Hi guys,
I have seen a bunch of similar posts on this topic but I wanted to hear your thoughts on my particular situation.
I currently work in real estate investment management but on the listed equities/public markets end (c. 4 years total experience including graduate scheme). Background is UK target/waiting on CFA lvl III which has been postponed due to pandemic.. I am looking to move to the principal/direct side as I want to be closer to the asset and hopefully build a career in that space at an investment / REPE firm.
So far, I have mainly gained traction for Portfolio Analyst/Asset Management roles on the direct side - mainly due to my lack of 'transaction/deal experience (I think) but am yet to land an offer. So I was wondering whether you think that could be a realistic stepping stone to an investment analyst/associate role or whether I should maybe keep on applying given the difficult year it has been / market competitiveness etc..
I am really keen to move into/remain in investment and be on the frontline and if possible would prefer not to compromise that so am curious to hear your thoughts or potential advice?
Thanks in advance!
I’m on the principal side based in Europe so may be able to give some relevant perspective.
Unfortunately public markets are seen (rightly or wrongly) as being worlds apart from private real estate, so I imagine it will be very difficult to make the move directly.
I would think if you can get an asset management role within a non-core fund it will a) give you really helpful experience of working in direct real estate, and b) may provide a natural bridge to move into an acquisitions/development role internally.
The reason I would stress not moving to a core fund is because you’re less likely to pick up an understanding of the non-finance sides of real estate, whereas moving to a value add fund means you will be working on repositioning, redeveloping and regenerating assets which will help you became more well rounded with the kind of holistic understanding required to be good at underwriting/acquisitions.
An alternative route is to do one of the masters in real estate programs - Cass, LSE, Cambridge etc. You’ll have an easier time moving straight into the principal side through on campus recruiting and you will have had the benefit of actually studying the important areas required to move into the principal side for 12+ months.
Hope this helps.
Thanks for the feedback, appreciate it.
I can echo your comment on the public/private market perception and I see your point on avoiding a 'core' fund if possible.
From my impression the 'asset management' role can vary quit a bit depending on the firm/fund so I think I would definitely consider it depending on the role because I also fear being pigeonheld down an AM/PM career track (especially PM), so would want to focus on roles with broader deal exposure and working directly with the acquisition team if that makes sense? The same goes for the potential for a lateral move as it certainly is not guaranteed and would
I agree on the RE masters route to but like to avoid if possible, being 4 years now (post-masters) already but it absolutely makes sense.
Thanks.
This is very helpful, thanks for writing this up. Thoughts on joining core-plus funds as first experience in RE?
Unde nesciunt qui qui eaque quis. Aut ut ipsa aut quia. Et explicabo eos reprehenderit omnis qui quisquam commodi. Deleniti voluptatem qui voluptatem. Ex aut corporis rerum a. Quia quos distinctio reiciendis sunt. Vero optio et iste deleniti voluptatem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...