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Based on the most helpful WSO content, transitioning from a CMBS conduit role at a BB to a principal buy-side equity role is challenging but not impossible. The likelihood depends on several factors:
Branding and Complexity of Role: Analysts at BBs with strong branding and exposure to more complex products (e.g., mezzanine or CMBS) have a better chance of making the leap. Working in a sophisticated environment adds credibility and transferable skills.
Skill Set: Equity-focused roles often require experience with tools like Argus and DCF modeling. If your current role doesn't provide this exposure, self-teaching or gaining these skills independently is crucial to bridge the gap.
Networking and Positioning: Networking within the industry and positioning yourself as someone capable of handling equity-related responsibilities can significantly improve your chances. Highlighting transferable skills and showcasing your understanding of equity investments will be key.
Challenges: Moving directly to equity at the VP/Director level is considered unlikely or difficult. However, transitioning earlier in your career or targeting roles that involve both debt and equity (e.g., mixed funds) can be more feasible.
In summary, while it's easier to transition to a debt fund, moving to a buy-side equity role is achievable with the right preparation, skill-building, and networking efforts.
Sources: CRE Lending Exit Opps?, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, Is CRE Debt Experience Pretty Enough for PE?, 2020: Real Estate Bonuses, Can GCM analyst recruit for PE?
This is entirely dependent on what the target landing needs. I would say focus on retail, office, industrial shops because they are the more likely firms to utilize your direct skills.
Going to a top MBA program (say, top 25 or so) is a great way to make this pivot, especially if you want to get to a name brand equity side firm. You’ll be an attractive candidate given many real estate MBAs are pivoting from other industries.
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