MF REPE or EB/BB REIB
Hey guys, going through recruiting for summer 2024. Trying to weigh the opportunities that I currently have. I have gotten offers for next summer for IB at BB/EB firms but I am in the process for REPE for top shops like bx and ares. I'd obv take bx, but I was wondering more about ares since idk if I am guaranteed a nyc role. However though, I am gunning for REPE for sure, but idk if I should take take a REPE role that isnt in nyc over a EB/BB IB role. What do you guys think?
As someone that is in Real Estate IB top group on the street, I would definitely take the REPE opportunities at BX or Ares.
Interesting, what's your reasoning behind that?
The dream for people in those top BB IB RE groups is to get to BX real estate
Exactly what the above posters said. The top 2 BB RE groups are BAML followed by WF. If you go there, you'll get substantial deal experience, but even then, the goal of majority of juniors in those groups is to get to BX RE. You have an opportunity to do that without even having to put the 2 years in.
Think it's better to start on sellside. The reps you get in IB are uncomparable and it's a stamp on resume that sets you up for a career far bigger than RE too.
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No, advice like this is SO wrong for REPE. Maybe in corporate PE it’s true but so wrong for REPE
If you know you want real estate, I’d go with the REPE offer, even if it isn’t at BX. You’ll have a much better leg up in real estate recruiting when BX recruiters come knocking down the line compared to your IB counterparts. This is of course contingent on getting the return offer for full time though. If your odds are low of getting the full time offer, go with IB.
Might have to disagree on this. Unless you’re at Blackstone REPE, you won’t really have a leg up on anyone on the sell side.
I assure you that if you are equally sharp as someone in IB, knowing the asset class inside and out will give you a leg up. I say this as someone who has people leave their firm every year to go to BX REPE and BREDS both at the junior level and principal level.
BB/EB REIB people would love to do repe at bx or ares. For ares even if its non nyc Id take it in a heartbeat if I were you. Insane experience out of school and lets you move to bx (or anywhere else) down the route.
Take blackstone immediately if you get that. Ares real estate is not as good and I would actually recommend you work at a top REIB group instead as the experience you would get there would outweigh Ares RE.
Ares is one of the biggest and most respected opportunistic RE investors in the states. Hard to attain even for reib analysts at top group.
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Its not like your BB/EB IB offer is from a industrials/tech/healthcare group and you will build a skillset that is generalist and launch your career in any industry.. its RE IB group so your exit will be somewhat limited anyways. It also looks like you have an interest in RE. Based on this I dont see any reason for you to take the BB/EB RE IB role. Take the BX/Ares role (if you get the offer) crush this summer, secure a FT role on the buyside and you are literally 2-3 years ahead of folks starting on the IB side.
If IB offer is exploding then accept it and renege later once you get the buyside offer. Folks will understand..
If you dont get the buyside offer, stick out in RE IB for a year, continue to network with ppl you met at BX/Ares and jump there after a year or so in IB
REPE is so much better than doing REIB. I’ve done both. There has been a big shift in what the top REPE firms want in associate candidates. If you start at a Starwood, Walton Steet, blackstone, etc you go to the top of the pile. Top REPE pays higher than IB - it will be close to $400k for associates at an Oaktree, Starwood, blackstone, etc
400k for associate sounds very incorrect. You would be lucky to clear 300k.
Cool comment, do you know any associates at Oaktree, Fortress, GIC or Baupost and how much they get paid? Based on your comment, obviously not. Stick to commenting on what you know about to avoid spreading disinformation
Related Q - how difficult would it be to exit/lateral after a year from REPE/REIB to corporate IB, and eventually buyout PE?
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