Debt Fund Exit Opps?
Currently an analyst working at a new york debt fund doing mezzanine, pref and structured equity, and cmbs deals. What kind of exits opps are available for someone in that role? Is the equity side feasible if that's the end goal? Would I need an MS to bridge the gap for equity? I have 3 years experience, with 1 year so far at the current firm.
These are hypothetical questions as I am not looking for a job right now due to the environment, but since we all have down time I thought I would reach out.
Thank you
I didn't transfer from lending so just a guess. IT would seem at the junior levels analyst-associate the skillset is pretty transferable. All that matters in this industry is deal flow, and the more you have seen the better. I'd take someone who has been on the lending side with good deal flow over an analyst at an equity shop who closed like 100mm in deals. In fact I think it is easier to start off in lending and go to equity than the other way around.
I'm doing the same thing you are and would like to go to the equity side one day. I can't speak to the actual transition since I haven't done it, but I would agree with the above that deal flow is king. If you have screened and modeled hundreds of deals like I have, then you should have a good and quick eye when it comes to good and bad deals. That skillset is valuable regardless if you are in debt or equity.
So in short, I think it is very possible. With some networking you can definitely make it work.
This. If you have the transaction experience and can somewhat think like an investor, you're more than halfway there.
Yes it is possible. Networking will take you further than blindly applying, obviously. But with deal reps, a strong CV, networking, and general RE investment knowledge, you should be okay.
100% you can transfer, you will not need a MS unless you happen to want to get one. Working at a debt fund is the most opportunistic arena of debt, and I think many firms will look highly upon you experience. Underwrirting is underwriting is underwriting. The only difference between debt and equity is equity is paying more attention to all the capital expenditures being spent. However, dealing with Perf and Structured Equity, you are probably seeing that. I think you are in a good spot.
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