Acquisitions to Portfolio Management?

Currently an acquisitions analyst for an institutional firm and an opportunity has come up for a portfolio management associate at a MF.

Having observed the work of senior-level acquisitions professionals at my company, I’m beginning to question if I want my hours tied to deal flow and the associated stress of closing and chasing deals. I’m also reassessing where my skillset aligns best and am uncertain if acquisitions is the right path for me.

Portfolio management seems to offer a more high-level approach, focusing on operating the businees or fund rather than analyzing direct investments. The main responsibilities appear to include fund modeling, analytics, cash management, buy/sell/refi decision-making, asset management, and working with investors. It seems like a good experience but I’m concerned about joining a more “corporate” environment that may involve longer hours (although I’d imagine more consistent), less WFH days, and less flexibility than my current company. Additionally, while the new position’s pay would be much higher, I’m worried that not gaining transaction experience might limit my future earning potential.

My long-term goal is to be more entrepreneurial and invest in smaller-scale residential real estate on the side, eventually building it into a full-time venture.
Has anyone had a similar career path? I would appreciate any insights into this decision or their experience in portfolio management.

 

Currently in a PM role at a large institutional shop. Like you said, it's high level and there are many opportunities to be closer to the capital side of the business. Learning fund mechanics, deal structure, and strategy have been very interesting and I feel a marketable experience if other opportunities come up. I'm not in the weeds nearly as much as my acquisitions days which is honestly nice- less rinse and repeat and more ad hoc tasks that are more intellectually stimulating. Hours are much more predictable, although can still be plenty busy. 

 

How close are you to the actual real estate, even just in terms of strategy? Is cash flow modeling or performance analysis the closest you get to a specific asset?

Also, what sort of ad hoc tasks are you doing? Who is requesting these tasks? I imagine you're doing a lot of reporting, mostly to partners and execs, rather than providing regular input to acquisitions or operations ?

 
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