In the dynamic world of private equity real estate, few things are hard and fast. But when it comes to raising capital for private equity real estate funds, there is little dispute about two things: the level of activity (very strong) and the market leader (Credit Suisse).
In the words of one pension fund consultant, when it comes to placement agents, “there's only one.”
As co-heads of the real estate private fund group at the investment bank, David Hodes and Doug Weill (not pictured) wield enormous influence over the fundraising market—their endorsement goes a long way towards establishing a new GP's credibility and ensuring a successful fundraise. And over the past two years, they've had their fair share of successes—Credit Suisse estimates that its market share of funds using a placement agent was approximately 55 percent.
Hodes, a veteran of Morgan Stanley , and Weill, of DLJ, have been building their franchise since 2000, when DLJ established the group just prior to its merger with Credit Suisse. Over the past five years, the duo have helped raise more than $20 billion of equity, a substantial figure considering that many of the world's largest opportunity funds do not even use a placement agent.
Given the current state of the market—and their standing in it—Hodes and Weill are certain to increase that figure even more in the years to come. Of that, there is little dispute.