Tässä relevantti kirjoitus kiinteistö- ja private equity - puolen yrityskaupoista ja skaalasta Apollo & Bridge yrityskauppaan. Voisiko tästä vetää johtopäätöksiä Capmanin/Taalerin/eQ:n ja kumppaneiden toimintaympäristöön ja kilpailijakenttään?
CRE Analyst Linkedinissä:
”Apollo + Bridge = Four reasons you shouldn’t start a real estate fund
---- Headline ----
Apollo Global Management announced yesterday that it is acquiring Bridge Investment Group in a $1.5 billion all-stock deal. With this deal, Apollo’s real estate AUM jumps past $110 billion, pushing it into the top 10 of real estate investment managers.
This is part of a broader trend: scale wins. Deep-pocketed players with vast fundraising machines are swallowing niche specialists, extending their reach across asset classes.
---- Context ----
This is the second big investment manager merger in a week. Barings announced last week that it has reached an agreement to acquire Artemis.
---- Takeaways ----
The big real estate investment managers keep getting bigger, and there are fewer scraps for others.
Why?
- Fundraising:
The large fundraising machines cannot be matched. If you were a $10 billion pension fund, where would you send a $25 million real estate investment: Apollo or Joe’s bootstrapped industrial fund?
- Talent:
Blackstone reportedly received 62,000 applicants for 200 positions in 2023. That’s less than a 1% acceptance rate. Smaller platforms can compete, in theory, but talent matters, and top talent increasingly wants to be at large shops.
- Data:
An inherent benefit of having $100 billion portfolios relates to observation. When you’re sitting on hundreds of properties, you don’t need to pay for third-party data. You see markets evolving as they move. You see windows open and close.
- Scale:
In a world where the costs of admission–legal fees, startup costs, regulatory costs–are higher than ever, it’s much easier for billion dollar platforms to front these costs. Smaller firms increasingly have to pick their spots, which inherently limits opportunities.
---- Questions ----
Where does this leave mid-sized managers?
Is there still room for independent platforms, or are we heading toward an era where only mega-firms dominate?”
