JV what are the responsibilities of the Asset Manager?
For example, we enterer a JV with a big American PE firm and have c.10% ownership in the venture.  What would the typical responsibilities be? I.e would we run the financial model for the LP? Would we create the investment papers for the LP? Is there an industry norm?
[{"id": "idzhviu", "text": "Depends on the type of asset and how much investor-related items the property manager is handling. I'm in the hotel space and our asset manager handles pricing strategy, underwriting (for dev projects), handling taxes and distributions for investors, and making sure our property management firm is getting the job done at the portfolio hotels.", "replies": [{"id": "ie0qg7b", "text": "Thanks. Do you run your own model for the portfolio?", "replies": [{"id": "ie1zvwq", "text": "The asset manager handles that and will get buy in from the more hands-on investors.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ie0xn7l", "text": "Hey there,\nI don't know what you mean by 'investment papers' but in terms of financial modeling, if you are the managing member of the deal, you typically have the first go at representing numbers. Just be prepared to defend them. LPs should run their own breakdowns.", "replies": [{"id": "ie0xug8", "text": "Okay makes sense. I mean the investment memorandum the LP uses to get the deal through their investment committee", "replies": [], "depth": 2}], "depth": 1}, {"id": "ie21dvm", "text": "When I refer to \u2018asset manager\u2019 I mean the GP of course", "replies": [], "depth": 1}, {"id": "iejxp0g", "text": "You be an asset manager and work with theirs. If an institutional LP like you state, they will have their own model and your budgets will have to be approved by them. Additionally they will likely have all control with regards to the terms in the partnership agreement. Your job is to manage the investment on the day to day, execute the business plan, and get a promote at exit", "replies": [{"id": "ieqbqrv", "text": "I am currently working at an asset manager which has a JV with a institutional LP and this is entirely true.\n\nWould you know if it\u2019s possible to make the move to an LP?", "replies": [{"id": "ij9ecgl", "text": "Don\u2019t see why not. Question is if you want to go work at a large behemoth vs. a lien entrepreneurial operator. There\u2019s pros and cons to both", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]