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The real estate investment team is responsible for sourcing, evaluating, diligencing and executing real estate private equity investments alongside external managers of Goldman Sachs. The team invests across primary fund commitments, secondary transactions and direct co-investments. The team currently manages discretionary funds and client account mandates totaling more than $12bn in capital. As a primary fund investor, XIG Real Estate has relationships with some of the leading real estate managers in the industry and deploys more than $500 million in capital per annum to real estate funds. Within the real estate secondaries program, which encompasses the purchasing of existing stakes in real estate funds and properties to provide liquidity to existing investors, the team manages and invests the Goldman Sachs Vintage Real Estate Partners (or “VREP”) Funds and is currently investing out of its third pool of dedicated real estate capital at more than $3.4 billion. The Vintage Real Estate Funds are consistently ranked as a top real estate secondaries market participant amongst all firms in the industry. The team also evaluates and executes direct real estate investments into individual assets via its longstanding and robust co-investment program with more than $1 billion assets under management.
Responsibilities:
- Support the Real Estate Investment team in investment due diligence of (i) third party real estate private equity managers (ii) secondary portfolios and (iii) co-investments (i.e., direct asset investments).
- Perform in-depth research and financial analysis on properties, funds, investment themes and assets across various entry points (e.g. Equity, Preferred Equity, Credit), sectors, and geographies.
- Develop and build complex financial models (including DCF and secondary valuation models) incorporating key value drivers and operational KPIs.
- Lead diligence efforts across the deal process including calls and meetings with industry leading real estate managers and external diligence providers.
- Prepare well-structured investment memos, and present investment opportunities and recommendations to Investment Committees and conduct required follow-ups.
- Coordinate the execution and structuring of fund commitments / investments, including working closely with internal (e.g., internal counsel, compliance, cash management) and external parties (e.g., real estate managers, external counsel, and clients).
- Monitor and report on performance metrics and risk profile of existing portfolio investments, liaising with managers as appropriate.
- Assist in portfolio management of discretionary funds and pools of capital aligned to pursue these real estate strategies.
The role is an investing role in private real estate and provides a great opportunity within the asset class. Successful participants have developed strong technical skills through robust classroom led and on-the-job training and exposure to financial modeling and analytics. Analysts learn how to analyze and evaluate real estate investments with a focus on being able to ‘think like an investor’ and develop a strong investment acumen. Hires work on small deal teams charged with leading diligence and executing on potential investment opportunities. Analysts will also get to experience multiple investment strategies across the real estate asset class including Equity, Preferred Equity, and Credit, as well as receive exposure to a wide breadth of sectors (e.g. multifamily, industrial, hospitality, data centers, amongst others) as a generalist. The role also provides exposure to many leading managers outside of Goldman Sachs, while leveraging the internal resources, capabilities and process of the Firm, allowing participants to develop a well-rounded and ‘birds-eye’ view of the real estate private equity market. We look forward to getting to know you in the interview process and further exploring your potential career with Goldman Sachs.
Qualifications:
- Strong intellectual curiosity and a passion for investing.
- Demonstrated orientation toward and interest in understanding financial markets and investment management.
- Strong quantitative and technical skills.
- Strong verbal and written communication skills.
- Demonstrated capacity to learn and develop broad expertise, including working knowledge of: alternative investment strategies; the financial instruments employed globally therein; valuation approaches across the real estate spectrum. Experience in any relevant aspect is a plus, but not required.
- Strong attention to detail. Ability to work in a fast-paced and dynamic environment.
- Strong planning, organization, and time management skills.
- Strong sense of accountability and dedication to continuous improvement.
Source: Goldman Sachs Career Page
