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May 31, 2024
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Curious about this as well...
I moved from a Development Associate role to Investment Sales and Debt/Equity brokerage to REPE. That said, our culture is unique and the managing partner I work under cares way more about experience/knowledge than university or investment banking "prestige".
Having serious experience with development management and operations is way more valuable than being able to model exotic financing structures. The most critical part of my job is to underwrite partner risk - what is the probability of our developer/operator delivering on time at presented cost and stabilizing the property at or above the presented rental rates and NOI margin?
Awesome - which market are you in?
Maybe try to get a operations position at a pe firm that manages their own properties.
I moved from tenant rep brokerage to owner/operator to REPE
It took a lot of persistence and willingness to work for less than market pay but in the end I could not be happier.
We would love to get an operator acq guy. I personally don't know of any stories but I'm positive it's possible.
If you're not doing acq. at an operator, say property management, it would be tougher. maybe good to go brokerage or debt first.
Operator acq analyst here at a smaller shop (<1B AUM) with 1.5 yrs of cre experience - how doable would it be to move to REPE in the next year or two? or do you think it would be better to get an MBA first and then try to move?
Owner/operator here. I flirt with moving to REPE. Feels like it would be double the hours for double the pay.
An acquisitions guy at a top institutional owner/operator (SL Green, Vornado, etc) would be a deadly addition to a REPE shop.
Also, a lot of owner/operators are basically like REPE who raise funds and just act as the GP.
Are you talking about moving to an LP?
Yes, thinking of moving over to an LP. We do raise funds but they are tiny and therefore our compensation is lower. But hours are decent here as there are only a few principals giving out work as opposed to 50+, narrower geographic scope, etc..
As an owner/operator trying to get into REPE it has been a rather frustrating experience so far. Our deals are generally a few zeros smaller than most firms I apply to and it seems that the experience is discounted because of this. While I am sure that there is a good fit out there, it has been harder than anticipated.
Legit happens all the time... Not that it is easy but happens all the time.
Now if you're talking megafund type guys then my answer is not the same.
You will not have a chance without a network. That is for sure.
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