Asset Management at MegaFund vs Acq. at GP
Would appreciate some advice. Currently at a small shop doing Acquistions. Have an opportunity to move to AM role at mega fund, I want to be in acquisitions long term, is this a good move?
All mega funds are not created equal. Asset management at BX / TPG is different than KKR/APO. Overall though, doing AM at a megafund will make it easier for you to transition to an acquisitions role than your current role at a small GP. People truly value brand names, even if others on this site claim that isn’t true.
Out of curiosity what do you mean by not created equal? I get AM at a GP vs LP could be quite different but curious why it would vary significantly between the funds you mention?
BX / TPG do entity level deals and have portfolio companies they manage. KKR/APO do asset level deals and manage the individual real estate
Too many unknowns. But I would stay in the acquisitions role if that’s what you want to do long term.
How small is it? Are the deals big? Who are the capital sources? You have to weigh all these things out.
Asset management at a mega fund sounds brutal IMO. From an outside view, seems like a lot of budgeting, ordering appraisals, tedious work, etc…nothing like an acquisitions role.
And crunching fake numbers to back into a return everyone and their moms are using, then checking items off a DD list playing middle man emailing people just to rinse and repeat aren’t tedious? At the junior level, all jobs are tedious. And as a young RE person, you should try all the functions of RE to see what you like. It’s a personality fit thing, as in are you a deal junkie wanting to talk about cap rates (acq) or are you a problem solver wanting to fix and operate things (AM). One isn’t better than the other. Although Acq will tend to pay more due to more working hours required during crunch time. Just my 2 cents as I’ve done both.
Good points. Honestly just saying what I see from the outside. But to answer OP, I just think if he/she wants to be in acquisitions long term, they should stay in acquisitions. Unless their current shop is a clown show.
For the record, there are acquisitions groups that aren't just deal junkies only focused on getting deals done.
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