Does anyone have any advice on how to prepare for real estate PE interviews? What is the best way to prepare?

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Depends on the type of fund and the assets they buy. But in general...

1. Know the relevant market inside and out and be prepared to discuss news, valuations, major players, transactions, etc
2. Study valuation methodologies (DCF) and underwriting models and be able to discuss relevant inputs / sensitivities
3. Be prepared to have an investment idea ('If i gave you $10M, what would you buy...') that is well reasoned and supported by market trends
4. Understand fund structures and the role of the GP, LP's, IR,

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Very helpful

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VP and McK are on point.

Specifically, you need to be comfortable with real estate finance, which means your fundamentals in finance need to be very strong. DCF, LBOs are table stakes and you’re expected to pop one out in 30 mins flat if I give you the key assumptions. Make sure you know cap rates and real estate valuation methods, which are very different.

Last point - Real estate PE is a very broad category. Do they invest in hotels and resorts or commercial real estate? Big difference because you need to have a point of view on the market and demonstrate good intuition.

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Never been in this space but I have seen friends cut from the process for not knowing background of MDs in the firm. May seem silly but do individual background research know if your interviewer went to college and where.

Understand yield calculations and general assumptions for your asset class. Understand economic impacts eg how did covid affect the business model.

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