BB FSG IB -> REPE?
Hey lovely people at the RE forum! I’m a first year analyst at BB bank’s Financial Sponsors Group.
I know this IB to REPE thingy is an age-old topic here but I browsed a bit and didn’t find much discussion specifically on the FSG perspective in IB.
A stretched argument probably goes: since REPE hires from REIB, couldn’t it also hire from PEIB (FSG IB)? (I know it doesn’t hold up too well, especially considering how FSGs do a lot of IPOs at least here in Asia)
I recently found real estate to be my life’s calling and till-death-do-us-part kind of pursuit. (Nah. But very interested to say the least.)
Just curious as to whether you’d think 1~2 years of BB FSG IB experience + some good REPE interview prep can land me a REPE job that pays 90%+ of a regular corp PE exit? How demanding really are REPE employers of RE background?
Thanks!
First, disclosure, I did not do this career path personally.... but I've always had a strong opinion on this.
I think FIG (or FSG as you are referring to it as) should be or could be the next best group after the REIB desk. You are dealing in structured finance and firms that use leverage and structure, do investment mngt business lines, and after to raise capital for intermediation. All similar to a lot of institutional real estate.
Personally, I would think the experience would be good for capital markets and institutional real estate, but I cannot really say from personal experience.
Thanks - this is certainly very encouraging!
One minor thing is that with my firm at least, FSG and FIG actually serve very different clients. FSG do deals sourced from their relationships with private equity firms, mostly ones that involve their portfolio companies (so we’re industry-agnostic) whereas FIG covers bank / insurance / fintech deals, etc. (industry-specific) I take it that what you’re describing applies to FIG more?
Yeah, I meant FIG in the traditional sense. So is FSG like a fund raising group? Or an M&A group? Maybe you could describe a typical deal or two?
At a Sponsors group a deal can be a sponsor (PE firm usually) selling or IPO-ing its portfolio company, or looking to acquire a company (M&A / LBOs)
Interesting group, do you run everything internally or do you partner with other industry coverage groups? Sounds like interesting experience for sure.
Thanks. We work with other groups almost all the time, except for very specific situations (e.g. SPACs)
I’m OP btw*
Never heard of someone referring to FIG as Sponsors, considering theyre separate coverage groups at most BB
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