Thread by @MattLasky

A thread on learning in CRE investment management-

First some context:

We sit in a unique spot spot in the industry where we're bigger than mom n pop operator's, but not quite an institution. Given we're usually around ~$500mm in AUM we're regularly straddling the institutional

world and "friend's and family" / "country club" money. We've done deals where JV'd with recognizable wall street or PE names and also passed the hat around the country club. As such I've been fortunate to gain perspective from both "sides of the aisle" and I think there's a lot

to be learned from each group.

Entrepreneurial operator's:

The best in these groups tend to be innovative & clever in their approach. The way I've seen some of these guys set up automated prospecting approach to find off-market deals and create alpha is pretty mind blowing.

What's crazier is we're talking $2-$5mm assets at a time. Also have seen some wildly creative ways to advertise their company via SEO, targeted ads, etc.

Institutional groups:

These groups tend to have a better top down macro thesis and are trying to invest w/ broader tailwinds

Additionally, their sophistication in deal structuring and CRE finance tends to be greater than a lot of the entrepreneur's. They are thinking through things like bulk portfolio exits, cap stack optimization, etc. In a lot of instances, the entrepreneur could do the same amount

of work and "earn more" just by having some of the sophistication of the larger groups via exit planning and front end structuring.

Both groups tend to judge the other, but I think there is real money to be made by understanding both and trying to have your venn diagram overlap

by bringing institutional execution to a more nimble and entrepreneurial shop.

Learning from the other side could allow both to work "smarter not harder."