As the title suggests, it is looking like I will have the opportunity to join a MF as an AM associate in the next couple days (awaiting an offer). The role would be exclusively focused on their Core, Core+ strategy so primarily NNN leased, long WALT, etc., which I'm not completely sold on. I currently work on the acquisitions team for a large life science-focused REIT, which has been really exciting and interesting work, but we run very lean (partially due to a lot of turnover) and have been slammed for a while now. I am very much focused on improving my WLB so I can actually spend time with my girlfriend, work on hobbies, have weekends mostly off, etc. However, I have a slight concern that asset management on core assets will be primarily reporting and the like, and not really driving strategy. All indications have been that the new role will be better from a WLB perspective (not sure by how much) and I do like the team that I met during the interview process. Not sure of comp yet but I imagine it will be incrementally better. Both positions are located on the West Coast in the same city. Wanted to test the waters here and see what people thought, so please let me know!
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I would be very surprised if AM at a MF is better than acquisitions at the REIT you're at. Not saying it couldn't happen, but just my general impression from dealing with AM folks at these firms.
Absolutely not a good career move IMO. Brand name matters so damn little in RE, deal experience over everything. And at a big fund you may find that your hours aren’t better (may even be worse) due to facetime and petty office politics
Really depends what OP thinks is a MF. If it's BX/KKR this is a solid career move (though maybe not a solid life move if he's looking for WLB).
It is definitely in the same league as BX/KKR. Worth mentioning it is in a satellite office on the West Coast which I think has a positive influence on culture (TBD obviously)
Based on my experience the satellite office does usually mean a much better WLB, but you'll need to be the judge of that.
Definitely less driving than your current role. but I would still take a passenger seat with an repe firm (assuming it is decent) than having both hands on wheel at reit. I think the dynamics, style of investing, and exposure is more valuable and interesting. Even if it is heavy reporting, you should still see a fair amount amount of value creation from business plans, strategies, dispos, and financings etc….
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