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Go wherever you can get the most reps. That is the most important thing as an analyst.
I've interviewed about 75 people this year across the company. Name brand helps a bit in getting in the door, but the people that actually progress to the next rounds are the ones that have actual experience and can speak to it. I would take someone from a small family office doing $10mm deals that was sharp over a kid from Starwood that sat on his ass and didn't do a deal (or couldn't explain a deal they worked on.
What I don’t get is regal supposedly does primarily entity level deals, so wouldn’t that make it hard to go to an asset level fund, vs doing CRE banking for asset level deals? And are there even that many funds doing entity level stuff? Aren’t most funds doing asset level deals?
The asset level stuff would be more applicable, but it isn't like doing something for 2 years locks you in forever. If you join a REGAL group, it is up to you to translate your experience appropriately. Nobody is going to sell yourself better than you.
What's REGAL?
Real Estate, Gaming, and Lodging
Do REGAL if you want to recruit for the the massive funds (KKR, Blackstone, TPG) but if you want development or smaller REPE, go with CMBS/real estate banking. The large funds do corporate level RE deals too so they like REGAL experience. I talked to a principal at TPG real estate recently and his hiring process is that the real estate stuff is not that complicated so if an analyst is good at corporate level analysis (M&A, capital markets) then they can pretty easily learn RE investing…
Do you think it matters if it is for a debt fund or equity fund? Also, how many funds are there that are really at the size to do entity level deals?
There really aren’t many, maybe 5-10 that I know of, but the point is that those funds prefer REGAL experience because it is not difficult to teach RE investing versus for example trying to teach a real estate banking hire how to model a take private deal. That’s why those funds prefer corporate level analysis experience. Totally depends on what you want though.
I work in CMBS and honestly wish I did REGAL because real estate asset level analysis really is not difficult. Kinda cuts out a lot of opportunities at BX, TPG, etc… unless you network hard of course.
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