The successful candidate will work with members of the real estate investment group on all aspects of the team’s equity investment activities, including deal sourcing, evaluation, diligence, execution and asset management. The group invests primarily through the Apollo Global Real Estate (AGRE) US Real Estate Fund, LP which is focused on opportunistic private equity investments across property types and sectors primarily in the US.
The associate will benefit from the resources of the integrated Apollo platform and will have significant opportunities for personal growth and to have a significant impact within a small, highly entrepreneurial team.
Q2 2012 was another slow quarter for private real estate fundraising, according to alternative asset data provider Preqin. Just $7.5 billion was raised by funds holding a final close in the quarter, a significant decrease compared to the $10.8 billion raised in Q1. This figure should be boosted in Q3 following the close of Blackstone’s most recent real estate fund, Blackstone Real Estate Partners VII, at $13.3 billion. Blackstone’s real estate unit manages over $50 billion in equity as of the end of the third quarter. According to Blackstone, BREP VII is the largest opportunistic real estate fund ever raised.
Apollo’s real estate investment group has some $8 billion assets under management globally including an active debt origination and investment effort based in New York which is separately staffed but fully integrated with the equity investment effort.
As a fully integrated unit of Apollo’s broad investment platform, the real estate group also works with investment professionals across the firm.
The business may also seek to serve as the manager of or sponsor a series of real estate funds that focus on other opportunistic investments in distressed debt and equity recapitalization transactions, including corporate real estate, distress for control situations, and the acquisition and recapitalization of real estate portfolios, platforms and operating companies. For example, in 2010 AGRE acquired Citi Property Investors (CPI), the real estate investment management group of Citigroup. As part of the transaction, a majority of CPI’s employees joined AGRE, and AGRE assumed management of a number of CPI’s funds, including its flagship funds, CPI Capital Partners Asia Pacific, LP, CPI Capital Partners Europe, LP, and CPI Capital Partners North America, LP.
If you excel in a rigorous and fast-paced team-oriented work environment scroll down to find out more about Apollo’s criteria for a real estate associate.
***Job of the Week***
Job Title: Associate
Department: US Real Estate
Firm: Apollo Global Management
Location: New York
Salary: Not disclosed
Job Description (as cited via Apollo website): The associate will work with members of the real estate investment group based in New York on all aspects of the team’s equity investment activities, including deal sourcing, evaluation, diligence, execution and asset management.
Primary responsibilities include:
• Driving analytical and project support for all investment activities; construct financial models, sensitivity analyses, comparable analyses and other discrete financial analyses as well as financial and asset due diligence and industry research;
• Conducting property diligence and maintain market or sector coverage with travel as required
• Participating in deal financings and closings, including the drafting and negotiation of legal documentation
• Liaising with external partners and due diligence advisors such as accountants, attorneys, and consultants during deal transaction;
• Working with external partners to monitor existing assets and opportunities to create value (through physical and operational improvements), execute capital markets transactions and evaluate exit strategies;
• Conducting exploratory macro market research and perform analytics on potential investment opportunities and themes;
• Developing investment committee memoranda.
Qualifications (as cited via Apollo website):
• Bachelor’s degree from a top undergraduate institution;
• 2-5 years of experience in real estate investment banking and/or principal investing;
• Ability to meaningfully contribute to strategic dialogue and collaborate effectively with investment teams and external partners;
• Demonstrates strong investment judgment by ability to identify potential risks and find solutions to roadblocks throughout all stages of a deal;
• Strong written and verbal communication skills;
• Strong interpersonal skills to support communication with external counterparties; and
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