I've been working in the CMBS new deal team at one of the big three rating agencies for about three months now. Definitely learned a lot about during my time so far but was curious about exit opportunities, specifically a path into REPE. There was a ton of turnover at my firm last year with people going to CRE underwriting side at BBs, CMBS origination side at IBs and to debt funds/REITS. What is the best path to take to get to REPE? Is there anything I should do on the side to learn more as I feel like I can be fairly siloed by just doing rating agency work.
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Assuming you’ve been reviewing SASB and CMBS?
Sorry reread that. Yeah prob best move is like others to BB CMBS / SASB shop as UW or origination associate. REPE is a different world. If you work at a BB shop for a bit, get into some of the bigger deals, transitional asset, WH line stuff maybe you can use to exit from there to REPE. Have seen that (5-6 people last few years) but not straight from RA to REPE. Prob been done though.
Thanks for the reply. I agree, from my research there hasnt been any RA to REPE but more from the path you mentioned. Any insight on what I should on the side? Any specific modeling methodologies etc..?
If aiming for MF or big RE funds, BB pit stop is almost 100% required. Close to zero chance of making the straight jump
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