Deal flow questions - Been an analyst for almost a year and have not closed on a deal (REPE). Underwrote 50+.
As the title says I’ve been an analyst at a large REPE 50 firm ($15B+ AUM) since summer 2018 after I graduated from college.
I’ve underwritten and worked on many live deals however my group doesn’t really get crazy aggressive and can be restricted due to the LPs and various fund requirements. Also, the markets I cover are quieter than Others that analysts at my firm work on so they’ve close on a few deals already. So my team that im on has closed on a few deals but I didn’t UW or prep the investor materials because they were for markets that I don’t technically cover. I’m worried that if I want to leave at some point, I will have no closed deals on my resume (or very few)
Is this something to be concerned about? At the end of the day my job is the same whether we win the deal or not. IE, I prepare the IC materials, do the underwriting and work closely with associates and directors on getting debt quotes, working with the brokers, etc. I also asset manage a large portfolio and work on dispositions, for what it’s worth.
Would really appreciate any insight here to anyone who who was in a similar situation. THANKS!
Seems like it's team dependent internally. What market(s) and asset class(es)? This isn't totally outside the norm when stacked against people at other firms I've talked to. On the surface I would say it depends on where they think we are in the cycle and if they're preserving cash/liquidity in anticipation for some sort of correction. Or the deals you're underwriting just might not be penciling. Have you asked your team this same question?
Anecdotally, was just talking with an investment group in a Tier-1 market that's "saturated" (their word) so they are being ultra picky about deals they decide to push through IC but they are underwriting everything that comes across their desk.
It’s very team dependent. I don’t want to ask anyone in my team and make it sound like I just care about building a deal sheet.
Without getting too specific I cover a few west coast markets, and members of my team cover a few other west coast markets. We are being picky about deals it seems. But it just sucks to have been here about the same time as other guys who have 3-4 deals done.
I’m underwriting everything that comes across my desk, chasing a few here and there but nothing has been awarded. Everyone keeps saying that the markets I cover will pick up but realistically I won’t close on a deal for 3 months minimum, if something were to come out today that we would buy
It sucks being “assigned” markets as an analyst, I’d rather float around and get staffed on every market and help out on other deals.
I’m at a middle-market REPE with about $2BN AUM, and I have closed 5 deals (>$180MM in volume) in the past 5 months, and we are going to close another 3 before the end of quarter. If you’re at a Top 50 REPE and haven’t closed a single deal in the past year then I think it is probably time to start cleaning up your resume as the bonus pool likely isn’t going to be too big.
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