Anyone considering turning to publics
The boredom and sitting on my hands is untenable. The idea that this is a cyclical biz and this could potentially happen again even worse. And that the next time would theoretically be far more impactful for me and kill material carry.
At least in the public world I get quarterly updates can be constantly making buy/sell decisions. Thinking about portfolio construction, mgmt, other more interesting shit. There appears to be always something to do.
I could keep ranting but mainly just wondering if anyone has thought about it or successfully made the switch from REPE to some type of buy side securities analyst in the real estate space.
Based on previous WSO threads, transitioning from Real Estate Private Equity (REPE) to a buy-side securities analyst role in the real estate space is a topic that has been discussed. Here are some insights and considerations:
Cyclical Nature of REPE:
Public Markets vs. Private Markets:
Skill Transferability:
Career Transition:
Examples from WSO Threads:
If you're seriously considering this transition, it might be helpful to connect with professionals who have made similar moves and seek their advice on the best strategies to make the switch.
Sources: Transitioning to REPE from top investment sales, Transition from RE Development to REPE, Non-Target Construction to MF REPE - 14 Years Later, Lateraling from Operating PE to REPE, Real Estate Research to REPE/Acquisitions
Lol you think the publics are more active right now? That's a strong degree of disillusionment.
That was my first thought too but I don’t think he’s talking about working at a REIT. He’s talking about working as an investor that buys real estate securities, most likely public REIT stocks
Ah, makes more sense. Odd question to ask here though as it's a completely different skill set.
Not disillusioned at all. REITs have access to the bond market which is much cheaper than the secured market at the moment (IG REITs of course)
Sure - and how many REITs are actively transacting at a higher volume than privates? Maybe its a bigger number in the south but everybody is pretty quiet up in Canada.
It will happen again.
When Covid hit and private markets shut down completely for the first 6 months, the special sits fund I was at invested in a broad basket of REITs / homebuilders / asset heavy hoteliers as we thought they were very undervalued post sell off. Normally our fund never traded in liquid investments like equities, any trading was in the likes of distressed loans / bonds. Public equities can be a pain the ass, bullshit calls with management where they regurgitate the trading update, having to send around daily updates on anything which happened to our names, and trying to work out with equity analysts why 1 of our names is down 3% when all the others are flat which is causing our portfolio manager to freak out. I’ll take a private investment any day of the week over that again.
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