Private equity real estate fund managers struggled with fundraising during 2011 and although fundraising remains below levels reached pre-crisis, there are some signs of revitalisation in the market. An increasing number of new hires is a sure sign of positive movement in the market particularly from a high profile fund-of-funds as showcased in this week’s job vacancy.
According to private equity market research firm Preqin, investor appetite is picking up and the number of interim closes is also increasing. As of April 2012, there are 449 closed-end private real estate funds on the road with an aggregate target of $166 billion. The number and aggregate target of funds on the road has remained steady since the start of 2012, when 450 funds were targeting a total $165 billion.
Among the top private equity real estate funds to close in Q1 2012 are, according to Preqin, Angelo, Gordon & Co’s AG Realty Fund VIII (North America, Europe, Asia)which raised $1,265 million and AG Core Plus Realty Fund III (North America, Europe, Asia) which raised $1,010 million; GTIS Partners’ GTIS Brazil Real Estate Fund II which raised $810 million; AXA Real Estate’s 589 million euros ($732 million) Development Venture III (Western Europe); AllianceBernstein’s $680 million U.S Real Estate Partners; Westport Capital Partners’ WCP Real Estate Fund III, which raised $571 million and is focused on the US and Tristan Capital Partners‘ Europe-focused Curzon Capital Partners III which raised 420 million euros ($522 million).
This week’s job posting is for a San Francisco-based private real estate asset management analyst at a high profile international fund-of-funds which is expanding its real estate team. Also currently hiring in the sector via Simply Hired website is investment banking firm Houlihan Lokey which is seeking an associate to join its real estate strategic advisory practice in New York. Rockwood Real Estate Advisors is recruiting for a senior associate – real estate capital markets. DLJ Real Estate Capital Partners is also looking to recruit an associate to join its New York team. And PricewaterhouseCoopers is currently hiring for a real estate senior associate based in New York, demonstrating further an anticipated pick up in deal flow.
The main qualities a candidate needs to demonstrate for a position within the private equity real estate sector is first and foremost a good level of understanding of real estate markets combined with advanced financial modelling skills. And, as for any position within the private equity industry, good relationship-building skills are a must – inside and outside the company. If you are looking to get your foot on the private equity real estate ladder at a well respected fund manager, then read on.
***Job of the Week***
Job Title: Private real estate asset management analyst
Firm: Partners Group
Location: San Francisco
Firm Description (as cited via Partners Group website):
Partners Group is a global investment management firm with 25 billion euros ($31 billion) in investment programs under management in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of funds and customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Munich, Dubai, Singapore, Beijing, Seoul, Tokyo and Sydney. The firm employs over 550 people and is listed on the SIX Swiss Exchange with a clear majority owned by its partners and all employees.
Job Description (as cited via Partners Group website):
The successful candidate will be part of the global real estate asset management team. Tasks will include:
• Working with investment partners to monitor investment performance in relation to business plan targets by reviewing partner reporting, performing regular sites visits, and evaluating market conditions
• Writing quarterly reports to investors by providing asset specific narratives for each investment, and prepare internal quarterly valuation reports
• Developing and maintaining financial projection models for equity and debt investments in Excel and Argus
• Reviewing and analising the investment’s annual business plan, including operating budget, planned capital expenditures, and exit strategy
• Analising hold/sell strategies, significant capital expenditures, major leases, refinancings, and other major asset management decisions and prepare ad hoc recommendations to the investment committee accordingly
• Assisting the acquisitions team with underwriting and due diligence
• Supporting the investment solutions team with fundraising efforts by preparing presentations to prospective clients and participating in due diligence sessions
• Special projects as required
Qualifications/Experience (as cited via Partners Group website):
The successful candidate should work well in an entrepreneurial organization, be a self-starter, possess strong networking and organization skills and demonstrate the following profile:
- Bachelor’s degree in real estate, business, economics, finance, accounting or similar subject required
- 2-3 years of real estate industry experience (asset management preferred)
- Strong real estate financial modeling skills, including proficiency in Excel and Argus
- Fluency in English with strong written and verbal communication skills, including proficiency in Word and PowerPoint
- Ability to multi-task and work in a fast-paced and team-oriented environment
- Excellent interpersonal, analytical, and problem-solving ability, with strong attention to detail
- Ability to handle large volume of work; good organizational skills and ability to prioritize work and meet deadlines
If you think you fit the bill please apply here
For more private equity job opportunities head over to the peHUB career center, co-hosted with eFinancialCareers.com.
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