REPE to Special Situations Investing
Currently a REPE Analyst out of undergrad at a well-known firm (Think PERE top 10). I recently have become more interested in Special Situations investing and wanted to know the likelihood of pivoting to a special sits at a MF.I know BX Tac Ops invests a lot in Real Estate and other Special Sits teams have invested in real estate if it falls under their mandate. Wondering for any thoughts behind if teams are willing to consider people who've done REPE at a top firm but not banking.
Bump
Oaktree, Farallon, Sixth Street as well as some other funds have RE special situations groups. Would target those as an intermediate step.
But does that translate well despite still being real estate focused?
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Hi - I'm at a fund with such hybrid / SS mandate. The short answer is we (that is, our fund) do consider people like you (REPE) as we are naturally more open-minded when we interview candidates. SS hires not just from restructuring IB / distressed HFs but also from industry groups, and RE is one of many. I myself come from a HC M&A team at an EB. This is because industry knowledge is relevant and useful when reviewing deal opps in tactical / hybrid / SS mandates. Best of luck-
not impossible but likely quite difficult; broadly speaking, the skills learned by investing on an asset level in real estate are different than the skills needed to invest across the capital structure (special sits) in corporate entities. best of luck nonetheless
In addition, even if there are some transferrable skills, the pipeline isnt really there, at least for the large shops (OP mentioned BTO). Those pretty much only recruit from banking, undergrad, or other corporate PE shops
But yeah, doesnt mean it’s impossible. It doesnt hurt to shoot your shot and if it’s what youre truly passionate about, you can find a way.
why do you want to switch to corp special sits? there are HF/PE groups that do a bunch of stressed/special sits type stuff but you’d prob be best suited for their RE team. still good exposure and might be able to do some crossover work over time. would talk to some recruiters for HF/PE
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Seems like a cop out answer. Really think about why you’re asking, because there’s definitely some more thought behind it than “im young and uncertain”. Is there a specific investing style you’re interested in? Do you not like real estate? Do you prefer the corporate path? Are you only at your role because you liked the MF name?
I think the sooner you think about things like this and are honest with yourself, then the sooner you’ll get out of the “im young and uncertain” stage of your career
And i’m not trying to get on your ass about this. Just that I was in a similar position before
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