Debt/Equity Analyst --> Associate (REPE)?
Is this move possible? I'm about a year into a debt/equity analyst stint and have really enjoyed it so far. Been able to meet a lot of principal borrowers and lenders due to the nature of the job (one of the reasons why I joined). But the team has a model of working as an analyst for 2-3 years then becoming a producer. I kind of always knew I would use the role as a step to the buyside and not become a producer. Obviously things can change before I hit that 3-year mark, but that's where my thoughts are now.
This is not my first job either as I have 3 years experience prior to my current role, so that's why I am wondering if a move to REPE as an associate would be viable. When that time comes, I would have around 5-6 years of combined experience dealing with asset management, structured finance (debt fund), and now debt/equity originations. I feel I would be too senior to take an analyst role, but would REPE firms expect you to start at the bottom even with that much experience? Not talking about the mega-funds either. Curious to hear thoughts.
Thanks
I went from Investment Sales to REPE after a little around 3 years of doing IS so I think the route is doable. Can't necessarily speak to originations to REPE but I know it has happened and it's a travelled route for sure - hopefully someone can chime in more on that aspect.
Overall, anything is possible from your current job. Make sure to create and maintain relationships with your principal borrowers and cozy up to a few you think you would work for. Also, there is no hurt in telling your MD you want to transition to the principal side. He honestly may connect you with more people who may be hiring. Just as long as you continue to send deals his way, it's a win-win for everyone involved.
As for the associate level, if you have the deal experience and CRE chops, I don't see why anyone wouldn't bring you in with 5-6 years of experience at that level. Associates in REPE can vary but that's mostly when you are expected to start sourcing deals for the firm. So that's why I say if you have the deal experience from debt/equity, there should be no reason you can't carry those relationships and be able to produce right away for a principal shop.
In the process of making this move or at least starting it given the slow hiring for principal shops. Think any type of transaction job as an analyst will set you up for the buyside - as my mentor always said "eat deals while you are young" and I think that is extremely true. Once you get enough deals and closings under your belt, you should have a solid network if you're trying to make moves. Guy above makes a good point in that your MD/lead broker should feel comfortable with you exiting to a principal firm as long as you continue to send your old boss some deals. And truthfully, titles in real estate don't mean shit but with that amount of experience AND the deal experience, you should have no issue exiting to an associate role. Maybe not at Blackstone, but definitely some MM firms. But if BX or like is the target, then an MSRE (MBA more likely) will make that move smoother and could easily slide in as an associate at that point.
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