I'm curious to hear about anyone's experience with a background in MF/UMM REPE exiting to a hedge fund and how that's been percieved by recruiters? Not talking about hedge funds' RE arms that do the same thing as REPE, but L/s equity type investing. I'd imagine it's possible, but you probably need to be in one of the places that focuses on corporates (BX, TPG, STWD). Has anyone done this or seen it done?
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Just out of curiosity, why would you do this? From corporate UMM/MF PE myself, my perception has always been that real estate guys are total idiot meatheads, those businesses are super simple, and it's easy to make money over there. I was always jealous for that reason I didn't start out in RE.
Broad strokes you’re right, but i think RE has become massively institutionalized in the last few decades and it’s much harder to “generate alpha” in real estate. I think success in the future of REPE will go to people who can navigate high finance and boots on the ground operational stuff, but im not sure i can do that. Just exploring options and learning about the HF space as there are elements about public investing I've been interested in for a long time (thesis generation). Still in IB (REGL coverage) so I still have time although the most realistic exit is MF REPE. but wondering if corporate PE would be a better choice and was hoping to hear from anyone with a similar background.
Curious, you think even your RE counterparts at the MF you’re at are also meathead idiots ?
Funny enough I’ve actually never seen this happen in the industry (i.e., REPE to generalist l/s equity). It probably happens at pod shops.
I’ve seen a few MM people with REPE backgrounds; can I ask why you think MM is more receptive? I don’t really know too much about the difference between sm and mm.
MMs will interview most people that they think have even a remote chance of makin them money as an analyst, if they interview well and pass the case study and still end up not making money they can just be fired after 1-2 years contractually and aren’t a big loss. SMs don’t work like that and aren’t going through as much churn so are more selective about who they’re willing to give a shot
I know a couple ex-RE guys who cover gaming, lodging, and REITs at HFs. More opportunistic oriented rather than pure equity L/S (ie; plays in shit from distressed CMBS to REIT equity).
Big institutional HFs or small ones?
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