Currently in vanilla PE but very interesting in moving to a real estate team at a megafund (either debt or equity, both are interesting to me). I know these seats are incredibly hard to come by, but I’ve always found real estate to be attractive.
I know that comp is in-line with other strategies, but does anyone know how senior carry economics pan out? Is it generally the same as well considering teams are much leaner? Thank you!
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Based on the most helpful WSO content, the carry economics can vary significantly depending on the fund and the specific team within the fund. In general, real estate teams at megafunds can have similar compensation structures to other strategies, but the specifics can be quite different.
For instance, some funds might have a leaner team structure, which could potentially lead to a larger share of the carry for senior team members. However, this is not a hard and fast rule and can vary from fund to fund.
Also, keep in mind that the carry is typically distributed over a longer period, which is something you might want to consider.
Lastly, it's important to note that while real estate can be an attractive field, it also comes with its own set of challenges and complexities. So, make sure you're fully aware of what you're getting into before making the switch.
Hope this helps, and best of luck with your career decisions!
Sources: Former PE associate's perspective on these "megafunds", Q&A - Senior Associate Ex-Megafund (REPE), What Happens when a PE Fund Closes?, Making Partner at a Megafund
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