Institutional Real Estate, Inc.

NAREIM Dialogues Fall 2017

The Institutional Real Estate Inc Sponsorship brochure, Connected-Investor Focused, We connect people, data and insights, sponsorship, events, IREI Products

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Page 33 of 47

LAST RODEO Mary McCarthy, Managing Director, Terra Search Partners Real estate executives don't typically face the stark career choices of long-tenured athletes, and their last rodeos rarely make headlines. But we recruiters often have age 55+ job seekers come to us and say, "I want to work 5 to 10 more years. I have 30 years' experience. I've seen a few cycles and now I am ready for one more challenge." Unfortunately for those job seekers, recruiters are retained and paid by employers. We rarely hear from an employer, "I want to hire a senior person with five or 10 years of runway and 30 years' experience." Maybe this is a tad cynical, but clients more often think about the minimum level of experience absolutely necessary, the long future a new hire may have, and what a new hire will cost. Nevertheless, we recommend that clients consider Last Rodeo candidates. We may encourage a client to ask, "What is the time frame for a useful employee?" Perhaps five years is the useful tenure of the new hire. Here are a few real-life examples that illustrate when a Last Rodeo candidate becomes a great solution. • Growth Company – A young operating company on its second or third investment fund seeks to build the "institutional" team that its LPs require. With a larger volume of investments, this firm now needs defined asset management and acquisition functions, whereas before, everyone doing a bit of everything worked just fine. The Last Rodeo candidate may have worked at several firms in the past, and he or she brings knowledge about processes and institutional investor expectations, as well as expertise that will allow the firm to build this capability quickly and efficiently. D enver Broncos quarterback Peyton Manning made headlines in the prelude to 2016's Super Bowl when he told New England Patriots head coach Bill Belichick, "Hey listen … This might be my last rodeo, so, it's been a pleasure." In the end, Manning's friendly prediction turned out to be true as the Broncos defeated the Carolina Panthers in the final game of the legendary quarterback's career.

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