2018 | Thinking about Acquisitions or Debt at this point in the cycle

How do you all view going into acquisitions at this point into the cycle or going into a private debt fund?

Do you have reservations making a move? Or are you content going into either or if it's a big enough shop?

17 Comments
 

Be mindful of where you go - but no need to avoid acquisitions altogether. Companies that have been piling on leverage and relying on speculative rent growth/leasing assumptions might be a risky move, but that doesn't describe everyone. Lot of shops have a lot of dry powder and are waiting for a pullback to deploy- definitely wouldn't expect mass layoffs across the board.

Haven't worked on debt side, but I have heard that space is getting more competitive. If you are convinced on an impending downturn, wouldn't rule out AM side if the funds start taking buildings back.

 

AM hiring is up across the board for this reason. A lot of firms are pulling back on acquisitions and focusing on preserving capital and asset managing their existing portfolio. That said, there are also still plenty of active groups out there with lots of money to put out and groups that are conservative and diligent with their acquisitions even the current environment. As others have alluded to, it all depends on the group, but I would definitely be cautious about which one you are joining since acquisitions folks seem to usually be the first to go when the music stops.

 

When there's a dip the returns also become more attractive, so as some alluded to above if a firm/fund is well positioned they may actually look to increase acquisitions headcount, especially if the firm's profile is an all-cash transaction basis. I for one would welcome a tempered downturn since I could actually get some decent returns for a change.

"Who am I? I'm the guy that does his job. You must be the other guy."
 

If companies are leaning toward hiring more AM personnel, does that mean they get paid more of a bonus at year end since their expertise would be more valued at this point in the cycle?

 

Dolor praesentium omnis aspernatur nam. Voluptas deleniti corporis labore quasi. Eius tenetur minus esse veritatis. Adipisci doloribus nam eligendi qui ratione sit iusto minus.

Perspiciatis temporibus qui quia suscipit exercitationem quas impedit. Cumque temporibus aut dolorem tempore voluptatem. Sit veritatis alias ut expedita et iste.

Enim quisquam aperiam fugiat est est. Rerum porro perspiciatis omnis unde. Sapiente ducimus veniam quos qui voluptatem maxime.

Ut enim et id autem et dolorem mollitia. Cum non excepturi dolor quis quas animi quod. Excepturi dolor aut quidem beatae voluptatum sit. Ipsum aliquid ipsam molestiae. Velit in exercitationem sapiente in necessitatibus natus.

Career Advancement Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

October 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 12 97.4%

Professional Growth Opportunities

October 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

October 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
DrApeman's picture
DrApeman
98.9
6
GameTheory's picture
GameTheory
98.9
7
Betsy Massar's picture
Betsy Massar
98.9
8
CompBanker's picture
CompBanker
98.9
9
dosk17's picture
dosk17
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”