Boutique RE & VC fund (2yrs analyst + 1yr associate) to IB: how realistic?
Background: I spent two years as an analyst and just finished a year as an associate at a boutique real estate fund. My work covered deal underwriting, fund administration, seed stage investing/valuations, LP reporting, and compliance. I went to a non-target school.
I want to move into investment banking. The fund has given me solid underwriting and financial analysis experience, but the team is small and the pace isn’t what I’m looking for. I want a bigger grind, a more competitive environment, and the training that comes with a proper bank.
Questions for people who’ve seen this from either side:
- How realistic is a lateral into IB at the associate level from a boutique RE/VC fund, versus resetting to analyst or taking a lower title?
- Does RE underwriting experience translate, or do banks see it as too narrow? Would RE or REIG be the natural landing spot?
- How much does the non-target background hurt at this stage, and can experience offset it?
- What’s the best route in: direct applications, recruiters, networking into middle-market banks, or something else?
- Is a boutique or middle-market bank a smarter first step than going straight for a bulge bracket?
I’m willing to take a step back in title if that’s what it takes. Appreciate any honest takes, including “it’s a long shot.”
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