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My initial thought would be that while you would have your foot in the door at a large shop, you wouldn't be performing the analytical skills that an acquisitions position would entail. I'd imagine in a capital raising capacity you'd like be responding to RFPs and so forth, with little analysis at the asset/portfolio level. I could be wrong but that is my hunch.
I can't speak for the large REPE groups, but capital raising people at my (smaller) shop have no involvement with acquisitions/underwriting and we would not consider them if a position opened up.
This is not to say that client relations and fundraising people are paid poorly, but if you want to end up in acquisitions - do acquisitions.
That's actually really interesting to me, given the contrast.
Care to elaborate on the structure?
I may have been too emphatic. If he/she expressed an interested they would probably be considered, but typically the analysts for our Client Relations group do not have experience with underwriting or modeling. They spend most of the time assembling materials and formatting documents for senior members that raise money for the next Fund. The senior members all have deal experience.
...now that I'm thinking about it, not a lot of vertical growth for that CR group
Every firm is different when it comes to moving through the ranks on the inside lateral or other.. That said its all about fostering the relationships in the firm where you can make those moves.
Analyst role in capital raising (Originally Posted: 10/22/2006)
Hey guys,
I'm trying to understand the role of a junior analyst in different situations to prepare for interviews later this week, and I'm a bit confused about exactly what an analyst does in capital raising transactions. As I understand it, bankers basically assist corporations by: 1. Advising in M & A transactions and 2. Raising funds in the debt and equity capital markets. I understand the role of an analyst in situation one, but what about the second one? The equity and debt capital markets guys create and price the products and the sales and trading people sell them to other investors, so what exactly do the "investment bankers" in the product group do in fundraising transactions? It seems as if they would just be a sort of salesman in charge of the client relationship in this kind of transaction. Am I missing something, and if so what does the IB group do in capital raising transactions?
Thanks, Luke
bump
Debt - underwriting/structuring, pricing, preparing offering memoranda, sometimes answering investor questions.
Equity - preparing investor presentations, prospectuses. (There is alot more but I don't work in ECM).
Mostly preparing docs (read: marketing pieces) to educate institutional investors about your client.
curious - in a standard day, what do entry level workers do in this domain? similar to private wealth management?
CRE Capital Raising Jobs (Originally Posted: 09/03/2013)
I'm currently an acquisitions analyst at a large CRE Investment Advisory company on the equity side, working in all major property types. It's becoming obvious that the way to really make it in this business is to be able to bring new capital into a firm. At the senior analyst or associate level, what positions offer the best exposure to building a network of potential future contacts for capital raising and fund formation in CRE? I know there are many paths to network, but surely some are better than others?
Thanks in advance all!
If that's your angle, the position I'd recommend is caddying at Sebonack. anything that gets you closer to the equity.
This is such a key point and you need to build your network at a young age. I am not sure that spending a ton of time as an analyst or associate in your 20s is really all that worthwhile to be honest. 2-3 years should be enough.
After that I think you would be better off going into brokerage, perhaps getting a job in the business dev or capital raising team at a fund (some of these jobs do exist) or perhaps going into capital markets in some capacity to learn how the big boys access capital.
Another option is obviously to get 2-3 years experience at a big investment advisor and then jumping ship to go work for a boutique where you will get more exposure and a wide range of experience as opposed to just deal flow. I would not do this until I had a brand name on my resume though.
Any other suggestions from anyone?
If you can get in at one of those companies and learn how to raise huge amounts of (equity) capital, go do it. A couple years down the road when all of the development and acquisition guys are getting ready to go out on their own, they will realize that raising capital is one of the most important pieces of the puzzle and most groups really need a guy like this on their team who can raise cash quickly. If nothing else, you could be teeing yourself up for a successful career as a capital markets broker.
Note: these comments pertain to RAISING equity capital, not debt, not investor relations, not the marketing department.
I'm not familiar with the day to day tasks of a employee who is hired to raise capital. I assume they are outgoing people, running from meeting to meeting pitching for capital based on their firm's past results and talking about future endeavors and why investors should put their money into this future project/fund. Other than constantly speaking with potential investors and having a good sense of what your firm's strategy is, what skills does this person need to have? Does he/she actually do anything within the firm besides recruit limited partners? I'd assume these individuals are not sophisticated enough (not to insult them) to understand the intricacies of the deals so they would be limited to finding only limited partners rather than general partners (people who would be actively investing/working on the project throughout the entire timeline). Is that assumption correct?
I don't know about "not sophisticated enough."
In my firm, all three partners raise capital alongside their typical duties. They are all reasonably outgoing and friendly but nothing dramatic. It's more than they're intricately tied into the community, come from good (ahem, wealthy) families, and simply know people. At this point, I'm pretty sure most investors come to them.
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