RE Monkeys,
Am currently at a fork in the road in my career and would like to get some US views on getting into (NYC) RE/hospitality development in the next few years.
Background:
1) UG at Oxbridge/LSE (3.5 GPA), MSc at continental European university that places into London IB/PE (3.8 GPA)
2) Several summer internships at BB IBs, incl. in REPE teams with FT offers
3) <2Y as Acquisitions Analyst at a REPE MF in Europe (BX, Starwood, Brookfield)
4) <2Y as Analyst/Associate at an MM Infra PE shop (wanted to have a look at Corporate PE and was promised better lifestyle but getting paid a literal carrot)
Found out I'm really not a corporate PE guy and also very unhappy in current role/team and am going to leave this year. I'm really missing the connection to design/architecture and am therefore looking to reposition myself and move towards RE development (ideally with hospitality exposure). I've always wanted to spend some time in NYC, so the dream would be to do that there (clearly an uphill battle given I would need sponsorship).
Options/ideas:
1) MSRED and NYU/Columbia (1-year programs) - I've applied for both and received one offer (other outstanding). Especially Columbia's program (taught at Architecture grad school) would be super interesting content wise but was told by several American friends that an MBA would be a better idea if I'm aiming to stay (given 2 years and internship options). Issue with MSRED is that I would need to take on significant debt for this with low likelihood (?) of landing a role in NYC.
2) Back to REPE / + MBA in c. 2-3 years - given I'm 100% sure I'll be leaving my current role this year and the REPE market is super hot in Europe atm, I could also grind & save for another 2-3 years to finance an MBA at Columbia/Stern and try to get into development through MBA internships. Issue is I have 0 interest in taking business courses, so would really just do this for the network/job repositioning. Other issue is having 6-7 years of PE/Acquisitions experience at that stage (and 3 different jobs pre-MBA) potentially making it harder to move into development.
3) Back to REPE/ move to development in Europe + aim to transfer internally (very much an uphill battle).
4) Any other ideas?
Thanks a lot for reading this, appreciate not the most concise post!
Given that you need visa sponsorship, that is really the angle that must be figured out. Development firms are not likely to want to sponsor, easier for finance/PE type firms. You could go work for a Euro based firm and attempt the transfer, the visa that move (as an ex-pat) is much easier. Internal transfers are not impossible, but I don't think very easy (clearly a factor of the individual firm).
I'm in NYC, and will say, it seems like a lot of foreign students go to NYU and Columbia, then do the one year or whatever or work is allowed under the student visa, then go home (some make a plan of marrying a US citizen to be able to stay, not joking either). It's probably easier to find a job in US if go to school here, and well, just be on the continent. I would try and talk to some people who have done this and get some direct ideas on how they approached the job market.
Def not impossible, but for sure not easy. As to all those options about working in PE, or saving more for MBA... to be honest... not sure if they really drive you towards development. Given your comments about not liking corporate PE world and wanting to focus more on design/architecture.... hate to break the news... but the firms that will actually care about "REPE" experience are the big corporate PE styled firms (that give pretty much same lifestyle). The ones you probably want to actually work for, won't be nearly so impressed by that type of background or even a "prestigious" MBA (clearly, no implying any universal rules here, none of that will be "negatives" just not profile consistent for many firms).
Tbh, hard to really say best option... but if you want out of "corporate PE" life, that's as much the move as coming to NYC. Just pointing it out!
Thank you very very much, this is incredibly valuable advice!
Have you tried back to MF REPE in the USA? Find out which MFs are willing to sponsor candidates by networking (the UK has a site of every employer that sponsors, not sure if there is one for the US but that would be great to look at if available). Your background (elite school, good grades, elite fund, corporate PE addition) would make you a good enough candidate for people to be willing to speak with you.
I say the MF REPE in the USA because if you land a job with one of them, get your sponsorship, you could possibly work there for 1-2 years and then jump to a developer once your visa pans out.
Another possibility worth looking into: global developers. Hines, Tishman, etc. My guess is that they would be more willing (and have the ability) to sponsor than a MM developer. Good luck.
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