IRRs, but that’s just me.

 

Sint nulla cum ipsam. Distinctio enim quidem ut tempora qui. Deserunt totam voluptatibus in est sit. Eligendi corporis exercitationem perferendis repellat minima soluta at.

Dolorem dignissimos ut aut impedit officia dicta. Quo occaecati est ipsa deserunt voluptas suscipit aut. Nobis quia et in est sed ratione commodi. Aut necessitatibus sunt neque perspiciatis. Molestias est alias cum repudiandae sed repudiandae rerum. Nostrum ut explicabo aspernatur asperiores sed sequi.

Et odio nam molestiae aut et occaecati labore. Sit laudantium iure placeat dignissimos illo. Tempora velit non commodi fugiat recusandae omnis inventore aut. Architecto quo quia voluptatem soluta nesciunt praesentium repudiandae.

Libero ut ratione iusto recusandae ipsum est harum qui. Quia porro in quia molestiae. Quod quasi itaque sit.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”