June Session: Eunbi Lee w/ KKR
- HerVest
- Aug 19
- 4 min read
Real Estate: Insights from Eunbi Lee
Section 1: PE Firms
Q1: When preparing for interviews or analyzing PE firms, what do candidates often overlook?
People tend to fixate on portfolio companies. But what’s just as important—if not more—is understanding the GP itself. Each private equity firm has its own strategy, structure, and positioning. Mapping that out thoughtfully shows depth. Also, don’t forget the LPs. How they assess and engage with GPs tells you a lot about how firms are actually run.
Q2: Any advice on interview strategy?
Avoid asking narrow questions about specific deals. Instead, show you understand the broader themes, challenges, and strategic direction of the firm.
Section 2: Defining Career
Q1: How do you view the meaning of a career?
There’s a framework I came across in a book that recently stayed with me. It broke down the word “직업” into two Chinese characters: “직”(職) meaning “position,” and “업”(業) meaning “mission” or “vision.”
The idea is that if you choose your position without understanding your mission, it becomes harder to find meaning in your work—and easier to lose motivation or feel stuck.
So for me, the key to staying resilient is to keep asking: What is my calling? How do I want to be remembered at the end of my life? That future image helps me work backward and decide how I want to live today.
There’s a quote I love: “I may not have gone where I intended to go, but I hope I ended up where I needed to be.”
Q2: Do you believe a calling is something we discover—or something we decide?
I think it’s something we decide. A calling isn’t a moment of sudden realization—it’s a commitment. You choose it, and then you keep choosing it. I’ll leave you with another quote I want to share: “Go find a job that feels like it’s an extension of who you are. If you do, you’re not just working—you’re alive.”
Section 3: Real Estate Investing
Q1: How do you handle negotiation in RE deals?
Internal sensitivities can be complex—even around standard terms. Offering equivalent concessions often helps. But the bigger challenge is managing intermediaries like bankers. Trust with them is critical—they’re the ones driving the actual deal terms.
Q2: How do you align internal and external stakeholders?
You need to understand both sides’ thresholds and craft a narrative that aligns with shared goals. At KKR, final decisions aren’t always centralized. If you want to push a Korea deal, you have to prove it outperforms a Japan or Australia one. Clarity in themes helps build internal consensus.
Q3: What role does ESG play in domestic RE markets?
ESG matters—especially to LPs—but unless you're in a climate-dedicated fund, it rarely overrides financial fundamentals. It’s more of a strategic filter than a direct value driver.
How to Invest "Real Estate" 📖
Q1: Can intuition and data coexist in investing?
They have to. Good data helps form sound assumptions. But in data-scarce markets, intuition fills the gaps. That’s where arbitrage opportunities come in—it’s risky, but the upside is real.
Q2: How does leverage impact returns in distressed RE?
Real estate allows for high leverage—up to 70–80%—because of asset-backed cash flow. There are no margin calls, which makes it attractive. But with low interest rates, markets overheat fast. And despite talk of new supply, policy often lags. That’s where the inefficiencies—and opportunities—lie.
From Our Mentees 💬
Gawon, Mentee
"Ms. Eunbi Lee, Executive Director at KKR, delivered both deep insights into real estate private equity and truly inspiring advice on how to approach a career as an investor. What struck me most was her explanation of the word "직업" in relation to "mission." She emphasized the importance of first reflecting on what your personal mission is—and then choosing a position that aligns with it. It’s easy to focus solely on roles or titles, but to stay motivated and find meaning throughout the journey, we need to deeply consider our purpose. Another key takeaway was her perspective on differentiation in the age of generative AI. She pointed out that to truly stand out, we must go beyond surface-level research and learn to ask higher-order questions. That really resonated with me and gave me a lot to think about."
Daeun, Mentee
"Ms. Eunbi Lee’s session offered a rare blend of strategic clarity and personal authenticity. As a Principal at KKR, she shared not only how global firms approach real estate investment but also what it means to navigate this industry with long-term purpose. One moment that deeply resonated with me was when she spoke about being “in the driver’s seat” of your own life. Her journey—from emerging markets infrastructure to private equity real estate—was a reminder that career moves aren’t just about credentials or timing, but about intentional design. She also challenged us to think beyond technical skills. In a world where information is accessible to everyone, she emphasized the value of insight: the ability to synthesize data, anticipate trends, and ask the questions that others overlook. It was a powerful push to be not just capable, but visionary."
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