Senior Associate - Real Estate Research London
Job description
StepStone is a rapidly growing Global Private Markets firm who provides customized investment and advisory solutions to some of the most sophisticated investors in the world. With $570 billion of total capital allocations, including $134 billion in AUM, we are highly diversified in the private markets across the globe and provide creative solutions to solve for the objectives of any investment program. With a culture built on entrepreneurialism, partnership and being a team within teams, our firm offers joiners the opportunity to think out loud, collaboratively.
About StepStone Real Estate:
StepStone Real Estate ("SRE") is the real estate division of the StepStone Group, a $602 billion AuA, $135 billion AuM private markets asset manager and advisor. SRE has over $174 billion of AuA/ AUM and operates out of many of the Firm's global offices. In 2022, SRE committed/invested over $18 billion in 60+ discrete investments. With over 70 professionals led by the SRE's three founding partners, the business is well positioned for continued, significant growth. The three founders, of which the head of Europe is one have worked together for over 19 years. As one of the largest allocators of private capital to real estate managers/management teams, SRE meets over 900 times annually with the top operators, asset managers and fund managers. This provides access, information and relationships that are unmatched in the market, ensuring SRE is gets the "first call and last look" on most institutional RE opportunities. Deploying capital across the risk return curve and capital stack, SRE has a flexible investment strategy and broad remit. The business is focused on executing recapitalisations/special situations, co-investments/joint ventures, secondaries and, finally, fund investments within SRE's research function. Europe is a core market for SRE, with approximately 50% of its AUM and annual transactional activity and about 25% of client committed to funds for SRE's research client base. The environment at StepStone is collaborative, respectful and purposely diverse. The people who work there are thoughtful and open-minded, with good analytical skills and well-developed views on the GP universe and a passion to deliver best-in-class recommendations to SRE clients. StepStone has a flat organisational structure and this combined with the significant levels of growth in AUM provides self-starters and capable employees excellent opportunities to advance their career.
StepStone is currently seeking candidates with excellent quantitative, qualitative and interpersonal skills for a Senior Associate position on StepStone's Real Estate Advisory Team. The Senior Associate's primary role is to engage in sector-focused research on various areas of the real estate private equity industry such as opportunistic, value-add, core and credit. The Senior Associate will work in a team environment with other Research team members to target and perform due diligence on selected real estate private equity fund managers; analyze PPMs, financial statements and investment returns; and conduct reference calls and personal interviews. In addition, the Senior Associate will work with the co-investment and secondary teams to source, diligence and execute transactions. The Senior Associate will have the opportunity to present recommendations, with the investment team, to the Real Estate Investment Committee.
StepStone prides itself on the Firm's collegial atmosphere, encouraging team-building initiatives and a collaborative approach to accomplishing projects. The Senior Associate will have exposure to all levels of the Firm, from Partners to Analysts, daily. The Senior Associate will have opportunities to interact with many of the top fund managers in the real estate private equity industry.
The ideal candidate will possess a bachelor's degree and backgrounds in real estate, private equity, investment banking, consulting or other relevant industries. The Senior Associate will adhere to the highest ethical standards, as well as demonstrate maturity, reliability and attentiveness to detail.
Essential Job Functions:
- Perform market research using publicly available information and proprietary databases to identify, quantify and analyze macroeconomic trends across a variety of industry sectors
- Interpret financial analyses prepared by target fund managers, including investment track records and financial statement analysis
- Support Senior Investment staff on sourcing and managing the inflow of investment opportunities
- Prepare for and support senior staff in client meetings
- Assess marketing and supporting materials of prospective fund managers to identify key value drivers and important areas for further investigation
- Conduct phone interviews with senior executives to gather insights and information regarding the style and effectiveness of target fund managers
- Form an independent opinion about the attractiveness of an investment opportunity or sector
- Construct an argument around an opinion and efficiently communicate that argument both verbally and in written materials; be able to defend position in a team environment, including Investment Committee meetings
- Use creativity to source and analyze data and to test hypotheses regarding attractiveness of specific sectors and investment opportunities
- Analyze and monitor the performance of the Firm's existing fund managers and underlying property assets; prepare for and participate in meetings with assigned managers, and conduct on-going due diligence
- Potentially perform financial modeling and sensitivity analysis related to co-investment and secondary opportunities as required from time to time
- Draft investment memorandums and presentations related to fund diligences and from time to time potentially co-investment, and secondary diligences
- Conduct and support training of more junior professionals
Other Requirements
- BA/BS in Real Estate, Private Equity, Finance, Economics, Accounting, or equivalent relevant experience
- 5 years or more of real estate private equity, investment banking, consulting, asset management, equity research or other relevant experience (Required)
- Demonstrated track record of academic and professional success
- Ability to represent the Firm credibly in written and interpersonal communications
- Demonstrable analytical capabilities, including strong quantitative/modeling skills
- Leadership potential
- High proficiency in Word, Power Point and Excel
- Developing investment judgment and general understanding of risk/reward trade-offs
- Flexibility—StepStone is a dynamic and entrepreneurial organization; all professionals are expected to perform multiple functions as the firm continues to grow and develop
- Availability to travel, primarily within Europe and the UK
- Promote and demonstrate a positive, team-oriented attitude
Other Desired Skills/Attributes
- Applied experience in valuation and investment analysis
- Enrollment in CFA or CAIA program a plus
- Foreign language skills a plus
About us
Working out of 24 offices in 15 countries, StepStone has a truly global viewpoint. As people are our biggest asset, we offer resources to help our employees reach their full potential. Our principles are based on integrity, transparency, respect and creativity, which together define how we do business.
Join us
When you choose to work at StepStone, you'll find a group of professionals who are passionate about anticipating changes, solving problems and working together to make it all happen. Our integrated global team shares insights into how managers think and operate, as well as how they might perform.
Disclaimer / Policy Statements
At StepStone, diversity, equity and inclusion are an integral part of our culture. We are an Equal Opportunity Employer that strives to create an inclusive environment that empowers our employees and allows them to be heard, regardless of title or tenure. Our organizational community features multiple Employment Resource Groups representing our dedication to Diversity, Equity & Inclusion.
Developing People at StepStone
