Jeff Giller, Head of StepStone Real Estate, breaks down the entrepreneurial side of real estate portfolio management and how partnerships lead to success. Topics discussed include the rise of top fundraising firms, evaluating recap situations, the importance of due diligence and building a strong business, and the use of AI for real estate analysis.
Thorough due diligence, asking hard questions, and conducting extensive research are crucial for understanding assets and making informed decisions in real estate portfolio management.
Building a global real estate business requires an entrepreneurial approach, strategic partnerships, and the ability to take advantage of GP-led secondaries and recapitalization opportunities.
Deep dives
Focus on Due Diligence
The speaker emphasizes the importance of thorough due diligence in every deal. They mention the practice of asking the hard questions and conducting extensive research, such as examining utility bills and meeting with city planners. This attention to detail allowed them to have a deep understanding of the assets and make informed decisions.
Building a Global Real Estate Business
The speaker discusses the journey of building a global real estate business. They mention their entrepreneurial approach and desire to run their own platform. They highlight their experience in various roles and locations, including working with distressed debt in Europe and starting their own funds. They also mention the strategic decision to merge their business with Stepstone and the benefits of being part of a larger global platform.
The Power of Partnerships
The speaker emphasizes the importance of partnerships and surrounding oneself with great people. They mention their strong partnerships with their two business partners, as well as the teams they have worked with throughout their career. They highlight the significance of having good people who can support and propel the business forward.
Opportunities in GP-led Secondaries and Recaps
The speaker discusses the opportunities in the GP-led secondaries and recapitalization space. They mention working with strong GP operators and developers, focusing on deals where control can be obtained. They also highlight the benefits of their investment approach, which provides a positive feedback loop by allowing them to source secondaries and co-investments while building relationships with managers for potential future allocations.
Jeff Giller, Head of StepStone Real Estate, breaks down the entrepreneurial side of real estate portfolio management and how partnerships lead to success.
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