Anyone know of people who successfully lateraled to IB/PE from REPE?
Realized I don’t really like real estate and looking to lateral. Wondering how people may have navigated this, as the work experience in REPE is not really relevant to corporate/entity transactions.
I don't personally know anyone that has done this lateral. I've thought about it to make more money and because I find traditional PE interesting. If you are coming from a real estate group at a large and well-known PE firm (Blackstone, etc), I would imagine the brand name would help a bit. Especially when interviewing at smaller PE and IB firms.
The interviews would likely be the hardest part, especially the technicals and modeling. I used to be able to nail that stuff back in college but have since lost much of that knowledge after being in REPE for several years. Not sure if they would be more kind / forgiving given that you would be lateraling from a totally different industry.... I doubt it though.
MBA would definitely help in this situation.
Are you unhappy with you pay? Whats your comp as an ASO 1?
Agree — looking to move because I find the work more interesting. Currently at a well known but non-MF shop. I’ve been relearning the technicals and modeling but feel like for any lateral opportunities IB/PE analysts are preferred making it hard to work my way into any processes.
Also feel like going for an MBA 2 years out of undergrad is a bit early, no?
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Not sure why my comments are getting removed here, but let’s try again. I’ve made a similar move, from a public REIT to PE then to PERE.
How did you get looks at traditional PE processes? My understanding is that the majority of the recruiting is done through headhunters and the only inbounds I get are for other REPE
I was in single tenant net lease (sale leasebacks) so more credit exposure and opco underwriting than more traditional CRE properties. Feel free to PM me
What exactly are you looking for? From my experience (now AS2), I honestly wouldn’t say corporate pe is any more enjoyable or intellectually stimulating than real estate pe. I’ve done both. Terminology is a bit different but the modeling complexity is similar, especially when you’re looking at portfolio deals. Investing is investing and some of the sharpest, most entrepreneurial kids I know opted to pursue real estate over traditional IB or other buyside roles. So, I would question what about your current role you dislike exactly before considering an MBA or lateraling.
However, I would also second the poster above who mentioned recruiting for a MF’s real estate group. A BX / KKR would open the same doors as any other IB or vanilla PE shop, especially if you are still an analyst.
I would say I don’t really feel a strong interest in the assets themselves. Additionally I don’t feel like I’ve gotten anywhere near the reps or exposure that my peers in banking have gotten. Agree on the MF point and I’ll look into it, but buying buildings just doesn’t interest me anymore.
Know people that went REIB -> REPE -> back to REIB
You could definitely get in at a REIB firm. Especially if you’re an analyst - gets a little bit harder as you move up. Also be realistic about which IB firms you target. If you are at a relatively unknown REPE firm and you work in Denver, Goldman Sachs IB in NYC is probably not going to happen. You’d be looking at Janney, Truist, Piper Sandler, JMP, Baird, Raymond James, BMO, etc. True REIB shops but not shops that aren’t doing public to public M&A. From there you could lateral to a top investment bank.
If you’re at an elite REPE firm, going to a top REIB firm is possible. Or traditional coverage group at a MM firm.
But as someone that did traditional RE lending -> REIB -> REPE, I’m not sure if you’ll be happier in IB. Pretty brutal lifestyle and you waste a lot of time on boring work (follow on offerings, ATMs, marketing decks, etc). And no guarantee you get staffed on the sexy M&A deal your team currently has
Would say at an elite REPE shop or close to it. Problem is I want to work in a different sector, so REIB is not really the goal for me. More wondering if it’s possible to say lateral into a TMT IB role at a BB
Yeah you can do it but will likely have to go down stream. Like MM bank. And again, you’ll be an analyst 1. If you have like 4 years of REPE experience it’ll be a tough pill to swallow
A guy on my floor went to CRE at a hedge fund to Lev Fin.
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