Buyside or Sellside in REPE?

Based on the most helpful WSO content, your situation presents an interesting crossroads. Starting on the buyside, even in a smaller REPE firm, is a strong foundation, especially if you're gaining exposure to industrial infill logistics—a niche with significant growth potential. However, your interest in sell-side/brokerage and mastering transactions suggests a different trajectory.

Here are some considerations to help you decide:

1. Buyside (REPE):

   • Staying on the buyside allows you to build a deeper understanding of investment strategies, underwriting, and asset management.
   • Rotational programs, like the one you're about to start, can help you explore acquisitions and asset management, which are core to REPE.
   • If you eventually want to transition to a larger REPE firm or specialize in acquisitions, this path keeps you aligned with that goal.

2. Sell-side (Brokerage):

   • If you're drawn to sales and transactions, brokerage offers unparalleled exposure to deal flow, market dynamics, and networking opportunities.
   • Many professionals on WSO have highlighted that starting in investment sales at top brokerages (e.g., Eastdil, JLL) can be a springboard to REPE later.
   • The sell-side is fast-paced and transaction-heavy, which aligns with your interest in mastering deals.

3. Long-term Goals:

   • If your ultimate goal is to return to REPE, starting in brokerage can still be a viable path. Many REPE firms value the deal exposure and market knowledge gained on the sell-side.
   • Conversely, if you see yourself thriving in a sales-driven environment, transitioning to brokerage sooner rather than later might be the better move.

Ultimately, your rotational internship will provide clarity on whether acquisitions or asset management sparks your interest. If neither resonates, pursuing brokerage could align better with your passion for transactions and sales.

Sources: Investment Sales or REPE?, Development vs. REPE, Career Advice: Acquisitions vs. Development, Brokerage vs REPE Asset Management, Blackstone RE vs top IB as first job