Anyone heard of this role? Saw the job posting and had a first round interview. Sounds like it is purely research related to real estate. Is it worth pursuing? What would exit ops look like? Anyone at BX in the group and transition to other areas within the company? Don't want to be second tier BX.
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From reading the description, sounds somewhat similar to my current role at a different institutional RE shop. Since you already had a first round, what was expected all-in comp? Good be a good benchmark for me to use with my firm.
At my firm, it would not be considered second tier by any stretch of the imagination, at least not by people who matter. Portfolio management at my firm is plugged in with every group working on getting deals off the ground and approved and is the general go-to for leadership and IC members. However at at most firms this is not the case, and it's more of a reporting function. Can't speak to which it would be at BX
mind if i pm you? going into a similar role and would love some insight
98% of the time, portfolio management at any REPE firm will be "second tier", to use your terminology. It's just the nature of the work. I genuinely don't mean it as a knock to those in PM positions (everyone has a role to play in the RE world), but generally speaking, very few shops have portfolio managers that make meaningful investment-level decisions.
I say this as someone who was suckered into a PM position promising all sorts of impactful high-level work and interaction with senior leadership. It ended up being essentially a reporting/KPI function for LP's and our IC...endless portfolio-level analytics, ensuring liquidity & compliance with all the various deal- and fund-level covenants, running quarterly valuations for NAV, and making sure our fund administrator wasn't fucking things up.
Fund modeling is certainly more complex than deal-level and I am thankful for learning how to "operate" a fund, particularly when we were working on structuring future funds (legal docs, setting up sub-lines, figuring our waterfall structure). Also got exposure to nearly every group in our company (multiple strategies), which ultimately helped me jump to another team internally. All that being said, "running a fund" does not equate to actually assembling & managing a portfolio of assets like many think it does.
I have no direct knowledge about BX's PM team, but I would not be surprised if it is a very siloed (from a lateral perspective) and research-heavy group.
Sounds like the ideal portfolio management position...still not quite understanding why you think it was second bench except that you didn't particularly enjoy it
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